siliconindia | | December 20189In the current market scenario of innovation and continuous development, the `change is the only constant and consistency is the only solution'benefits them, customers nowadays are more than willing to pay for them as they realize that skimping on costs in the short-term eventually leads to higher outflow in the long run.In large metros, buildings continue to grow taller. The taller the building, the more challenging it is to design and install the elevators. In this scenario, working towards mak-ing a building green and efficient is of utmost importance. The biggest obstacles for buildings to become green and smart are inefficiency and wastage, be it product or process related. Lack of awareness also contributes significantly to this issue. Educating the customer with regards to the latest technological advancements and better and more ef-ficient processes would go a long way in adoption of these into practical solutions, which would eventually benefit the customer himself.One of the biggest challenges faced during the installa-tion of elevators is the availability of quality manpower. Just as important as the design and quality of the elevator is the importance of it being installed and serviced by trained ex-perts. A very significant and positive change is that the man-ual door elevators, which once formed a major part of the elevator market in India is on decline; thanks to the growing awareness among customer and end-users, about safety and energy efficiency.Huge urbanization potential, relatively young pop-ulation and increasing educational opportunities should continue the Indian growth story for years to come. Large metro cities would continue to rise high-er, while rapid growth in smaller towns would trans-form them into new large cities of tomorrow. The cur-rent growth rate of the elevator & escalator market is expected to be about 5-6 percent with the growing urban-ization in the country.The Real Estate (Regulation & Development) Act 2016 (RERA) came into effect in May 2017 with the aim to bring increased transparency & accountability across the real es-tate sector. The real estate sector is the primary driver for the elevator industry and elevator volumes are directly pro-portional to the number of new projects sanctioned. Any change in the real estate market translates to direct growth or decline in volumes.The Real Estate Regulation Act has brought in a lot of changes to the existing framework of the Indian real es-tate market. For the well-recognized and reliable elevator brands, it has been a positive change as builders are now required to mention the name of the component manufac-turers at the time of applying for the Occupational Cer-tificate and some even mention them in their brochures, and therefore chose only the top brands in the market as it improves their selling proposition to the customers. In the current market scenario of innovation and continuous development, the `change is the only constant and consis-tency is the only solution'.
< Page 8 | Page 10 >