In­dia el­e­va­tors mar­ket to sur­pass $1.6 bil­lion

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Tech­sci Re­search’s ‘In­dia El­e­va­tors Mar­ket Fore­cast and Op­por­tu­ni­ties, 2020’ re­port fore­sees the el­e­va­tors mar­ket in In­dia sur­pass­ing $1.6 bil­lion by 2020. In­creas­ing public-pri­vate in­vest­ments in its in­fra­struc­ture de­vel­op­ment and con­struc­tion sec­tors along with con­sis­tently ris­ing num­ber of res­i­den­tial com­plexes will drive sales of el­e­va­tors dur­ing the fore­cast pe­riod. In 2014, its res­i­den­tial sec­tor led the el­e­va­tor mar­ket, ac­count­ing for more than 60% vol­ume mar­ket share. On­go­ing gov­ern­ment hous­ing projects and metro ex­pan­sion across its var­i­ous cities are also pro­pel­ling the de­mand for new in­stal­la­tions across In­dia. Along with new in­stal­la­tions, In­dia is an equally lu­cra­tive mar­ket for main­te­nance and mod­ern­iza­tion of ex­ist­ing el­e­va­tors. Smart el­e­va­tors equipped with bio­met­rics and ac­cess con­trol are be­com­ing in­creas­ingly pop­u­lar in the in­dus­trial sec­tor, cre­at­ing op­por­tu­ni­ties for sys­tem upgra­da­tions.

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