Elevator maintenance segment to grow at CAGR of 8.5% by 2021
Maintenance segment of elevators in India is projected to grow over a CAGR of 8.5% during 2016-2021, according to a report by TechSci Research.
“Elevators require regular maintenance service, and with the number of elevators being installed in India growing at a rapid pace, demand for elevator maintenance in India is also rising”, says Karan Chechi, Research Director, TechSci Research.
As the elevators ages, the need for modernization increases. The installed base in India is quite high and the potential for part and full replacement is increasing. Leading elevator companies in the country are generating significant share of their revenues from maintenance and modernization of existing elevators.
Schindler India has invested in four training centres at Mumbai, Bangalore, Noida and in Pune. Otis India on other hand is investing in service programs couple with cutting-edge technology such as eService, Otis Elite. It also conducts and Annual Equipment Survey for all its products.
“An elevator is not a plug-and-play kind of product unlike other building equipment. Just as important is the design and quality of the elevator, it is equally important that it is installed and serviced by trained experts,” says Antony Parokaran, CEO, Schindler India
However, the elevator industry in India is still not very mature and the presence of unorganized players both in new business and maintenance continues. “Quality installation and appropriate maintenance are the two key parameters that help in smooth functioning of the elevators. The quality of installation and service provided by the unorganized players would not be in line with the organized and this is a clear differentiator. It is important that post hand over, the customer enters into a maintenance contract with the OEM to ensure safety and quality are not compromised with,” advices Amit Gossain, MD of KONE India.