Elevator & Escalator market to reach 175 billion by 2021 : Mr.Shankar Gopalkrishnan, President, Madras Consultancy Group
by Suman Gupta
Mumbai, March, 2018: If overwhelming response to opening of the 7th edition of Messe Frankfurt’s organised IEE expo 2018 is an indication, it is no wonder that the Indian market for Elevator & Escalators is pegged as second largest in the world. According to Mr. Shankar Gopalakrishnan of Madras Consultancy Group, the Elevator and Escalator market will reach Rs. 175 billion from the current Rs. 115 billion.
All the leading players including, Fujitec, Hitachi, City Lifts, AVCAM, CREESTA, Fujitec, Fermator, Gefran, Hitachi, Mas Industries, Montanari, Monteferro, Otis , Svchmersal were present during an event. The trade fair brings 170 companies from 10 including India, China, Germany, Japan, Italy, and the Netherlands, Switzerland, Turkey, the UK, the USA eyeing the growth prospects in Indian market.
International interest was also equally evident within the sector as the fair marked an increase in international participation this year. Mr Raj Manek, Managing Director, Messe Frankfurt Trade Fairs India Pvt Ltd shared: “We are happy to announce that the first edition of IEE Expo under the Messe Frankfurt umbrella has been successful in bringing the top players from the vertical transportation sector to the Indian market facilitating business and networking to cater the demands of a fast developing nation. Looking at the increase in international participation by 20 % along with a list of insightful fringe programmes planned for the three-day show, we are confident that our exhibitors and visitors will be benefited.”
Also addressing the delegates and media present was Mr Ramesh Nair, CEO & Country Head, JLL India.
“The major demand is expected to come from residential and new commercial concepts like co-working spaces. By 2022, 20 % of overall demand is expected from co-working spaces. For residential space there’s a big opportunity going forward in terms of affordable housing with a demand of 10 million apartments per year. He further added, the RERA act will bring in transparency in the sector which in turn will bring in FDI”, he added.
Hon. Shri Chandrakantdada Patil Cabinet Minister of Revenue Relief & Rehabilitation and Public Works Govt. of Maharashtra. ” Maharashtra is the best place for infrastructure and Expo’s such as International Elevator and Escalator Expo held in Mumbai today will take the industry to the next level”.
The ongoing IEE expo at Mumbai’s Bombay Exhibition Centre was inaugurated , by an esteemed panel of association heads and industry leaders like:
Ø Mr. Deepak Garodia, VC and MD, Dosti Realty
Ø Mr. Domninic Romell, Director, Romell Group ( Secretary- CREDAI MCHI)
Ø Mr. Dhaval Ajmera, Director Ajmera Realty & Infra Ltd.
Ø Mrs. Sonal Shah, Chairperson of Women’s Wing- CREDAI MCHI
Ø Mr. Ramesh Nair , CEO & Country Head, JLL India
Ø Mr. Wolfgang Marzin, President & CEO, Messe Frankfurt GmbH
Ø Mr. Raj Manek, Executive Director & Board Member, Messe Frankfurt Aisa Holding Ltd.
MCHI CREDAI takes great pride in joining hands with Messe Frankfurt as they host the first edition of the International Elevator & Escalator Expo 2018 bin Mumbai. Covering technological advancements and new product developments like safety , speed, advanced control systems, passenger convenience & comfort, energy efficiency features for high rise buildings, IEE expo is the perfect platform that brings the industry together under one roof to network, discuss and collaborate ,” said, Mr. Mayur Shah, President CREDAI MCHI.
Apart from receiving record participation from industry leaders, the event has enjoyed tremendous support from key associations like Government of Maharashtra as well as key industry bodies such as CREDAI MCHI, Department of Electrical Inspectorate in India and Bureau of Indian Standards.
About Messe Frankfurt : Messe Frankfurt is the world’s largest trade fair, congress and event organiser with its own exhibition grounds. With more than 2,500* employees at some 30 locations, the company generates annual sales of around €661* million. Thanks to its far-reaching ties with the relevant sectors and to its international sales network, the Group looks after the business interests of its customers effectively. A comprehensive range of services – both onsite and online – ensures that customers worldwide enjoy consistently high quality and flexibility when planning, organising and running their events. The wide range of services includes renting exhibition grounds, trade fair construction and marketing, personnel and food services. With its headquarters in Frankfurt am Main, the company is owned by the City of Frankfurt (60 %) and the State of Hesse (40 %). * Preliminary numbers 2017.