According to a credible report, the elevator market will be valued at USD 232,656.1 Million by 2032, up from USD 138,234.5 Million in 2022. With this growth trajectory in mind, the elevator industry has also prioritized the implementation of Environmental, Social, and Governance (ESG) measures. Today, it is more important than ever for businesses of all sizes to thrive in the present while also planning for the future. Today, many companies have announced net-zero or carbon-neutral commitments, pledging to reduce greenhouse gas emissions and invest in climate action.

In that regard, TK Elevator leads the global ESG risk rating in the machinery industry. As an important milestone since becoming an independent company, it is the first comprehensive ESG rating. TK Elevator details its full range of sustainable policies and activities, from resource management to the promotion of labor standards and human rights, in its new ESG progress report, published in July.

TK Elevator's innovative elevator solutions are shaping the future of urban mobility today, with a focus on developing next-generation mobility solutions. The company's elevators provide increased transport capacity, reduced space requirements, enhanced safety, and improved energy efficiency in everything from residential and office buildings to shopping centres, hotels, hospitals, train stations, and airports. With improved durability and recyclability, TK Elevator works jointly to provide best solution for one's specific needs while also ensuring the success of the project, from design and installation to maintenance, modernization, and end-of-life.

Believing in Sustainable Growth

“When we talk about sustainability, we focus on net-zero or carbon-neutral commitments, which involve pledging to reduce greenhouse gas emissions and investing in climate action, and there is a growing awareness of this both locally in India and globally. People and businesses are increasingly focusing on making their products and systems/services more efficient and ESG compliant. People are putting a lot of effort into reducing carbon footprints and making buildings/products/services more sustainable,” says Manish.

Manish goes on to describe Smart City as a robust umbrella concept that helps to look at the entire ecosystem, where various interfaces should be planned to make cities smarter, greener, and more efficient. He claims that it is all about how the operations and energy flows in these smart cities are carried out. Manish also speaks of the Green Building concept where digitalization would play a pivotal role. As India is the global backend hub for many of the latest technology advancements and businesses are leveraging it to drive the needed innovation toward sustainability.

Today, people/businesses are really focusing on building Grade A / Grade B offices as they want to optimize the positioning of their infrastructure. This is also attracting not only foreign investors but also foreign users as IT / E-commerce behemoths are all present in India. Today, real estate especially in the commercial space are upgrading their units to increase efficiencies and reduce operational costs.

A Focus Towards a Better Future

TK Elevator’s journey towards sustainability started with its three factories, where it has installed solar power; 80 percent of the electricity consumption is derived from it. So, every year, the company targets to reduce energy consumption. Today, TK Elevator has been able to reduce by more than 30 percent of its energy consumption.

“We have different programs running locally and globally to make our infrastructure cleaner and greener. At the same time, the products which are being manufactured out of the factory are devised with gearless motors with a focus on making the whole system lighter. All these initiatives from the product side are helping us to reduce the energy consumption which for sure is passed on to the end clients,” highlights Manish.

“We are looking into fleet management because we have over 1000 service technicians in India, for example. We also have service vans available. So, we're searching for ways to reduce fuel consumption and, on a smaller scale, transitioning toward electric vehicles. Furthermore, we are working to make our warehouses more efficient by optimizing distribution and simultaneously diversifying our overall operations,” he adds.

At the same time, the efficient dispatching mechanism, which is called the Destination Control System, works to orchestrate movement efficiently. This significantly helps in reducing the carbon footprint and energy consumption.

“We have very ambitious ESG targets as a company globally. Every year, we focus on and improve on those accomplishments. So, there is a lot of awareness, as evidenced by many of our discussions with builders. The builders are also very interested in knowing what kind of ESG targets and initiatives we have within the company, and they are eager to be associated with those companies that share the same vision in terms of efficiencies, energy consumption, and overall sustainability,” cites Manish.

A Technology-first Approach

Today, the industry is working aggressively in making elevators smart and more energy efficient. For instance, TK Elevator has a predictive maintenance solution called MAX which is basically an IoT solution that connects all the elevators through the cloud and AI technology. It helps in performing maintenance and diagnostic tasks remotely which means a technician does not have to burn fuel and go to service the elevator every time. Also, even when a technician goes to the job site, he already has information about what is the problem and what needs to be fixed. So, it's a Predictive Maintenance Solution, which aids in making the building and the availability of the elevators more efficient. We also have a product called TWIN which is basically two cabins in one shaft. This helps in reducing the number of elevators that are sometimes required in the building.

Going forward, elevator technology is advancing but there is still room for it to mature. For instance, as the building gets taller, there's also the complexity, when it comes to installing and handling the elevators as buildings cannot afford to have downtime. With this, remote maintenance is very important to reduce downtime to as low as possible for high-rise buildings. “We don't have an immediate solution when it comes to reducing the whole installation time as the approach is still traditional. Today, there has been a rise in the demand for elevators to be installed as fast as possible. “We are constantly reinventing ourselves to devise solutions which will perfectly address these challenges, wherein, we are integrating the latest technologies to drive the needed innovation,” concludes Manish.