In the decades ahead, a much greater portion of the world’s population will live in urban centers, driving investment in infrastructure and real estate development. This will create demand for products that contribute to clean, safe, energy-efficient buildings. Our commercial businesses — Otis and UTC Climate, Controls & Security — are well established in the world’s fastest-growing economies and are moving quickly to further localize manufacturing and distribution networks to capture new opportunities and better serve customers.
Otis’ actions in China are a good example. In the years ahead, China will continue to be the world’s largest market for new elevator equipment as well as the world’s fastest-growing service market. In response, Otis businesses have hired and trained hundreds of new service technicians, and Otis is transitioning its high-rise center of excellence, global marketing and business development functions to China.
We also are expanding our presence in India. In 2012, UTC Climate, Controls & Security formed a joint venture to manufacture and distribute heating, ventilation and air-conditioning (HVAC) products in the country. This builds on similar joint ventures in Argentina, Brazil, Chile and Egypt. The company also acquired one of India’s leading providers of integrated building management systems.