The global moving walkways market will grow at a moderate CAGR of 4.5% over the forecast period, 2019-2029. While surging expenditure on construction & infrastructure are major growth drivers, introduction of smart city projects is spurring the adoption of moving walkways in subway systems. Further, moving walkways are finding immense usage in exhibition halls and art galleries, wherein viewers can see the exhibition by standing over them.
“Airport moving walkways are in their nascent stage, yet their benefits of better operability, reduced time, and enhanced flexibility over conventional moving walkways are boosting their adoption. Although they are subject to cost-prohibitive installation and maintenance, the need to handle passenger traffic efficiently will sustain their market growth,” says Fact.MR in its recent study.
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Moving Walkways Market: Key Findings
- Capturing over 2/3rd of overall market revenue, airport moving walkways continue to define stakeholders’ bottom lines.
- Horizontal moving walkways will register a greater value share, attributable to rise in construction of new airports and renovation of existing airports.
- Asia Pacific (APAC), holding over 40% revenue share, would remain the epicenter of growth opportunities.
- Increasing establishment of shopping malls and complexes are reflecting white spaces to market players.
Moving Walkways Market – Key Driving Factors
- Mounting airport development and revamping projects would be the key factor driving revenue growth.
- Flourishing travel & tourism industry due to rise in air traffic to offer further impetus to market progress.
- Development of smart cities enabled with advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT).
Moving Walkways Market – Key Restraints
- Higher installation and maintenance expenses are likely to hamper the moving walkways market growth.
Anticipated Impact of Coronavirus Pandemic
With moving walkways primarily being used in airports, the adoption and use of moving walkways has come under scrutiny following the outbreak of the coronavirus. Reduced workforce, and shutdowns of commercial airspace has resulted in lower rates of adoption and installation.
Further, airport authorities have been actively discouraging the use of moving walkways, owing to the potential of transmission from sensitive areas such as the handrails, and buttons, which have two be disinfected frequently on a daily basis.
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Competitive Landscape
Players in the moving walkways are entering strategic collaborations with various end-user industries in order to expand their regional presence. Key players in the moving walkways market covered in the report are Kone Corporation, Otis Elevator Company, Schindler Group, Mitsubishi Electric Corp, Fujitec, ThyssenKrupp AG. Hyundai Elevator Company, Toshiba Corporation, Sigma Elevator Company, Stannah Lifts Holdings Ltd, Sicher Elevator Co. Ltd, Kleemann Hellas SA, and Gulf Elevator & Escalator Co. Ltd.
About the Report
This 170-page report covers an extensive market analysis on the moving walkways market. The research study provides compelling and actionable insights on the moving walkways market on the basis of application (public transit, airports, retails, institutional, and other), installation (horizontal, and inclined), speed (constant moving walkways, and accelerating moving walkways), type (belt type, and pallet type), and across key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)).
Press Release: https://www.factmr.com/media-release/1374/global-moving-walkways-market
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