Escalators & Moving Walkways Market size is slated to cross USD 23 billion by 2028, according to a new research report by Global Market Insights Inc.
Rapid development in urbanization and the booming commercial real estate is likely to boost the industry growth. A dominant trend in the construction industry is a shift toward the go green initiative, especially in the economically developed countries that have introduced plenty of energy-efficient products in the last few years. This transition to green buildings will create great opportunities for the manufacturers of escalators and moving walkways as they focus their attention on energy-efficient variants and related resources.
The ever-growing world population is forcing developing countries to invest in better and more modern infrastructure, thus increasing the escalators & moving walkways market growth. The growing demand for this infrastructure in both residential and commercial segments, such as museums, shopping malls, museums, apartments, offices, etc., is predicted to provide significant growth. Developments in the Asia Pacific region and will further grow steadily as countries invest more in infrastructure.
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Browse key industry insights spread across 250 pages with 269 market data tables & 29 figures & charts from the report, “Escalators & Moving Walkways Market Size By Product (Escalators [Parallel, Multi-Parallel], Moving Walkways), By Application (Public Transit, Airports, Retail, Institutional), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Rising demand by the commercial sector to boost demand
The escalators & moving walkways market from other commercial sector will witness 5% CAGR through 2028 and it has become one of the fastest-growing area due to high level of acceptance. In addition, technological advancements that make the infrastructure smoother and more environmental-friendly have created a demand for the market. The aviation industry continues to use moving walkway services, thus augmenting revenue.
Increasing demand in North America to surge product penetration
The North America escalators & moving walkways market will generate a revenue of over USD 2.5 billion by 2028 owing to the regional demand for maintenance services. The region has large aging escalators and steep stairs installed, leading to the repair and modern services demand. Another factor driving the industry is strict security laws imposed by the government. Rising security standards have exacerbated the market demand for new escalators coupled with the replacement of traditional equipment.
Product innovations to enhance competition in the industry
Schindler, KONE Corporation, Otis Elevator Company, Canny Elevators, Hyundai, Sigma, Fujitec Co., Ltd, Johnson Lifts, Hitachi, thyssenkrupp Elevator AG, Mitsubishi, and Toshiba are among the leading vendors in the market. Several international and domestic traders compete for market share, leading to a competitive environment. Self-contained participants have increased their focus on developing and refining their products. Safety is a major issue as there have been several incidents involving escalators & moving walkways that do not work properly.