Moving Walkways Market
Moving Walkways Market By Application (Public Transit, Airports, Retails, Institutional), By Installation (Horizontal, Inclined), By Type (Belt Type, Pallet Type), By Speed, By Region - Global Market Insights 2019 to 2029
Moving Walkways Market to Register Strong Growth, Demand Upheld by Horizontal Moving Walkways
The global moving walkways market is forecasted to develop a promising CAGR during the forecast period.
Heightening construction of new airports, expansion of existing facilities and increasing number of shopping centers is fueling demand for horizontal moving walkways.
Growing passenger traffic at airport terminals will drive the market for horizontal moving walkways.
The horizontal moving walkways are finding diverse applications at train stations, airports, subway stations, super stores, and civic transportation.
However, horizontal moving walkways will encounter limitations due to higher pricing and maintenance charges.
Demand for Airport Moving Walkways to Soar, Heightening Prospects of Travel and Tourism to Remain Key Influencer
The rising demand for air passengers and globalization trends will fuel the airport moving walkways segment.
The airport moving walkways segment growth is at a nascent stage in developing countries, which will provide immense scope for business expansion for manufacturers.
Airports Council International (ACI) has forecasted that the passenger traffic worldwide is expected to double to more than 17 billion by 2037.
Thus, this will create the need for enhancing infrastructure and transportation at airports, which will further propel market growth.
According to the construction intelligence center (CIC), the total investment for airport construction projects is valued at US$ 638.7 billion. This will increase focus towards airport improvement and expansion across major countries.
Major investments directed towards airport improvement projects and construction of new airports will be supplementing the market share for airport moving walkways during the forecast period.
Developing countries are likely to invest a substantial amount towards the development of airport infrastructure by 2022.
For instance, Airports Corp. of Vietnam is planning to invest around US$ 14.7 billion for construction of new passenger terminals and runways in the coming years.
Autowalks are being majorly used in airports across the world, but challenges such as high installation cost and high maintenance costs will slow down the market.
However, to manage the passenger traffic effectively, the demand for airport moving walkways will increase.
Asia Pacific to Remain Frontrunner in Global Sales
Asia Pacific has a prominent share in the market with China and India presenting key growth opportunities for the market.
The developing economies are witnessing rapid urbanization, increasing investment in infrastructure including airports and metro projects which is expected to fuel the growth of the market during the forecast period.
Asia Pacific’s airports are projected to account for half of all worldwide passenger traffic growth from 2018 to 2040.
Asia Pacific accounted for more than 30% of the global moving walkways market share in 2019 owing to increasing focus on building of new airports and airport improvement projects across the region.
North America and Europe are projected to hold a significant market share in the moving walkways market, due to their fully automated infrastructure.
The increase in R&D development related to construction technology, wherein moving walkways are useful as machines, will boost the moving walkways market in these regions.
Contracts and Agreements to be an Important Stimulator for Moving Walkways Market
Industry leaders are continuously focusing on contracts and agreement to expand their global footprints.
Leading manufacturers in the moving walkways market are awarded with contracts with the end-user industry to gain competitive edge over the other market players. For instance,
- In 2019, Otis UK has been awarded the maintenance contract for 340 units at Gatwick airport. This contract will expand the company’s footprint in UK’s major infrastructure market in line with its strategy
- In 2019, Kone has been awarded the six year contract for elevator, escalator, and moving walkway maintenance, repair, modernization and new construction
Global Moving Walkways Market: Segmentation
Segmentation table of the global moving walkways market has been provided below on the basis of application, installation, speed, type, and region.
By Application :
- Public Transit
By Installation :
By Speed :
- Constant Moving Walkways
- Accelerating Moving Walkways
By Type :
- Belt Type
- Pallet Type
By Region :
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
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