Heightened investments in the construction and infrastructure sector are anticipated to spur the moving walkways market growth over the forecast period. Proliferating construction in airports for long, as well as short-haul flights, is driving demand for moving walkways. Further, airport moving walkways are poised to hold a prominent market share owing to its easy operability vis-a-vis that of constant moving walkways. These moving walkways variants reduce the time of passengers at the airport terminals owing to high speed vis-a-vis conventional moving walkways. These products have acceleration and deceleration stages that gives passengers flexibility at the start and end point of the auto walks. Fact.MR projects that the global moving walkways market is anticipated to grow at a value CAGR of 4.5% during the forecast period.
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The development of smart cities and buildings, where moving walkways are witnessing rampant adoption in subway systems is propelling the growth of the market. The development of smart cities, that have AI & IoT (Artificial Intelligence & Internet of Things) integration, is broadening the scope for moving walkways. An increasing number of shopping malls and shopping complexes are also fueling the demand for moving walkways. Installation of moving walkways in exhibition halls and art galleries, where viewers can view the exhibition by standing over the moving walkways is a growing trend for commercial moving walkways.
Key Takeaways of Global Moving Walkways Market
- Airport moving walkway is estimated to create an absolute $ opportunity of around US$ 500 Mn during the forecast period and is estimated to account for 65% of the overall value opportunity in the global market by the end of 2029
- Horizontal moving walkways are projected to grow at a value CAGR of 3.1%, owing to an increase in the construction of new airports and redevelopment of existing airports
- Asia Pacific is foreseen to maintain its hegemony during the assessment period, accounting for more than 40% of the share in the global market
- Moving walkways are estimated to create an absolute $ opportunity of around US$ 1 Bn by the end of forecast duration
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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.
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Contracts and Agreements to Remain Key Forte of Competitors
The report reveals some of the prominent market players, including 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, Gulf Elevator & Escalator Co. Ltd., and others. Prominent manufacturers are focusing on contracts & agreements as a key strategy to strengthen their global presence. For instance, in May 2019, ThyssenKrupp airport solution has been awarded the contract for operation and maintenance of 90 passenger boarding bridges with more than 500 aircraft support units, 234 elevators, 105 escalators, and 52 moving walkways across the Doha gateway.
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