According to a new market research report published by Credence Research, “Escalators & Moving Walkways Market (By Product Type (Escalators (Step Type Escalators, Wheelchair Accessible Escalators, and Others (Levytator, Spiral Escalator, etc.)) and Moving Walkways, By End-use (Public Transportation Facilities (Airports, Railway & Metro Stations), Commercial, Education, and Others (Leisure, Residential, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global escalators & moving walkways market was valued at US$ 14.96 Bn in 2017 and expected to expand at a CAGR of 4.3% during the forecast period from 2018 to 2026.
Escalators & Moving Walkways Market – Growth, Future Prospects, and Competitive Landscape, 2018 -2026 report at https://www.credenceresearch.com/report/escalators-and-moving-walkways-market
Product & Market Insights
Escalators are load carrying units installed at multi-storey commercial buildings and public transits for managing the traffic between floors. Moving walkways are units installed especially at public transport facilities like airports and railway stations to quickly move passengers and their luggage to desired destination on time. Similarly at shopping centers and supermarkets, escalators help in routing shoppers to right locations. In order to effectively manage commuter traffic, these equipment are equipped with photoelectric and inductive proximity sensors to detect presence of commuters and ascertain speed, direction, and position of escalator respectively.
The global escalators and moving walkways market will witness steady growth during the forecast period, majorly on the back of rapid urbanization and flourishing commercial real estate worldwide. A dominant trend of the construction industry going green, especially in developed economies can be seen with several energy efficient products introduced over the last few years. As per the statistics released by the U.S. Green Building Council, non-residential green buildings, which accounted for only 2% of the overall commercial constructions in the U.S. in 2005 have increased to 55% by 2017. This paradigm shift towards green buildings will create huge opportunities for manufacturers as they shift their focus towards energy efficient variants and related accessories. For instance, KONE Corporation, one of the leading manufacturers is focusing on limiting the energy consumption of their escalators and has adopted several requisite measures. In addition, the company has developed an accessory, an advanced energy consumption tool capable of measuring the total energy consumption of escalator and auto walks, thereby exploring the market for related accessories as well.
Even though Asia Pacific tails North America and Europe in terms of value contribution, improving standard of living, speedy urbanization, and upcoming public transit projects will make Asia Pacific the most attractive business destination in the coming years. The presence of domestic manufacturers together with entry of international players is expected to augment market competition, supporting market growth in the region. China, India, Japan, and Korea represent major markets. In developed markets such as Europe and North America, sales from maintenance and upgrading are expected to grow at higher rate than new installations due to stringent safety requirements and aging of existing units. Key companies profiled in the research study include Otis Elevator Company, Fujitec, KONE Corporation, Schindler, Sigma Elevator Company, Thyssenkrupp AG, Mitsubishi Electric Corporation, Hitachi Ltd., Toshiba Corporation, Hyundai Elevator Company, Stannah, Kleemann Hellas SA, Sicher Elevator Co., Ltd., Stein Ltd, and Gulf Elevator & Escalator Co. Ltd. among others.