The surging revolution in transportation models across public as well as private sectors has been influencing escalators & moving walkways market trends across the globe. Escalators and moving walkways for easy mobility of people and materials are being deployed extensively of late. The growing number of construction activities across the globe for infrastructural facilities such as shopping centers, business hubs, railways stations, and airports has been significantly impelling product demand.
U.S. Escalators & Moving Walkways Market Size, By Application, 2014 – 2025 (USD Million)
In line with the surging need for auto walking facilities, giants in escalators and moving walkways industry have been focusing on the advancement of existing facilities and inventing a new range of products. In addition, many leading industry contributors have been looking forward to gaining competitive benefits with the adoption of revenue generating business strategies.
Nowadays, on account of the growing urbanization, shopping centers and various other commercial establishments are being developed on a large scale. Given that the crowds at these places concentrate on optimizing time while shopping and enjoying themselves, the focus here is to provide better quality service to the masses visiting shopping centers, thereby increasing the deployment of escalators and moving walkways. The growing popularity of these products pertaining to their capability to handle huge crowds safely and effectively is poised to stimulate the escalators & moving walkways market size over the years ahead.
Speaking along the same lines, considering the remarkable application benefits such as maximum mobility and minimum time consumption, most of the regional governments have been renovating as well as deploying new auto walkways across airports and railway stations. This will generate lucrative opportunities for the players in escalators and moving walkways market. Validating the aforementioned fact, in the U.S., Louisville International Airport has invested approximately USD 100 million to upgrade a number of outdated equipment and deploy efficient and modern facilities at the airport. As of now, Louisville International Airport has 19 elevators, 10 escalators, and six moving walkways. In line with the surging use of escalators across commercial complexes, shopping centers, and airports, parallel escalators will account for more than 50% share of overall escalators industry by the end of 2025.
Taking into account the increasing acceptance of escalators and moving walkways, the leading technology providers have been focusing on improving its sustainability and applicability. The development of technologically advanced and sustainable product could help end-user to increase the safety of occupants and long-term working capability. In addition, the continuous innovation will help companies to gain long-term sustainability in escalators and moving walkways industry. For instance, recently, the pioneering developer of elevators, escalators and moving walkways, OTIS has developed an innovative IoT service platform aiming to collect the real-time working information from elevators and escalators with the help of sensors. With the help of this connected IoT service platform, customers of OTIS could save the costs and time required for maintaining the escalators. In this regard, OTIS could gain an edge over the other competitors.
Meanwhile, in order to achieve the dominating position in escalators and moving walkways market, biggies have been continuously collaborating with research institutes, start-ups, and already established technology companies. For instance, leading elevator and escalator manufacturer, Kone has signed a multi-year agreement with renowned technology provider, IBM for using its IoT cloud platform. With the use of this platform, Kone could optimize and manage a number of elevators, doors, and escalators deployed across most of the buildings.
Increasing infrastructural developments across myriad geographies along with modernization of existing crowd handling facilities will further enhance the product demand. The growing economic development and heavy investment in the construction of commercial complexes and business centers will stimulate the industry outlook over the years ahead. The increasing availability of smart escalators and moving walkways will have a favorable influence on escalators and moving walkways market which will generate a revenue of more than USD 20 billion by the end of 2025.