The global airport moving walkway system market accounted for $4,155.6 million in 2019 and is expected to reach $5,135.6 million by 2027, registering a CAGR of 3.0% from 2020 to 2027. Airport moving walkway systems are used to move people from one place to another within the airport premises, from parking to the terminals or from lobby to the terminals or from one terminal to another. Horizontal type of moving walkway is used to move along the flat surface whereas inclined type of moving walkway is used to climb across the different floors. Belt type or pallet type of moving walkways are used depending the purpose of installation. For instance, pallet type is preferred to carry both luggage and human load at the same time.
Rise in preference for air travel amongst the travelers in the last few years has increased the need to build new airports and expand or renovate the old airports as well. For instance, Airport Company of South Africa in January 2019 announced expansion and modernization of six different airport of South Africa in the next eight years. This will give rise to airport moving walkway system market in the forecast period. Also, Japan’s Kansai International Airport has planned to invest $911 million to upgrade the airport with additional terminal till 2025.
Thus, new constructions, expansions, or renovation of airports are giving rise to the airport moving walkway systems. For instance, Otis installed moving walkway systems in the Shanghai International Airport during the expansion process that was expected to complete in November 2019. Similarly, the maintenance of the moving walkways has to be done timely for its smooth working and avoid failure. For instance, Otis has signed a contract with London Gatwick Airport in February 2019 for the maintenance of 340 units of elevators, escalators and moving walkways for the period of five years
Region wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy and rest of Europe), Asia-Pacific (China, Japan, South Korea, India and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2019, Asia-Pacific contributed the highest airport moving walkway system market share and is anticipated to secure the leading position during the forecast period, due to rise in new installation of airport moving walkway system market in Asia-Pacific.
Competitive analysis and profiles of the major players in the airport moving walkway system market, such as Analogue Holdings Limited (ATAL Engineering Group), Fujitec Co., Ltd, Thyssenkrupp AG, Hitachi, Ltd., Hyundai Elevator Co., Ltd., Kone Corporation, Mitsubishi Electric Corporation, United Technologies, Schindler and Stannah are provided in this report. The key strategies adopted by key players from 2017 to 2019 include product launches, acquisitions, and joint ventures. Some competitors adopted joint venture as their key developmental strategy to expand their product portfolio and customers. For instance, Hyundai signed a joint venture with STFA Group from Istanbul, Turkey which was acting as a distributor of Hyundai. Now with an entry in European market Hyundai targets to widen its business area and thus increase the revenue generated. Similarly, some competitors adopted business expansion as their key developmental strategy Otis inaugurated its new manufacturing and engineering center of 15,600 sqm in Songdo District in Korea. This is expected to help Otis to increase its presence in Korea region.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging airport moving walkway system market trends and dynamics. The report also provides market size from 2020 to 2027.
- In-depth market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- Airport moving walkway system market forecast analysis from 2020 to 2027 is included in the report.
- Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the industry.
KEY MARKET SEGMENTS
By Business Type
- ·New Installation
- ·Belt type
- ·Pallet type
- ·North America
_ The UK
_ Rest of Europe
_ South Korea
_ Rest of Asia-Pacific
_ Latin America
_ Middle East
_ Analogue Holdings Limited (ATAL Engineering Group)
_ Fujitec Co., Ltd
_ Thyssenkrupp AG
_ Hitachi, Ltd.
_ Hyundai Elevator Co., Ltd.
_ Kone Corporation
_ Mitsubishi Electric Corporation
_ United Technologies