Global Airport Moving Walkway Systems Market Is Expected to Generate $3.4 Billion by 2031: Allied Market Research
Development of the airport moving walkway systems industry due to increase in number of air travelers at airports is a key factor driving the global airport moving walkway systems market. Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global airport moving walkway systems market share.
Portland, OR, March 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global airport moving walkway systems market garnered $2.2 billion in 2021, and is estimated to generate $3.4 billion by 2031, manifesting a CAGR of 4.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$2.2 billion|
|Market Size in 2031||$3.4 billion|
|No. of Pages in Report||210|
|Segments covered||business type, type, angle, and region|
|Drivers||Development of the airport moving walkway systems industry due to increase in number of air travelers at airports|
|Opportunities||Use of energy-efficient components such as motors and LEDs|
|Restraints|| The installation cost of walkways is high
The maintenance to replace any damaged component is expensive
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global airport moving walkway systems market, owing to implementation of global lockdown which resulted to low demand from different regions.
- The COVID-19 pandemic had shut-down production of airport moving walkway systems for the end-user, mainly owing to prolonged lockdowns in major global countries. This had hampered the growth of the airport moving walkway systems market significantly during the pandemic.
- The major demand for airport moving walkway systems was previously noticed from giant manufacturing countries including China, U.S., Germany, Italy, and the UK, which was severely affected by the spread of coronavirus, thereby halting the demand for airport moving walkway systems.
The research provides detailed segmentation of the global airport moving walkway systems market based on business type, type, angle, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on business type, the new installation segment held the highest share in 2021, accounting for nearly half of the global airport moving walkway systems market, and is expected to continue its leadership status during the forecast period. However, the maintenance segment is expected to register the highest CAGR of 5.3% from 2022 to 2031.
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Based on type, the belt segment accounted for the highest share in 2021, contributing to nearly three-fourths of the global airport moving walkway systems market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the pallet segment is expected to manifest the highest CAGR of 5.3% from 2022 to 2031.
Based on angle, the horizontal segment accounted for the highest share in 2021, holding more than two-thirds of the global airport moving walkway systems market, and is expected to continue its leadership status during the forecast period. However, the inclined segment is estimated to grow at the highest CAGR of 4.7% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly two-fifths of the global airport moving walkway systems market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 6.4% during the forecast period. The research also analyzes regions including North America and Europe.
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Leading market players of the global airport moving walkway systems market analyzed in the research include Mitsubishi Electric Corporation, Kone Corporation, Hitachi, Ltd., Schindler, Raytheon Technologies Corporation, Stannah, Hyundai Elevator Ltd, Toshiba Elevator and Building Systems Corporation, Fujitec Co., Ltd, Analogue Holdings Limited (ATAL Engineering Group).
The report provides a detailed analysis of these key players of the global airport moving walkway systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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