Global Escalators Market Report, published by Allied Market Research, forecasts that the escalators market size to reach $5,146 million by 2022, growing at a CAGR of 5.3% from 2016 to 2022. Parallel escalators segment generated the largest market share in 2015 while the others segment is expected to register highest growth rate during the forecast period. Asia-Pacific is expected to be the largest market during the forecast period.
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Development in real estate sector, rise in need for efficient and rapid transit system, and rapid urbanization are expected to drive the growth of global escalator market. In addition, emergence of green escalators, and technological advancements have increased significantly and are expected to provide lucrative opportunity for market growth. However, lack of skilled workforce, safety issues due to poorly maintained equipment, and stringent government regulations limit the growth of this market.
In 2015, parallel escalators accounted for the maximum revenue shares in the overall escalators market due to their affordability, and easy availability. In addition, other escalators such as crisscross and spiral escalators is expected to witness the fastest growth at CAGR of 5.8% during the forecast period.
The commercial sector dominated the global market in 2015 due to high durability and ability to handle high passenger inflow. Furthermore,other industry segment is anticipated to grow at a CAGR of 6.2% during the forecast period due to ease in commuting over short distances and use of advanced safety features.
Asia-Pacific is estimated to grow fastest due to increase in the adoption of escalators and extensive growth in China, Japan, Australia, and India.
Key Findings of the Escalators Market:
Crisscross and spiral type is expected to exhibit a significant growth in the escalators market.
Commercial sector generated the highest revenue among other industry verticals pertaining to increase in adoption of escalators.
Asia-Pacific is projected to exhibit a substantial growth during the forecast period.
The key players include Schindler Group, Kone Corporation,Thyssenkrupp AG, Dover, Hyundai, Fujitec, Mitsubishi Electric, SIGMA, Otis, and Omega.