Industry Insights

28 September 2018, The Global Corrosion Inhibitors Market size is anticipated to grow beyond USD 8 billion by 2024 on account of the growing metal processing, construction, and power generation sectors. Corrosion inhibitors have gained popularity in the last few years as they provide reduced maintenance costs and enhanced equipment service life.

The growing applications in power generation, water treatment, refining, mining, and construction industries are expected to augment the product demands during the forecast period (from 2016 to 2024). However, the ill-effects of conventional inhibitors on the plant, marine, and human biology coupled with the rising disposal issues are likely to hamper the industry growth.

The global market is categorized as end-uses, products, applications, and regions. The end-use sector includes oil & gas, power generation, pulp & paper, metal processing, and chemical processing. Power generation was the dominant sector in 2015. It is further expected to grow due to the increasing government investments for various power generation projects in order to fulfill the rising energy needs. Oil & gas is estimated to become the fastest-growing sector.

The product sector of the corrosion inhibitors market involves organic and inorganic inhibitors. The organic inhibitors sector is projected to experience rapid revenue growth with a CAGR of over 6 % over the next eight years. The inorganic inhibitors sector is also said to witness increased demands on account of the favorable ecological regulations on these inhibitors in the United States, United Kingdom, and Germany.

The applications sector comprises oil-based and water-based applications. The water-based sector is anticipated to experience fast growth, specifically in water treatment sector, as a result of lower emissions of Volatile Organic Content (VOC) as compared to the solvent-based applications. The oil-based applications are likely to witness slow growth due to their limited application base, safety hazards, and high flammability. However, steady performance of oil-based inhibitors is projected to boost the demands in the near future.

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28 September 2018, The Global Biosimilars Market is expected to reach USD 13.1 billion by 2024 on account of increase in the prevalence of chronic diseases such as cancer, diabetics, cardiac disorders and autoimmune diseases. Rising demand for the cost-effective therapies is expected to drive the market in the forecast period. Biosimilars are about 30% cheaper than their counterpart biologics. Furthermore, the patent expiry of the blockbuster drugs is anticipated to provide a lucrative opportunity for the growth of biosimilars. For instance, a patent for Bevacizumab, sold under the trade name Avastin is expiring in 2019.

Moreover, increasing government initiatives, speedy drug approvals and reimbursement policies are expected to boost the market for the biosimilars in the study period. Also, market giants are adopting merger & acquisition strategies to increase their product portfolio. For instance, in 2015, Pfizer, Inc. acquired Hospira, a key player in biosimilars market.

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In 2016, oncology was the largest segment, accounting for 32% market share. Increasing prevalence of cancer across the globe is the key factor driving the growth of the market over the forecast period. For instance, according to the American Cancer Society, an estimated 1.6 lakh people suffered from cancer in 2016. Also, increasing government initiatives to provide cost effective treatment to cure deadly diseases will boost the penetration of biosimilar in developing countries which in turn will increase the market for biosimilar over the forecast period.

For instance, WHO launched a pilot program for prequalifying biosimilar drug, making some of the most expensive treatments for cancer more widely available in developing countries. Under this initiative, WHO has focused on two essential drug rituximab (principally used for the treatment of non-Hodgkin's lymphoma and chronic lymphocytic leukaemia), and trastuzumab (for the treatment of breast cancer).

In terms of region, Europe dominates the market for biosimilars followed by North America. The dominance of Europe is due speedy approval of the drug by European regulatory bodies. Furthermore, improving healthcare infrastructure and ageing population is expected to drive the market over the forecast period. However, Asia Pacific is projected to be the fastest growing region owing to the increasing disposable income of middle-class families, growing medical tourism and improving healthcare infrastructure. Furthermore, increasing investment in R&D activities by pharmaceutical giants is expected to boost the market in the projected period.

28 September 2018, The global Enhanced Oil Recovery (EOR) Market size is estimated to reach USD 55.02 billion by 2025, fueled by the increasing demand for energy in a broad range of applications including manufacturing, infrastructure and utilities. Rising number of aged wells resulting in low oil output has paved the way for advanced technologies including EOR to achieve optimum production.

Keeping these driving factors in mind, companies are focusing on developing advanced technologies to extract more oil from existing wells rather than erecting new wells. For instance, in June 2014, Statoil ASA opened its new research & development center for improved oil recovery at Rotvoll in Trondheim, mid-Norway.

BP, a producer of energy and EOR, launched the concept of “Bright Water”, which is a thermally activated microscopic particle that increases oil recovery by directing water into potentially untapped oil-rich areas. Since its inception, the technology has undergone several modifications to make it suitable for every type of terrain and age of the well.

Swift adoption of advanced technologies to enhance output and the presence of a large number of aged wells as compared to other regions has resulted in North America dominating the overall market with a volume share of 42.4% in 2016. A substantial amount of oil production in California and exploration of oil sands in Canada have generated a vast opportunity for the growth of the EOR market in North America. Moreover, favorable government regions supporting E&O activities is expected to boost growth over the next few years.

The presence of a significant number of onshore wells has resulted in the technology being utilized extensively in this application. However, these wells have reached their maturity resulting in lowered output. Nonetheless, untapped potential of offshore wells is expected to drive the demand for the technology in this segment which is likely to lead to a revenue growth of 8.4% from 2017 to 2025.

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27 September 2018, The Global Automotive Collision Repair Market to reach USD 206.46 billion by 2025, driven by a surge in automobile production, digitalization of automobile repair services and advances in manufacturing technology such as 3D printing of automotive parts to optimize costs. Europe was the largest market accounting for 44.9% of the revenue share in 2016. However, it is expected to lose its share over the forecast period on account of increase in trade barriers created by Brexit.

The increase in demand for vehicles driven by improvement in lifestyle in developing countries such as India and Brazil is expected to drive the growth of the market. Asia Pacific is anticipated to witness the fastest growth over the forecast period at a CAGR of 3.7% on account of increase in production and sale of automobiles and rising living standard. The increase in the number of vehicles on the road in countries such as China and India is expected to drive growth.

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The automobile industry is expected to grow on account of increasing demand for passenger cars. Increasing number of accidents due to the lack of proper infrastructure is projected to drive the demand for spare parts and other special tools. The collision repair market is expected to grow at a CAGR of 2.5% from 2017 to 2025. The requirement of quick turnaround time for replacement of parts is likely to be an opportunity for growth of the market.

27 September 2018, The global Oil Spill Management Market size is projected to grow beyond USD 125.62 billion by 2024. Growing incidents of oil spilling in the past along with severe safety and environmental policies are likely to propel the market over the forecast phase (2016-2024). Also, escalating pipeline and seaborne shipping of crude oil and chemicals could positively impact the market further.

The market is fragmented by technologies, techniques, applications, and regions. Technologies are Pre-oil spill and Post-oil spill. Pre-oil spill segment is divided into double-hull, pipeline, leak detection, blow-out preventers, and others. Double-hulling was the dominant segment in 2015 with highest shares. 

Marine trade registers for a majority of petroleum products and natural gas transportation. Mounting demand for crude and petroleum products oil in Europe and Asia Pacific will boost the maritime trade growth further. Post-oil spill segments are mechanical, chemical, biological, and physical. Chemical and mechanical containment and recovery are the techniques used in the industry.

By applications, the market can be sliced into pre-oil spill management a post-oil spill management. Pre-oil spill covers onshore and offshore sectors. Offshore segment recorded the maximum shares in 2015.It consumed approximately 70% of the total demand in that year. 

Post-oil spill management also includes of onshore and offshore segments. In 2015, onshore post-oil spill sector was valued close to 60% of the total market demand. Regions such as Norway, U.S, Mexico, Canada, U.S., China, and Nigeria have observed well blowouts and occurrences of pipeline breakdowns. This could be accredited to huge market diffusion in past

Main regions in the market encompass North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Central & South America. North America was the leading market for pre-oil spill management. It was estimated at 40.1% of total demand in 2015. This region will potentially face lucrative demand due to production activities and increasing oil & gas discovery. Pre-oil spill management shares in Asia Pacific will gain over USD 21,540 million by 2024. It is mounting at a healthy CAGR of 4.2% in the review phase.

Profits to determine hydrocarbon reserves noticeably and supportive government initiatives in the form of fiscal support in India and China could drive the regional demand. Top-most companies in the global oil spill management market include OMI Environmental Solutions, Skim Oil Inc., American Green Ventures Inc., and Spill Response Services.

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26 September 2018, Global Geotextile Market size is likely to be valued at USD 8.24 billion by 2020; as per a new research report by HexaResearch. Increasing use in soil reinforcement activity coupled with growing application scope in road & railway development is likely to drive market growth.

Favorable government regulations in countries such as China, India, Brazil and UAE supporting application development and employment creation in manufacturing industries is likely favor geotextiles market growth. Lack of manufacturing standardization coupled with fluctuation prices of raw materials such as polyester and polyethylene is anticipated to challenge trade opportunities and profitability.

Nonwoven geotextiles were the largest consumed product segment and accounted for over 65% of the total volume in 2013. Low cost and factors such as absorbency, mechanical strength and liquid repellency make nonwoven products to be widely preferred in the industrial applications. Woven products were the second largest consumed product and are likely to witness significant gains, at an estimated CAGR of 9.0% from 2014 to 2020.

Browse Details of Report@ https://www.hexaresearch.com/research-report/geotextiles-industry/

Key report insights suggest:

Global geotextiles market size was estimated 2389.2 million square meters in 2013 and may register 4323.7 million square meters by 2020 growing with an estimated CAGR of 8.9% from 2014 to 2020.

Road construction applications dominated the market and accounted for 43.5% of the total volume in 2013 and likely to witness significant growth rates. Laying road foundation and increasing road life span by strengthening weak soil are factors likely to drive demand for this application. Drainage application is likely to witness above average growth rates with an estimated CAGR of 8.9% up to 2020.

26 September 2018, The Global Water Desalination Market is set to reach USD 26.81 billion by 2025, primarily driven by rapid industrialization, increasing population, and depleting freshwater bodies. Moreover, increasing public awareness regarding water conservation and strict government laws on treatment is expected to fuel growth.

Recycled wastewater is widely used in landscaping and irrigation. The Middle East & Africa was the largest market accounting for 53% of the revenue share in 2016 and is expected to maintain its dominance over the forecast period on account of the high supply-demand gap of potable water.

Global warming has resulted in accelerating the evaporation of water bodies which eventually has led to droughts in numerous parts of the world. For instance, the U.S and Middle East & Africa have been affected adversely by severe multi-year and multi-state droughts over the past few years.

Countries such as U.S. and Saudi Arabia are focusing on the existing projects, instead of commencing new projects. The North America desalination market is expected to grow at an 8.6% CAGR over the next few years on account of rising number of natural calamities which are resulting in depriving its population & industries of water.

Traditionally, thermal desalination has been one of the most reliable techniques for water purification. Multi-stage flash distillation can produce purer water to which minerals are added to enhance the taste of water. The market for multi-stage filtration is expected to grow at an 8.4% CAGR during the forecast period owing to its high purity yield compared to reverse osmosis.

Reverse osmosis is expected to witness the fastest growth on account of its lower energy consumption rates. Rising need for pure water in chemical and food industries is projected to boost the market for reverse osmosis over the forecast period and is estimated to be worth USD 15.43 billion by 2025.

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Seawater contributed to 58.2% of the revenue share in 2016, making it the largest and the trend is expected to continue over the projected period. Rapid industrialization and substantial investments regarding desalination in the Middle East is anticipated to drive the global market over the next few years.

26 September 2018, The global High-Brightness LED Market size to reach USD 27.28 billion by 2024 and is driven by the rise in the consumer need for resource efficient and low energy lighting solutions. The market was dominated by North America and Asia Pacific together accounting for 62% of the revenue share in 2016.

High-brightness LEDs are semiconductor-based devices which exhibit superior luminosity as compared to traditional LEDs due to the higher current levels and power dissipation. Increasing trend of providing more brightness to improve clarity is expected to augment the growth of the market over the projected period.

Increasing demand for HB LEDs in numerous application segments including automotive, television, smartphones, general lighting, and signs owing to their lower energy consumption and superior brightness is expected to drive the demand. Rising consumer awareness regarding the benefits of using HB LED such as lower power consumption and superior brightness for residential as well as commercial applications are expected to bolster growth.

Demand for these lighting solutions was highest in consumer electronics including laptops, TV backlight and smartphones to provide superior luminescence even in dark lighting conditions. The segment accounted for 56.3% of the market share in 2016 and is expected to continue its dominant trend over the projected period. Increasing consumption of HB LEDs in 4K TVs coupled with the growing sales of these products is anticipated to drive the market over the next few years.

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26 September 2018, The global Software Defined Data Center Market is expected to reach USD 259.10 billion by 2024, driven by its ability to optimize operations through data center management and virtualization capabilities. Besides, it also offers cost saving advantages, though it involves considerable initial investment.

SDDC delivers a common virtualization infrastructure for computing, storage, and networking in a software tool. Additional benefits provided by SDDC including data security, control over application accessibility, reduction in energy consumption and an increase in efficiency.

In 2016, North America dominated the market accounting for 47.6% of the share in 2016, as a relatively large number of businesses in various verticals had deployed SDDC. The migration towards SDDC is prevalent in medium to large scale businesses as they strive to reduce their operational expenditure.

Over the forecast period, Asia Pacific region is expected to consolidate its position in the SDDC market growing at a CAGR of 36.7%, driven on the basis of prevailing adoption by businesses in the region. Much of growth in the Asia Pacific region is expected to rise from countries such as India and China, where the focus is on optimizing processes.

Over the past few years, the market has also witnessed growing adoption of SDDC by small and medium scale businesses, besides large businesses which have been the key early adopters of SDDC. In terms of deployment among the various industries, BFSI & government segment commanded the major share in 2016. The demand from the segment is projected to increase over the forecast period as it enables companies to reduce their existing data center specific capital expenditure and provide enhanced service quality and efficiency.

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25 September 2018, Global High Heat Foam Market was worth USD 7.55 billion in 2016. It is expected to grow to USD 14 billion by 2024. This can be attributed to escalating demand from aerospace and automotive sectors. Developing countries like Brazil and India are lucrative markets for automotive and industrial applications of high heat foam.

Usage of foam insulation lowers energy wastage. This coupled with stringent environmental regulations is boosting its consumption across industrial sectors. High heat foam is also used in sports and leisure, particularly in Asia Pacific.

The worldwide high heat foam market is categorized on the basis of products, applications, and regions. Products are divided into melamine, silicone, polyimide, polyethylene, and others. Silicone dominated the market in 2015. It accounted for 35% of the total revenues that year, and is likely to grow at a CAGR of 5.4% from 2016 to 2024 (forecast period). Industrial applications generate most of the demand for silicone products.

Polyimide fetched revenues worth USD 1.3 billion in 2015. Its benefits include strong fire resistance, low weight, and eco-friendliness. Melamine occupied 12% of the market in 2015. It could grow at a CAGR of 7.5% in the forecast period. Its ability to offer excellent thermal insulation is driving its adoption in the aerospace industry.

Applications comprise industrial, automotive, locomotive, aerospace, and others. Automotive, with 33% of the market volumes, was the largest consumer in 2015. It should grow at a CAGR of 5.4% over the next eight years. High heat foams are extensively used in the interiors of high performance cars to improve their engines’ capabilities. Aerospace applications accounted for USD 1.2 billion in 2015.

North America, Asia Pacific, Europe, Central & South America, and MEA (the Middle East & Africa) constitute the regional segments. Asia Pacific reigned in 2015, with over 39% volumes. Demand in North America exceeded 250 kilo tons in 2015. However, this region’s growth would be stagnant till 2024.

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25 September 2018, Global Specialty Fuel Additives Market generated volumes of 1.56 million tons in 2015. Its revenues are projected to reach USD 10.5 billion by 2024. This can be attributed to rising penetration of alternative fuels and higher focus on sustainable practices.

Regions like the EU, China, and U.S. are highly conscious of protecting our environment. They have introduced regulations that encourage the adoption of sustainable resources. This trend is expected to spread to others geographies as well, having a favorable impact on demand for specialty fuel additives.

The market is segmented on the basis of products, applications, and regions. Products encompass deposit control additives, antioxidants, cetane improvers, cold flow improvers, lubricity improvers, corrosion inhibitors, and others. Deposit control additives led the market in 2013, accounting for 40% volume share. Cetane improvers, with 11% of the volumes, stood second.

Rising use of detergents as fuel additives is an important driver of the dominance of deposit control additives. Cold flow improvers could grow at the fastest rate (CAGR of 8%) from 2016 to 2024 (forecast period). This could be credited to expanding demand for biofuel in Europe and North America.

Applications are split into gasoline, aviation turbine fuel (ATF), diesel, and other. ‘Other’ includes marine fuel and heating oil. They accounted for 5% of the market in 2013. Gasoline held over 46% of the market volumes in 2013. Although the U.S. generates robust demand for this fuel, other parts of the world prefer diesel. In fact, diesel is anticipated to surpass gasoline and reign supreme by 2024.

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25 September 2018, The Worldwide Automotive Sunroof Market was valued at around USD 4.70 billion in 2014. The industry is expected to grow at nearly 10% CAGR and surpass USD 9 billion from 2016 to 2024 (forecast period). The use of smart glass in vehicles is anticipated to impel industry growth in the coming years. Rising vehicle owners and worldwide population have contributed to added market sales. Growing popularity of automotive sunroofs has also contributed to overall demand. Furthermore, the after-sales trend in the Asia Pacific region has furthered market growth.

Consumers expect more comfort in their cars, with such a roofing system. They opt for sunroofs & other luxurious features for their economy-class vehicles. Around half of all new cars sold will be fitted with sunroof systems in the years to come. These would include convertibles, full glass sliding, and retractable hardtops. Alternate fuel vehicles may encourage car manufacturers to make ‘built-in solar cell’ sunroofs, powering vehicles. Technological developments in solar roofs for EVs (Electric Vehicles) can propel the global Automotive Sunroof Market in the forecast period.

The Automotive Sunroof Market is divided into applications, products, and geographies. Products include fabric and glass. It is expected that the glass segment may continue to dominate the global market from 2016 to 2024. Glass is further divided into pop-up, inbuilt, spoiler or tilt & slide, top mount, and panoramic. The panoramic or the vista roof segment can grow at a CAGR exceeding 15% in the forthcoming years. Greater preference for bigger sunroofs contributes to its demand.

Fabric sunroofs include foldable or rag-tops and removable sunroofs. The fabric sunroof industry in Europe and North America is mainly driven by demand for foldable sunroofs. Most vehicle manufacturers provide either inbuilt or optional systems, in their mid to premium range of cars. The inbuilt glass car sunroof industry contributed to more than 40% of the total market shares in 2014. This industry may expand at over 7% CAGR till 2024. Increasing aftermarket & factory-installed product demand could stimulate the Automotive Sunroof Market.

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25 September 2018, The Global Sports Software Market is estimated to reach USD 10.31 billion by 2024. The market is expected to grow rapidly during the forecast period, as companies in the sports industry are facing a cut-throat competition to host events internationally to boost their profit.

The top industry players including IBM, SAP, Blue Star Sports and Daktronics are using technological advancements to capture the market through providing online registrations and sponsorships used for securing the media rights. The primary drivers for the expansion of the sports software market include the advancement in technology and the huge demand for software that makes the tasks seamless and less time consuming for efficient management of the events.

The massive investment in sports infrastructure has been increasing for the development of stadiums, clubs, association, complexes and leagues. For instance, the government of Russia allotted USD 10 billion for hosting the FIFA 2018 World Cup. These massive investments in sports industry have been contributing to the growing requirement for automation during the forecast period

Sports software helps organizers to automate their administrative work and manage players by offering a broad range of features such as ease of learning, user-friendly, advanced games management technology. Sport management software saves time, increase funds, and reduces the errors coupled with rising demand for automation is anticipated to boost the growth of the market during the forecast period. The sports software industry is expected to grow at a CAGR of 13.1% from 2017 to 2024.

North America led the sports software market in 2016 with a market share of 55.2% and is expected to continue its dominant trend during the forecast period as well. The demand for this technology has been increasing owing to the rising need to better manage the performance of the industry including clubs, leagues, and association.

In 2016, the cloud-based technology was the largest and is expected to continue its dominance over the next seven years as consumers prefer downloading sports apps through the internet which provides high flexibility to the companies using the cloud model. On the other hand, on-premise technology is expected to grow at a slower pace at a CAGR of over 12% owing to its access to a limited audience.

Every organization tries to capture a large market size by introducing innovative features through technological advancements such as professional football teams using virtual reality as a training method to keep the interaction with all the players, without having them to be on the field. Companies are replacing hard tickets by e-tickets. In August 2015, SAP in collaboration with the Women’s Team Association (WTA) developed an app that uses data to analyze a player’s performance. The major innovations were on-court coaching, player comparison tool, and equestrian analytics tool.

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24 September 2018, Global Commercial Refrigeration Equipment Market is projected to grow at a CAGR of 5.6% over the forecast period (2016 to 2024). By 2024, market revenues would exceed USD 40 billion. This may be attributed to changing food consumption patterns triggered by rapid industrialization and technological advancements.

Escalating intake of frozen foods spurs demand for refrigeration of food on a commercial scale. Innovative technology makes possible remote monitoring of products to check refrigerant leak, high liquid levels, abnormal system pressures, etc. Increase in specialty food outlets, hypermarkets, and supermarkets also contribute to a favourable market outlook. These places are equipped with advanced products like multi-deck display cabinets and open front cases, having LEDs and proximity sensors.

The market is segmented into products, applications, and regions. Products consist of beverage refrigeration, refrigerators & freezers, transportation refrigeration equipment, parts, and others. Beverage refrigeration could rise due to a boom in restaurants across the globe. Transportation held about 20% of the market in 2015. Zero-emission technologies and efficient fuel consumption are some of the trends that should propel this segment’s growth till 2024.

Applications are split into food service, food & beverage retail, food & beverage production, food & beverage distribution, and others. Food service segment includes food-serving facilities such as restaurants, schools, supermarkets, and convenience stores. It is estimated to increase owing to robust demand of cold-storage and cascade refrigeration system in the food & beverage industry in the coming years.

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24 September 2018, The global Aerial Imaging Market is projected to reach USD 3.3 billion by 2024. Aerial imaging involves capturing images of the ground using unmanned aerial vehicles (UAVs), helicopters, dirigibles, blimps, kites, and parachutes. It provides useful information for volume calculation map renovations, planning, and route design.

Factors driving the market are popularity of aerial images and the need for geospatial information in various fields. It derives much of its demand from forestry & agriculture and other commercial sectors. Advances in technology such as LiDAR (Light Detection and Ranging), IMU (Inertial Measurement Unit) and airborne GPS (global positioning system) can boost market growth during the forecast period (2016-2024). Camera technologies such as Microsoft’s Hawk & Eagle and Vexcel Imaging’s UltraCam Osprey can fuel industry demand. But security concerns and operational issues can impede growth.

The worldwide Aerial Imaging Market is segmented according to applications and regions. Insurance, government, military & defense, agricultural & forestry, GIS (geographical information system), civil engineering, commercial, and energy are the key application areas. Military & defense will exceed USD 250 million by 2024. UAVs and Personal Aerial Mapping System (PAMS) are used by the military for reconnaissance missions. These systems are also employed in ground-based commercial applications. PAMS provide detailed photographs of surfaces at affordable costs.

UAVs can be deployed even in highly dangerous military operations, since these can execute accurate and repetitive commands in unfavorable settings. Farmers use UAVs to monitor their fields and crops. The insurance sector uses it to survey damages after floods or hurricanes and thus settle claims. Energy companies use aerial imagery to inspect transmission lines, gather data from solar & wind power plants, and provide additional security to these plants.

Government applications are estimated to cross over USD 950 million by 2024. The government sector uses drones for urban planning, energy management, environmental planning, and homeland security. Commercial applications could generate maximum revenue during the forecast period. These include advertising and promotional activities. Aerial photography provides land cover maps, soil maps, and vegetation maps with the help of spatial data. Combining this technology with GIS can aid in urban planning.

Regions include Europe, North America, Latin America (LATAM), Asia Pacific (APAC), and Middle East & Africa (MEA). APAC is expected to garner over USD 500 million by 2024. The growth can be attributed to the presence of semiconductor industries in the region. Consumer needs and rapid technological developments will fuel demand.  North America will lead the global Aerial Imaging Market over the forecast period. This owes to the growth of the telecommunications industry. Europe will experience modest growth in the aforementioned period.

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24 September 2018,The global Escalator Market to reach USD 37.7 billion by 2024. Growth in construction industry at large, urbanisation, and investment in infrastructure are among the key factors which are expected to drive the global escalator market over the forecast period. However, safety concerns related to escalators, especially accidents involving children, presents a concern that may affect the deployment rate of escalators.

Asia Pacific presents potential growth market with China and India presenting key growth opportunities for the market. The said countries are witnessing urbanisation and associated infrastructural growth with the development of multiple commercial establishments including shopping malls. Besides, investment in airports and metro projects are also expected to add to the prospect of the market in the coming years. On the other hand, Europe and North America regions are experiencing growth in the modernization segment.

Escalator market is segmented by types as step type escalator, moving walkways, and spiral escalators. Among the three types, step type escalators dominate the global market due to more requirement at places such as shopping malls and museums

Moving walkways are majorly used at large establishments such as airports. Moving walkways are installed to ease passenger mobility as these are mostly connected from terminal to the gates. On the other hand, spiral escalators are experiencing substantial growth with increase in innovative designs and architectures.

New installation market holds major share in developing countries such as china and India. While maintenance segment is relatively strong in terms of revenue contribution due to periodic maintenance and repairs of in-use escalators. Countries such as Germany and Canada are witnessing growth in the modernization service segment.

The market is marked by the presence of multiple active players such as KONE CORPORATION, Schindler, Otis Elevator Company, thyssenkrupp AG, Mitsubishi Electric Corporation, Hitachi Ltd., and TOSHIBA ELEVATOR AND BUILDING SYSTEMS CORPORATION.

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