Global Gangway Systems Market 2019-2023
About this market
Owing to the increased need for aiding the passengers and offering safety, various vendors in the market are introducing innovative features in gangways. Market players are also focusing on using robust material of construction which can resist high wear and tear. Technavio’s analysts have predicted that the gangway systems market will register a CAGR of more than 6% by 2023.
Rising investments in urban rail transit
The rising need for reducing traffic congestion and improving transportation facilities is propelling several economies in Asia for planning the mass transit metro railway projects in the urban areas. Countries including China and India are investing considerably in the mass transit rail projects, in turn, accelerating the growth of the market.
Delays in airport and railway constructions
Since the railway and airport projects are often constrained due to the lack of adequate permit issues and capital, there are frequent delays between planning, construction, and completion of the projects. Such delayed execution of projects often hampers the market revenue of vendors, in turn, hindering the market’s growth.
For the detailed list of factors that will drive and challenge the growth of the gangway systems market during the 2019-2023, view our report.
The market appears to be fragmented and the competitive environment is expected to turn quite intense owing to the increasing initiatives of the vendors to leverage modern technologies for offering safer and customized gangways catering to the evolving customer requirements. Due to the growing need to differentiate their products offerings, various gangway systems manufacturers are focusing on introducing new and improved products to attain competitive advantage and boost the gangway systems market value
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