Recovery in the construction & infrastructure industry, technological evolution in bollards, and increase in inflow of investments to improve transport infrastructure drive the global barrier system market
PORTLAND, Oregon, June 22, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Barrier Systems Market by Device Type (Fence, Bollard, Gates, Crash Barrier, Drop Arm, and Others), Technology (Rigid, Semirigid, and Flexible), Material Type (Metal and Non-metal), and Application (Roadways, Airports, Railways, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report published by Allied Market Research, the global barrier systems market generated $19.15 billion in 2019, and is estimated to reach $25.41 billion by 2027, registering a CAGR of 3.7% from 2020 to 2027.
Key determinants of the market-
Recovery in the construction & infrastructure industry, technological evolution in bollards, and increase in inflow of investments to improve transport infrastructure drive the global barrier system market. However, high maintenance and repair cost and ineffective safety solutions by plastic barriers hinder the growth to certain extent. Moreover, potential growth in emerging and developed economies would offer lucrative opportunities to the market in the near future.
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The metal segment would dominate the market through 2019-
Based on material, the metal segment contributed to the lion's share in 2019, accounting for nearly two-thirds of the global barrier systems market, and is projected to maintain its leading position during the forecast period. Additionally, the segment is also estimated to portray the highest CAGR of 4.1% during the forecast period. Metal barrier systems are installed in accident prone areas that include roadways, highways bridges, runways, and others in order to reduce vehicle crashes and redirect them. This factor drives the growth of the segment.
The semi rigid segment contributed for lion's share in 2019-
Based on technology, the semi rigid segment accounted for the major share in 2019, holding nearly three-fifths of the global barrier systems market, and is expected to maintain the largest share throughout the forecast period. In addition, the same segment would also register the highest CAGR of 4.0% from 2020 to 2027. Increase in infrastructural development that includes commercial buildings, highways, roads, airports, and railways, would lead to the growth of the segment.
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Europe to dominate the market, North America to grow at a significant pace by 2027-
Based on region, Europe contributed to the highest share, accounting for more than two-fifths of the global barrier systems market in 2019, and will maintain its dominance throughout the forecast period. Increase in population and high levels of net migration drives the market growth in Europe. Nevertheless, Asia-Pacific is expected to grow at the highest CAGR of 4.8% from 2020 to 2027, owing to growth in investments in infrastructural development in APAC. In addition, the economic recovery and growth in construction demand fuel the growth in this region. Moreover, North America is anticipated to manifest a CAGR of 3.4% from 2020 to 2027.
Leading market players-
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