PORTLAND, Oregon and PUNE, India, March 10, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Barrier Systems Market - Global Opportunity Analysis and Industry Forecast, 2014-2022," the global barrier systems market is expected to reach $20,803 million by 2022 from $16,341 million in 2015, thereby registering a CAGR of 3.4% from 2016 to 2022.
Summary of the Barrier Systems Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/barrier-systems-market
The crash barrier system dominated the global market in 2015, accounting for $7,538 million, and is expected to continue this trend during the forecast period as well. Europe is expected to dominate the market, due to increase in development and modification of transport infrastructure and expansion of the automobile industry. However, Asia-Pacific is expected to register the highest growth rate, owing to increase in government expenditure on roadway constructions.
The global barrier systems market is driven by growth of automobile industries; increase in government initiatives to develop and modify the transport infrastructure, including roadways, railways, and airports, to promote enhanced transport network; and rise in investments on commercial real estate, such as entertainment complexes, institutional and residential buildings. However, high repair and maintenance cost are expected to restrain the market growth.
The crash barrier systems market is expected to exhibit the highest CAGR of 3.9%, owing to the increase in development of roadways globally. Furthermore, this market is expected to witness increase in market share from 46% in 2015 to 47% in 2022.
Barrier system are applicable in roadways, railways, commercial buildings, and residential lanes. Roadways witnessed an increase in market share from 43% in 2015 to about 44% in 2022, due to rise in construction of roadways such as roads, bridges, and highways to accommodate the increasing number of vehicles.
Based on the technology, the barrier systems market is classified into rigid, semirigid, and flexible type. Semirigid barrier system are projected to grow at a CAGR of 3.7%, accounting for market share of 54% by 2022 from 52% in 2015.
The metal barrier systems market is projected to remain the market leader, accounting for nearly two-thirds market share in 2022. Among the non-metal types, plastic is expected to gain the maximum traction due to its reusable and recyclable properties.
"Rising population along with consumers' increasing disposable income are major drivers for automobile consumption. Governments worldwide are initiating investments in developing and modifying the transport infrastructure facilities to accommodate the increasing number of vehicles and enhance the transport infrastructure network." states Deepankar Bose, Research Manager, ICT & Media, Allied Market Research.
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In 2022, Europe is projected to account for the highest contributor to the barrier system market size, growing at a CAGR of 2.9%. Europe and North America jointly accounted for about 62% of the global barrier system market size in 2015, with the former constituting around 33.9%. LAMEA is expected to contribute significantly to the global barrier system market size, owing to the increasing investments in the development and modification of airport infrastructure. Asia-Pacific is expected to grow at a lucrative rate of 4.2% during the forecast period.
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Key findings of the study
- Crash barrier systems market is expected to grow at the highest CAGR of 3.9% during the forecast period, thereby expanding the opportunities for global barrier systems industry.
- Roadways dominate the barrier systems market by application. This segment is expected to grow with the highest CAGR of 3.6% during the forecast period.
- Europe was the highest revenue contributor with $5,541 million in 2015, and is estimated to reach $6,842 million by 2022, growing at a CAGR of 2.9%.
- Asia-Pacific and LAMEA are expected to witness considerably higher growth rates during the forecast period, thus widening the scope for barrier systems industry.
Key players in the market focus on expanding their global footprint through the implementation of new technologies such as automated barrier system to improve the safety and security measures. Key players operating in barrier systems market include Lindsay Corporation, Hill & Smith Holdings PLC, Tata Steel Ltd., ATG Access Ltd., Trinity Industries Inc., BBS Barriers, Automatic System Inc., CT Safety Barriers, Transpo Industries, Avians, and others.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/construction-&-manufacturing/equipment-and-machinery-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research