Door Closer and Exit Devices Market – Segmentation
Door closers are relatively familiar products, which are finding adoption in most emerging economies. Favorable government frameworks, stringent building codes, panic and fire emergency policies, the revival of the construction and tourism sector, renovation boom in APAC countries are some of the factors that can accelerate the adoption of door closers in the next five years.
Electromechanical doors accounted for over 38% share of the global door closer market in 2020. However, the market is expected to grow significantly as these provide convenience and ease of usage. Most electromechanical instruments assist both in opening and closing.
Hydraulic door closers dominated the market with a share of over 57% in 2020 and are expected to retain their dominance during the forecast period. Pneumatic door closers, although less popular, are expected to pose an absolute growth of over 27% during the forecast period. North America dominated the market for hydraulic door closers with a share of approx. 37% in 2020.
Door Closer and Exit Devices Market by Products
Door Closer and Exit Devices Market by End-users
Door Closer and Exit Devices Market – Dynamics
The growth of commercial spaces such as shopping malls, retail areas, and offices is expected to support the growth of the global door closer market. Most commercial spaces implement the latest infrastructure and technologies to improve the overall aesthetics of the space and ensure maximum security and convenience. Door closers are extremely beneficial for commercial spaces and are implemented in almost all commercial facilities. Similarly, exit devices are crucial components of panic or emergency doors and have become mandatory in large commercial spaces, although bound by stringent laws. The global commercial real estate market was adversely affected by the COVID-19 pandemic. APAC economies such as Japan and Australia are not fully recovered and facing stagnant growth. India is facing a severe downswing, and the relationship between the US and China is haggard. However, commercial real estate is expected to come on track by 2021.
Key Drivers and Trends fueling Market Growth:
Feature Enhancements and Product Innovations
Booming Demand in Emerging Economies
Policies Supporting Residential Boom
Revival of Travel and Tourism Industry
Door Closer and Exit Devices Market – Geography
North America, which includes the US and Canada, is the largest economy in the world. North America is also the largest market for door closers and exit devices that accounted for approximately 36% of the global market share in 2020. However, the share is expected to be taken up by regions such as APAC, the Middle East and Africa, and Latin America, owing to rising momentum for new construction and the development of stringent building codes. The North American market witnessed a steady recovery after the sub-prime crisis of 2008 with a gradual increase in sales and improvement in consumer confidence. Residential sales also reached pre-recession levels. The region includes many established countries, which include the US and Canada. With the recovery in the economy, the market has rebounded over the last few years. However, the impact of COVID-19 in 2020 took a dig at the optimistic approach in construction and economic growth.
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