New York, July 20, 2023 (GLOBE NEWSWIRE) -- The global crash barrier systems market size is expected to expand at ~4% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 13.2 billion by the end of 2033, up from a revenue of ~USD 8.4 billion in the year 2022. The rapid expansion of industrialization and the rapid movement of rural populations to urban areas in search of a better way of life have increased demand for various safety systems in congested urban areas, resulting in the escalating growth of the global crash barrier systems market in the coming years.
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With ~68% of the total population expected to live in urban areas by the end of 2050, according to the United Nations report, there will be increasing installations of crash barriers to prevent vehicle intrusion, furthering road safety.
Global Crash Barrier Systems Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Roadside Barriers segment to garner the highest growth
- Market in Europe to grow at the highest rate
Development of the Construction & Automotive Industries to Boost Market Growth
The market's expansion can be attributed primarily to rising purchasing power parity in the middle-class population, as well as rising global per capita income, which has resulted in rapidly increasing demand for automobiles and an increase in global automotive production. It is stated by the International Organization of Motor Vehicle Manufacturers (OICA) that the automotive industry in India, Brazil, and South Africa, along with the US, Canada, Germany, Italy, and Australia, will grow beyond 10% in the next 5 years. Additionally, the burgeoning construction activities globally, together with the augmenting construction of roads, highways, and bridges that call for road-safe traffic systems to avoid road disasters, are further expected to propel the crash barrier systems market in the projected years. According to the data, more than 5,800 km of the highway was constructed across India in the year 2021.
Global Crash Barrier Systems Market: Regional Overview
The global market is broadly divided further into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
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Growing Automotive Production and Car Sales to Drive Growth in the Asia Pacific Region
The crash barrier systems market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market in the region can be attributed to the heightening demand for automobiles together with the massive production of vehicles backed by the burgeoning populations in countries such as China and India. The World Bank reported that the population in China and India has risen from 1.26 billion to 1.41 billion and from 1.06 to 1.39 billion from 2000 to 2021, respectively. Moreover, China's automotive industry was found to manufacture over 21 million passenger cars in 2021. This, as a result, has led to an increasing demand for the construction of road barriers, bridge barriers, highways, and rail barriers, in addition to many emerging crash barrier manufacturers in India and other Asian countries to provide high-end safety and security for drivers, which is expected to boost regional market growth.
Technological Innovations to Drive Growth in Europe
The crash barrier systems market in Europe is estimated to garner the highest CAGR by the end of 2033. The proliferating infrastructure development in countries of the European Union (EU) as well as the growing development of EU transport infrastructure, together with the shift towards more sustainable modes of transport and the implementation of road safety programs, are expected to propel regional market growth in the projected period. Between 2007 and 2020, the available EU road grants totaling more than USD 75 billion are used to finance newly built roads as well as reconstructed or upgraded roads. Additionally, the rising concern over traffic congestion as well as the increased spending on research & development for developing sure-fire crash barrier types, in addition to the rising technological innovation in the region owing to the availability of technical expertise in the barrier systems, are projected to further elevate the market growth in the region over the forecasted period.
Crash Barrier Systems Segmentation by Application
- Work zone Barriers
- Roadside Barriers
- Median Barriers
- Bridge Barriers
The roadside barrier segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising number of road mishaps and the availability of various types of road safety barriers that shield against the harsh impact of vehicle collisions while traveling at a certain speed. As per the National Crime Records Bureau (NCRB), in 2021, India had lost over 1.55 lakh lives in road crashes. Apart from this, the growing awareness regarding road safety amongst the general population will lead to segment growth. Furthermore, the work zone barriers segment is expected to grow over the forecast period as a result of the growing prosperity of the construction sector as well as the increasing number of intrusions and accidents in work zones. For instance, as per a survey conducted in 2019, nearly 89% of highway contractors in the United States stated that protection was essential for work zone safety on their projects, while ~67% reported crashes into their work zones.
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Crash Barrier Systems Segmentation by Type
- Fixed
- Portable
The fixed segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rapid laying of paved roads as well as an increasing portion of paved areas owing to the growing infrastructural development that is backed by rising industrialization and urbanization. It is observed that the most common barrier used for driving in a paved lane is a speed bump, which is placed in school zone areas, parking lots, or on private property. This speed pump device will create a 6-inch barrier and force vehicles to slow down to 2–10 MPH. The rising concern about speeding as well as vehicle collisions and accidents with the growing number of automobiles is further expected to boost segment growth in the given time period. The data from the WHO states that nearly 1.3 million people die each year as a result of road traffic crashes, with road traffic injuries being the leading cause of death for children and young adults aged 5-29 years.
Crash Barrier Systems Segmentation by Technology
- Rigid
- Semi-Rigid
- Flexible
A few of the well-known market leaders in the global crash barrier systems market that are profiled by Research Nester are Trinity Highway Products, LLC, Roadsafe Traffic Systems, Inc., Hill & Smith, Pinax Steel Industries, Tata Steel, Lindsay Corporation, Transpo Industries Inc., Valmont Industries, and other key market players.
Recent Development in the Global Crash Barrier Systems Market
- Trinity Highway Products announced that it has entered into a definitive agreement to sell its highway products business for USD 375 million in cash.
- Roadsafe Traffic Systems announced the acquisition of Clark Pavement Markings, Inc. Based in Apex, North Carolina.
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