New York, USA, July 06, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global barrier systems market is anticipated to garner $22,384.0 million in the 2021-2028 timeframe, increasing from $16,546.9 million in 2020 at a healthy CAGR of 3.9%. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
COVID-19 Impact Analysis
The COVID-19 pandemic has been unprecedented all over the world. During the COVID-19 pandemic, the global barrier systems market witnessed slow growth, majorly due to delays in barrier manufacturing and supply chain disruption. On the other hand, market players in the global barrier systems market, such as Barrier1 Systems, LLC (Barrier1), a global leader of state-of-the-art robust physical barriers, are developing innovative products with unique capabilities.
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For instance, in March 2021, Barrier1 Systems announced a partnership with Cepton Technologies, Inc., a major global lidar manufacturer, to combine its barrier control systems with Cepton's HeliusTM Smart Lidar System to provide advanced safety solutions. Such significant integration in products is predicted to generate lucrative opportunities in the global market.
Market Dynamics
The global barrier systems market is expected to be driven by the improving performance of the automotive and construction industries globally. The rising per capita income of the middle-class population has increased their disposable income, resulting in an increase in the number of vehicles and, consequently, new road infrastructure. During the analysis period, these factors are anticipated to boost the demand for road safety products, which is predicted to ultimately propel the growth of the global barriers systems. Additionally, rising urbanization in developing countries such as India and China have raised demand for construction items and equipment, favorably boosting the global barrier systems market.
One of the key factors hampering the growth of the global barrier systems is price volatility in raw materials. Furthermore, lower product penetration in low-income nations is anticipated to limit the growth of the global barrier systems market during the forecast period.
The report has segmented the market based on type, material type, technology, application, and region and regional analysis.
Crash Barrier Sub-segment is Projected to Garner the Maximum Market Share
In the type segment, crash barrier sub-segment is estimated to garner the maximum market share during the analysis period and garner a revenue of $7,876.9 million by 2028. The massive growth of crash barrier systems is primarily due to the expanding automotive and construction industries all over the world. Crash barriers are designed to prevent the impact of vehicles of varying weights travelling at different speeds. In addition, the global crash barrier systems market includes significant Tier I and II suppliers such as Tata Steel Europe, NV Bekaert S.A., Lindsay Corporation, Nucor Corporation, and others. These businesses are employing a variety of effective strategies to increase their global presence. These factors are expected to propel the growth of the market in the projected timeframe.
Metal Sub-segment is Projected to be the Most Lucrative
In the material type segment, the metal sub-segment of the global barrier systems market is estimated to be most lucrative and surpass $13,631.9 million by 2028. These are ready-to-install safety barriers that can be used to direct traffic as well as to protect and fence areas. Furthermore, metal barriers play an important role in an effective road safety system by protecting vehicles and their occupants in the event of an accident. As a result, the use of metal barriers is becoming more common, which is predicted to boost the growth of the market.
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Flexible Sub-segment is Predicted to Witness Fastest Growth
In the technology segment, the flexible sub-segment of the global barrier systems market is estimated to witness fastest growth and surpass$4,620.7 million by 2028. The growth of flexible barrier systems is significant due to key advantages such as corrosion, chemical and UV resistance, impact absorption, 100 percent recyclable, and ease of installation.
Roadways Sub-segment is Anticipated to be the Most Profitable
In the application segment, the roadways sub-segment of the global barrier systems market is predicted to be the most profitable and garner $11,457.3 million by 2028. Rapid urbanization in Tier II and III cities, particularly in emerging markets such as Singapore, India, and China, is one of the major factors driving the subsegment's growth. Furthermore, roadway barrier systems perform a variety of functions such as limiting vehicle entry speed, bringing vehicles to a complete stop, and many more. Furthermore, the installation of roadway barrier systems enables building management to streamline vehicle traffic flow in order to ensure the facilities' excellent security. These factors are anticipated to propel the demand for barriers systems in roadway applications and thus drive the growth of the market in the analysis period.
North America Region is Estimated to be the Most Dominant
North America region held a prominent position in the barrier systems market in 2020 and it is expected to grow at a significant rate, during the analysis period. The region's extensive growth in infrastructure industries is one of the key factors driving demand for barrier systems. Furthermore, shifting customer preferences for durable and robust building materials, particularly in the United States and Canada, are expected to drive the market in the projected timeframe.
Key Players and Business Strategies
The report enlists the most significant players of the global barrier systems market such as -
- Barrier1 Systems, LLC
- Lindsay Corporation
- Avon Barrier Corporation Ltd
- DELTA BLOC International GmbH
- Arbus Ltd
- A-SAFE
- Hill & Smith Holdings PLC
- Nucor Corporation
- Valmont Industries, Inc.
- Guangxi Shiteng Transportation Engineering Co., Ltd.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.
For instance, in September 2019, A-SAFE, a workplace safety innovator, has announced the release of a new line of safety barriers designed specifically for sub-zero temperatures. The new cold storage range has been designed to provide maximum protection to pedestrians, assets, and infrastructure in temperatures as low as -30°C.
The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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