PUBLISHER: Allied Market Research | PRODUCT CODE: 1193321
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193321
The barrier systems market valued for $19,252.81 million in 2021 and is estimated to surpass $28,134.50 million by 2031, exhibiting a CAGR of 3.7% from 2022 to 2031.
Barrier systems are essential components that are used to eliminate and minimize crashes and vehicle collisions to ensure the safety of vehicles and pedestrians. Barrier systems include fence, bollard, crash barrier, drop arm, and others. Rapid growth in the infrastructure industries and urbanization has highly impacted the traffic level on roads, leading to increased number of accident incidences. To curb down the accident frequencies and ensure road safety, barrier systems are installed. Furthermore, barrier systems act as guidelines, to ensure safe passage of vehicles as well as pedestrians along designated routes and preventing them from entering into restricted areas.
Government's increasing investments in transport infrastructure including road, highway, bridge, railway, and airport is a primary factor that accelerates the demand for barrier systems. Furthermore, rise in population and increase in purchasing power drive the automobile industry; thereby, stimulating the need for application of safety solutions. This scenario is expected to boost the barrier systems market. With the continuous technological evolution, manufacturers are producing barrier systems equipped with automated control panel systems, which serve as a potential booster for the global barrier systems market. However, barrier systems, especially rigid barriers incur high cost of repair on crash impacts, which is expected to restrain the growth of the global market.
As per the market trend, plastic barrier systems are witnessing significant growth, owing to their attributes such as low cost, durability, and light weight. One of the major factors that drives the adoption of plastic barrier systems among the manufacturers includes the recyclability and re-usability properties of plastics. In addition, various government initiatives in developing economies are anticipated to substantially increase the number of road and rail development projects in emerging economies.
In addition, the report includes regional market analysis of these segments. Each segment in the report is studied at regional and country level as well to provide complete coverage of the barrier systems market. The report categorizes the barrier systems market into four major regions including North America, Europe, Asia-Pacific, and LAMEA. These regions are further sub-categorized into countries to cover barrier systems market scenario across respective regions.
Furthermore, the report covers the competitive scenario of the barrier systems market. The key players operating in the barrier systems market are studied in the report to understand their current market position and competitive strengths in the industry. The report profiles 10 key companies. Moreover, the company profiles include various data-points such as company overview, company executives, recent financials of the company and major growth strategies espoused by companies, to maintain their position in the market.
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