Barrier Systems Market Size 2022 | Global Market Size, Competitive Landscape, and Key Country Analysis to 2023
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.
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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.
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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.
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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