Garage And Overhead Doors Market Outlook 2024: Exclusive Report By The Business Research Company | Moxa Inc., Kongsberg Gruppen AS, Praxis Automation Technology B.V., General Electric Company, Norr Systems Pte. Ltd., ABB Ltd., Marine Technologies LLC, Wä

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2353

The Business Research Company offers in-depth market insights through Garage And Overhead Doors Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The garage and overhead doors market size has grown strongly in recent years. It will grow from $6.97 billion in 2023 to $7.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to residential construction boom, renovation and remodeling trends, industrial and commercial development, security and safety concerns, urbanization and population growth..

The garage and overhead doors market size is expected to see strong growth in the next few years. It will grow to $9.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to smart home integration, sustainable and eco-friendly solutions, e-commerce boom, remote work trends, urban renewal projects.. Major trends in the forecast period include rise in sustainable and eco-friendly doors, increased automation and remote access, innovation in door opening mechanisms, integration with home design trends, rapid technological advancements..

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Market Segmentation:
The garage and overhead doors market covered in this report is segmented -

1) By Material: Aluminum, Steel, Wood, Fiberglass, Vinyl
2) By Application: Exterior Application, Interior Application
3) By End Users: Residential, Commercial

Major Driver - Elevated Investments In Residential Infrastructure Propel Garage And Overhead Door Market Growth
The rising investment in residential infrastructure projects and construction activities are expected to propel the growth of the garage and overhead door market going forward. Residential infrastructure and construction refer to public services and facilities necessary to support residential development, including sewer and water lines, wastewater treatment plants, waterworks, schools, parks, streets, street lights, and stormwater management facilities. The overhead garage doors have many advantages, and the ability to tailor construction projects to needs and make a greater addition to construction projects. For instance, according to FMI, a US-based consulting and investment banking firm, spending on engineering and construction overall in the United States increased by 8% in 2021. Construction of single-family homes is projected to cost $380 billion, a 22% increase from 2020. The expected value of multi-family home buildings increased by 18% last year to $111 billion. $92 billion was spent on a commercial building in 2021, an increase of 6% from the year before. Spending on home improvements rose by 19% in 2021. Therefore, the increase in investment in residential infrastructure projects and construction activities is driving the growth of the garage and overhead door markets.

Competitive Landscape:
Major companies operating in the garage and overhead doors market report are Moxa Inc., Kongsberg Gruppen AS, Praxis Automation Technology B.V., General Electric Company, Norr Systems Pte. Ltd., ABB Ltd., Marine Technologies LLC, Wärtsilä Oyj Abp, Rolls-Royce Holdings plc, AB Volvo plc, L-3 Communications Holdings Inc., RH Marine Group, Twin Disc Incorporated, Koninklijke IHC, Reygar Ltd., Sonardyne International Ltd., COMEX SA, Navis Engineering LLP, Advanced Navigation Pty Ltd., Teledyne Technologies Inc., Applanix Corporation, Underwater Engineering S.A.L., C-Nav Positioning Solutions, Denar Ocean Engineering Ltd., Marine Management Limited, Alphatron Marine BV, L3Harris Technologies Inc., Wartsila Guidance Marine BV, Thrustmaster of Texas Inc.

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Top Trend - Smart Garage Door Openers Transforming The Garage And Overhead Door Market
Major companies operating in the garage and overhead door market are developing new products such as smart garage door opener to gain a competitive edge in the market. Unlike traditional contact sensors, Wyze's innovative approach utilizes the camera's AI technology, which identifies a QR code placed on the garage door to determine its status. For instance, in April 2022, Wyze Labs Inc., a US-based electronics manufacturing company launched the Wyze Garage Door Controller, offering remote monitoring through a Wyze Cam v3 and a QR code system. The bundle includes the Wyze Cam v3 and the Garage Door Controller module, providing visual verification through recorded videos and allowing users to control and monitor their garage door remotely via the Wyze app.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Garage And Overhead Doors Market Characteristics
3. Garage And Overhead Doors Market Trends And Strategies
4. Garage And Overhead Doors Market - Macro Economic Scenario
5. Garage And Overhead Doors Market Size And Growth
…..
27. Garage And Overhead Doors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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