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Barrier Systems Market Expected to Observe Significant Growth by 2028 Due to the Improved Performance of Automotive & Construction Industries Worldwide
Barrier Systems Market
According to a report published by Research Dive, the global barrier systems market is projected to generate a revenue of $22,384.0 million and grow at a CAGR of 3.9% throughout the estimated period from 2021 to 2028.
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Market Dynamics
As per our analysts, with the increasing performance of the automotive and construction industries all across the globe, the barrier systems market is predicted to witness significant growth during the analysis timeframe. Besides, the growing urbanization in developing nations has increased the demand for construction products & equipment which is expected to foster the growth of the market throughout the estimated period. Moreover, the strong presence of industry players and their strategic steps are expected to create extensive growth opportunities for the market over the forecast period. However, a higher initial investment may hamper the growth of the market during the analysis timeframe.
COVID-19 Impact on the Barrier Systems Market
The COVID-19 pandemic outbreak negatively impacted the barrier systems market. This is mainly because of the delays in barrier manufacturing and supply chain disruption during the pandemic period. However, the leading players came forward with innovative product development with unique capabilities, bringing lucrative opportunities for the market throughout the crisis.
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Segments of the Barrier Systems Market
The report has divided the market into segments based on type, material, technology, applications, and region.
Based on type, the crash barrier sub-segment is predicted to generate a revenue of $7,876.9 million during the estimated period. This is mainly due to the increasing automotive and construction industries worldwide. Moreover, the leading companies are following multiple effective strategies such as innovation of road infrastructure products and water management is expected to augment the growth of the market sub-segment over the analysis timeframe.
Based on material, the metal sub-segment is expected to garner a revenue of $13,631.9 million throughout the estimated period. This is mainly because metal barriers are ready-to-install safety barriers that can be used for directing traffic. In addition, the increasing adoption of metal barriers to protect vehicles and their occupants in case of road accidents is predicted to fuel the growth of the barrier systems market sub-segment during the analysis timeframe.
Based on technology, the flexible sub-segment is projected to generate a revenue of $4,620.7 million during the forecast period. The various beneficial advantages of flexible barrier systems such as they are recyclable, impact absorbing, corrosion resistant, easy to install, and many more are expected to propel the growth of the market sub-segment over the analysis timeframe.
Based on application, the roadways sub-segment is predicted to generate a revenue of $11,457.3 million during the estimated period. This is mainly due to the rapid urbanization in emerging economies. Moreover, the rising deployment of roadway barrier systems to streamline vehicle traffic flow is expected to uplift the growth of the market sub-segment over the analysis timeframe.
Based on region, the North America barrier systems market is expected to rise at a remarkable rate throughout the forecast period. This is mainly due to the expansive growth in the infrastructural industries in this region. Furthermore, the growing preference for durable and robust building materials among customers of this region is predicted to drive the regional growth of the market during the analysis period.
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Key Players of the Market
The major players of the barrier systems market include Guangxi Shiteng Transportation Engineering Co., Ltd., Arbus Ltd., Nucor Corporation, Valmont Industries, Inc., A-SAFE, Hill & Smith Holdings PLC, Avon Barrier Corporation Ltd, DELTA BLOC International GmbH, Barrier1 Systems, LLC., Lindsay Corporation, and many more. These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
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Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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