According to Fortune Business Insights, the global crash barrier systems market size was USD 6.79 billion in 2021. The market is projected to grow from USD 7.01 billion in 2022 to USD 9.35 billion by 2029 at a CAGR of 4.2% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Crash Barrier Systems Market, 2022-2029". As per the report, the market is expected to grow during the projected period due to the increasing system demand from the construction and automotive sectors.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/crash-barrier-system-market-106084
Segments:
Fixed Segment to Lead Global Market During Forecast Period
By type, the market is bifurcated into fixed and portable. The fixed segment will dominate the global market share due to increasing road safety regulations.
Rising Investment in Technological Sector to Bolster Rigid Segmental Growth
Based on technology, the market is trifurcated into rigid, semi-rigid, and flexible. The increasing investment in infrastructural development is anticipated to bolster rigid segmental growth.
Roadside Barriers Segment to Dominate Global Market Share
On the basis of application, the market is categorized into work zone barriers, roadside barriers, median barriers, bridge barriers, and others. The increasing regulations on road safety are expected to fuel roadside barriers segmental growth.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report sheds light on recent trends and developments in the market. The drivers and restraints are affecting the global market growth during the forecast period. The key industry developments introduced by the leading market players are mentioned further in this report. Also, the regional insights on segmented market areas are highlighted further along with a list of leading market players.
Drivers & Restraints:
Rising Demand from Automotive Sector to Foster Market Growth
The market is projected to witness prominent growth in the coming years due to increasing demand from growing economies. Also, the increasing construction and automotive industries are expected to bolster the demand for the crash barrier system. Furthermore, the high demand for these systems from the automobile sector and the increasing need for developing road safety are anticipated to bolster the crash barrier systems market growth during the projected period.
However, price volatility of raw material prices may hinder market growth.
Regional Insights:
Europe Dominates Global Market Due to Rising Development
Europe is expected to dominate the crash barrier systems market share during the forecast period. The regional market stood at USD 2.23 billion in 2021. The increasing development in technologically advanced buildings is projected to fuel the regional market growth.
Asia Pacific holds the second largest global market position due to rising construction projects in developing countries. The increasing population and rising construction of roads and bridges are projected to bolster regional market growth.
Competitive Landscape:
Launching New Products Allow Companies to Propel Growth
The leading market players focus on forming strategic alliances and partnerships to propel business growth. Also, the companies form different strategies to launch new systems to meet customer demand.
Key Industry Development:
- August 2019: Lindsay Corporation launched ABSORB-M, a new, non-redirective, water-filled crash cushion system. The product is suited for unanchored and anchored barriers. With this launch, the company would expand its product line.
List of Key Players Profiled in the Report:
- Tata Steel (India)
- Lindsay Corporation. (U.S.)
- Transpo Industries Inc. (U.S.)
- Hill and Smith (U.K.)
- RoadSafe Traffic Systems, Inc. (U.S.)
- Trinity Highway Products, LLC. (U.S.)
- Valmont Industries (U.S.)
- Pinax Steel Industries (India)
- Volkmann & Rossbach GmbH & Co. KG (Germany)
