Global crash barrier system market accounted for USD 5.83 Billion in 2020 and is expected to reach USD 8.11 Billion by 2028, growing at a CAGR of 4.3%.
Crash Barrier System Market
The global crash barrier system market size accounted for USD 5.83 Billion in 2020 and is expected to reach USD 8.11 Billion by 2028, growing at a CAGR of 4.3% from 2021 to 2028.
Crash barrier systems are efficient safety solution systems that are being implemented for the safety of pedestrians as well as for the safety of vehicle owners. These are Some of the road safety measures & solutions that are used for road barrier systems in order to provide safety for vehicles and reduce the impact of vehicle crashes. Some countries around the world have started to implement road safety programs. These safety strategies are being used in various road signs, traffic lights, and crash barrier systems.
Crash barrier systems are mostly used in commercial infrastructures such as residential areas, corporate buildings, and also in institutional buildings, & complexes. Investments in roadways, railways, and airport construction can lead to the application of a crash barrier system in order to the frequency of road mishaps. Also, the expansion in the airport network is expected to create the need for bollards in the passenger queue, entry gates, security checks, exit, and drop arms.
Since the outbreak of the pandemic which started in (China) in 2019, it has impacted many countries and businesses economically. The impact of COVID-19 has been such that even the major big players in this sector including Vermont Industries, TATA steel, and NV Bekaert all these players have announced the adjournment of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. In the case of Crash barrier system market, the demand is expected to decline in 2021. Manufacturers are likely to start adjustments in production to prevent bottlenecks and plan production accordingly to the demand.
Crash barrier systems are implemented for the growing safety concerns of pedestrians as well as vehicles, which is driving the global crash barrier systems market growth. Crash barrier systems have started to open up new growth opportunities with emerging economies. The market is projected to be driven by the effect of the construction and automotive industries. Automotive industries are also exploring at a rapid rate, which also sets in motion the global market growth. The rising per capita has also increased the purchasing power of men to buy vehicles, increasing vehicles cause more roads, which ultimately increases the need for road safety concerns and thus growth opportunity for the crash barrier system market.
Spending on infrastructure development like new constructions of airports and roads in developing countries is anticipated to propel the global market growth. Moreover, the increasing focus on industrialization and escalating growth in the construction sector are fundamental factors that are estimated to encourage the growth of the crash barrier systems market.
Median Barriers held the shared percent of 37.5% in 2020. This is attributable to the growth in the coming years, as improving the security and reducing the crash impact factors that are responsible for their higher adoption are mostly used along highways to reduce the impact of vehicles which are at high speed to prevent fatalities & injuries. They are preferred more as they require lower maintenance costs compared to other barrier systems. Along with that, the work zone barriers are also growing at a percent of 28.9% as of the year 2020.
This segment is further bifurcated into water and sand-filled plastic barriers, guardrails energy absorbent terminals, crash cushions, gating, non-gating end treatment, and others. The sand and water-filled plastic barriers are the highest growth out of the segment the properties of plastic, such as cost-efficient, reusable, recyclable, and lower maintenance act an impact on the growth of the market.
This segment is divided into cable & chain beam barriers, semi-rigid barriers, three-beam barriers, concrete barriers, w-beam steel barriers, rigid barriers, flexible barriers, pre-cast concrete barriers, and box beam barriers. The flexible barriers and the semi-rigid barriers segment are predicted to hold the most significant CAGR in the forecasted period as this technology. It is integrated with access control panels which are widely used by civil disaster administrators, emergency response personnel, traffic police, and others.
The Asia Pacific is the dominating region across the world and grabs a massive share and for the forecast years, it is expected to grow at a CAGR of 7.2 %. For crash barrier systems market. The tremendous growing population and the increasing demand for safety systems are the major factors that drive the global market growth. Also, the increasing number of accidents in the Asia Pacific which is caused due to casual approach toward road safety regulations is expected to boost the global crash barrier systems market growth.
North America is one of the major contributors to revenue generation. Some countries like Australia and the UK have already implemented crash barrier systems on various roads. South America is dependently investing in road infrastructure development and upcoming projects in the region, which are projected to grow the global crash barrier systems market growth.
Major players dominating the global crash barrier systems are Tata Steel Limited, Hill & Smith Holdings PLC, NV Bekaert SA, Transpo Industries, Arbus Limited, Nucor Corporation, Valmont Industries, Inc., Lindsay Corporation, Avon Barrier Corporation Ltd., and Trinity Industries, Inc.
The global crash barrier system market is segmented as follows:
The global Cash barrier system was valued at USD 5.83 Billion in 2020.
The global Cash barrier system is expected to reach USD 8.11 Billion by 2028, growing at a CAGR of 4.3% between 2021 to 2028.
Some of the key factors driving the global Cash barrier system Crash barrier systems are implemented in several countries for growing safety concerns of pedestrians as well as vehicles which is driving the global crash barrier systems market growth. Crash barrier systems have started to opened up new growth opportunities with emerging economics.
Asia Pacific is the dominating region across the world and grabs the massive share for crash barrier systems market. The tremendous growth in population and increasing demand for safety systems are major factors driving the global market growth
Some of the major companies operating in the crash barrier system market are Tata Steel Limited, Hill & Smith Holdings PLC, NV Bekaert SA, Arbus Limited, and Transpo Industries, Inc, Nucor Corporation, Valmont Industries, Inc., Avon Barrier Corporation Ltd., Lindsay Corporation, and Trinity Industries, Inc.