|By Business Wire||
|November 30, 2016 01:23 PM EST|
The global automatic boom barrier market is expected to grow at a CAGR of over 14% during the forecast period, according to Technavio’s latest report.
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Technavio publishes a new market research report on the global automatic boom barrier market from 2016-2020. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global automatic boom barrier market for 2016-2020. By application, this market is segmented into security management, parking management, traffic management, tollbooth, and others.
Boom barriers are used to control the movement of vehicles in and out of places like business parks, residential buildings, shopping malls, etc. An increase in number of footfalls in these types of buildings, combined with an increasing number of the buildings themselves, has created global demand for automatic boom barriers.
Technavio’s research study segments the global automatic boom barrier market into the following regions:
- North America
Europe: biggest automatic boom barrier market
Talking about the largest geographical segment in the global automatic boom barrier market, Abhay Sinha, one of the lead analysts at Technavio says, “Economic recovery in European countries, and fall in oil prices in the Middle East are driving several new construction projects in the region. The increase in foreign direct investment (FDI) projects has increased over time, generating a consistent demand for offices, warehouses, and manufacturing units. This will lead to increased demand for automatic boom barriers in the region.”
Another important consideration is the construction of new airports, which is on an all-time high in Europe. Each of these airports will create demand for several boom barriers, significantly impacting the market. The rise in business investments in the UK will benefit the construction in the non-residential sector. Thus, with steady economic growth, the construction market in Europe is expected to grow at a steady pace during the forecast period.
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The gross domestic potential (GDP) in the US is set to showcase a growth rate of 2.9% in 2016, thus pushing the construction industry. Over 850 new hotels under construction are scheduled to open by the end of 2016. Also, many of the millennials have reached child-bearing age and are in need of housing spaces to start a family. With increased construction of commercial and non-residential buildings, the demand for automatic boom barriers will increase.
Another important revenue generating segment is toll booths. In 2015 alone, over 20 million square feet of new roads were laid in this region. New roadways are continually being laid and these roads collect toll and require boom barriers at strategic locations. Few of the important upcoming toll road projects in the US are – State Highway 45 Southwest, I-77 Express Lanes, and State Highway 249 extension. This is expected to drive the boom barrier market in the region.
“The demand for automatic boom barriers is expected to come from quickly developing countries like India and China in APAC. There is explosive growth in commercial, residential, and infrastructure construction which will lead to demand for boom barriers. Furthermore, an increase in FDI in the construction industry has propelled the construction of new commercial buildings”, says Abhay.
Population growth and urbanization are the key drivers of new constructions in India and China. Also, to improve the air connectivity, the Airports Authority of India have planned the construction of 50 new airports by 2025. Similarly, China will add 66 new airports by 2020. India also has plans to construct over 15000 miles of roadways by the end of 2017. The increase in the construction of new airports and roadways will lead to increase in the demand for automatic boom barriers.
Globally, the construction sector is one of the leading economic contributors and employment providers. Kenya, Brazil, Qatar and a few more countries in the Middle East are experiencing explosive growth in construction. Increased standards of living, fall in oil prices, and grants from the government are some of the reasons pushing the construction market’s growth.
Kenya doubled the number of building permits given in 2014, and is adding new construction projects. They are also actively involved in construction of new manufacturing units to support new market segments. Elsewhere, the Arab states are focusing on expansion of heavy and light industries. Qatar’s construction sector is on an upward trend due to the 2022 FIFA World Cup that they will be hosting.
In the countries in the Cooperation Council for the Arab States of the Gulf (also known as Gulf Cooperation Council), the number of manufacturing factories increased from 13,035 in 2010 to 16,292 in 2014. Saudi Arabia and the UAE are leading in terms of investments in manufacturing and related industrial activities. In the UAE, Abu Dhabi leads the heavy industry due to the low-cost availability of energy while Dubai and Sharjah focus on services and light industries. The demand for boom barriers from these diverse geographies within ROW will push the boom barrier market forward.
Some of the key vendors in the global automatic boom barrier market highlighted in the report are:
- AG Secure
- Avon Barrier
- BGI Barriers
- Centurion Systems
Browse Related Reports:
- Global Transient Transport System Market 2016-2020
- Global IOT Market in the Transportation Sector 2016-2020
- Traffic Safety Products Market in the US 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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