The global automatic boom barrier market was valued around $225 million in 2015 and is expected to surpass $442 million by 2020, says Technavio.
Technavio has announced its latest market research report on automatic boom barrier for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global automatic boom barrier market during the forecast period. Some of the top vendors listed in this industry analysis include AG Secure, Avon Barrier, BGI Barriers, CAME, Centurion Systems, FAAC, Frontier Pitts, Honeywell, Houston Systems, IER, Mega Regent International, MonoQue, Omnitec, Perimeter Protection, Quiko Italy, The Nice, Toshi, and ZKTeco.
Among various geographies, Europe will be the fastest-growing region in the global market, and is expected to generate revenues of around $136 million by 2020. Such high growth is attributed to the increase in the demand for the construction of new offices, industrial buildings, and commercial premises.
“Vendors have come up with more advanced security features such as RFID in automatic boom barriers. An RFID tag is attached to the vehicle, and the RFID detector is connected to the boom barrier, so when the vehicle approaches the gate, the RFID detects the tag on the vehicle and the gate opens automatically upon validation. This system not only allows secure entry and exit to vehicles but can also be used to create a management information system report for tracking the inflow and outflow of vehicles,” says Abhay Sinha, a senior analyst at Technavio.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Decreased oil prices boosting construction markets
The oil prices in the US have been experiencing a significant decline of more than 50% due to excess supply since 2014 and are speculated to fall as low as $20 per barrel in the future. The decline in oil prices will be beneficial for the construction market as oil plays a major role in the overall cost of construction. Transportation is one of the major costs in the construction industry and with decreasing oil prices, the overall transportation cost will also decrease. Such decline in oil prices will, in turn, decrease the cost of construction, making the new residential and non-residential buildings more affordable. A surge in construction of various types of buildings will indirectly lead to an increase in the demand for automatic boom barriers in the market.
Global increase in development of smart cities
The UNECE Committee on Housing and Land Management had introduced “smart city” project. The aim of this project was to create sustainable urban development especially in the developing countries and the transition economies. Smart cities are made with the goal of integrating IoT and ICT into urban infrastructure and improve the efficiency of urban services. This is also expected to increase the planning, design, and construction of technologically advanced infrastructure, buildings, and others. The increased number of new construction activities globally under the smart city projects will lead to the high demand for security systems like automatic boom barriers in the market.
Increase in road construction activities and growing number of toll booths
There has been an increase in the construction of bridges, new roads, and other infrastructures in both developed and developing countries along with the frequent repairs of existing roads, bridges, and another infrastructure. Around 18% of the major roads in the US are in poor condition, and nearly 24% of all bridges in the US are structurally deficient or functionally obsolete. To address this issue, the US Department of Transportation has selected over a dozen transportation projects that will receive funding for repairs. Moreover, as per the US Federal Highway Administration, as of 2013, there were 5,932 miles of toll roads in the US.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Automatic Boom Barrier Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Intelligent Transport System Market 2016-2020
- Global IOT Market in the Transportation Sector 2016-2020
- Traffic Safety Products Market in the US 2016-2020
- Global Commercial Vehicle Driver State Monitoring System Market 2016-2020
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