Market Size of Automated Barriers and Bollards Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automated Barriers & Bollards Market Analysis
The Automated Barriers and Bollards Market is expected to register a CAGR of more than 4% during the forecast period of 2022-2027.
Several developing countries in the Asia Pacific, South America, and the African region are witnessing rapid growth and modernization. There has been a huge development in roadways infrastructure along with the number of toll booth installations every year. There is a gradual rise in the demand for vehicles, and with this, the capacity of toll booths has also increased swiftly. This demand will be fulfilled either by adding new toll lanes or by expanding the throughput of existing lanes. Along with the deployment of new toll lanes, new boom barrier installation will also grow.
Emerging countries like India, China, Uganda, and Cambodia are also making huge investments in roadways development. The fund allocated by the government of India for the Ministry of Road Transport and Highways has seen a 68% increase with USD 24.20 billion set aside for it in the Union Budget 2023. China has been a role model in developing highways and high-speed rail. As of 2021, the length of China's highways exceeded 169,100 kilometers. Subsequently, driving the growth of the automated barriers and bollards market in the forecast period.
For the global automated barriers and bollards market, the North American region is the hub of all technological advancements and developments in the automation field. The adoption of advanced tools & technologies for safety & security purposes has led to growth in the boom barriers and bollards installations by the residential sector and commercial sector.
COVID-19 affected the import and export of construction materials globally. China is one of the largest exporter of construction materials , COVID-19 impact has affected economy of China for both import and export of construction materials. The manufacturers and investors witnessed an excessively receding economic slowdown during the pandemic times. Decrease in consumer demand and consumption have led to the reduction and downtrodden sales of construction materials globally over COVID-19 period. Further to potential price increases, the difficulities to procure materials has inevitably slowed down the overall rate of progress on many construction projects.
