Automated Barriers and Bollards Market Analysis and Forecast to 2031: By Product Type (Push Button, Remote Controlled, RFID Tags Reader, Loop Detectors, Others), Application (Residential, Commercial, Industrial), and Region
The global automated barriers and bollards market was valued at US$ 1.5 billion in 2021 and it is anticipated to grow up to US$ 2.1 billion by 2031, at a CAGR of 3.3% during the forecast period.
Automatic barriers and bollards are used either in combination or as single to ensure high security by preventing the entry of unauthorized vehicles, for example, to prevent burglars and thieves from entering the property. Automatic barriers and bollards restrict vehicle entry in multiple indoor and outside constructions, such as toll booths, high-security areas, and parking centres for offices, hotels, and shopping centres.
Market Drivers and Trends
Public safety these days has become one of the major concerns of governments across the globe. The major reason behind the rising public safety concern is burgeoning crime rates globally. Criminal activities such as serious traffic offenses, assaults, gang, and drug-related offenses have increased. Therefore, barrier installation in high-traffic areas can be used to detect the vehicles involved in these activities, which makes it easier for the surveillance team to determine the convict. Therefore, rising concern regarding security and surveillance is considered a key factor is driving the boom barrier and bollard market. Municipalities in many cities are also adopting smart parking systems for better parking, traffic management, and sustainable growth. Hence, it is clear that there is much scope for municipalities to adopt and implement boom barriers and bollards in smart parking shortly, as a large amount of the world’s population will be living in urban areas by then. Thus, the rise in safety and security across commercial and residential spaces is expected to provide numerous profitable opportunities for automated barriers and bollards market players in the coming years.
Market Restraints and Challenges
Limited availability of cost-effective automated barriers and bollards is expected to limit the market revenue growth. For instance, installing these systems in small projects will result in high overall costs due to the presence of sensors and expensive hardware and software components. In addition, parts of automated barriers and bollards are expensive to replace and maintain, increasing overall maintenance and repair cost and likely restraining market revenue growth in the forecast period.
Global Automated Barriers and Bollards Market Segmental Overview
The report analyses the global automated barriers and bollards market based on product type, application, and region.
Global Automated Barriers and Bollards Market by Product Type
Based on product type, it is segmented into push button, remote controlled, RFID tags reader, loop detectors, and others. The RFID tags reader segment is expected to be the largest segment in the automated barriers and bollards market in 2021. Radio Frequency Identification refers to an auto-identification technology that uses radio frequencies to identify objects remotely. In an RFID integrated boom barrier, Electronic Product Code (EPC) is generated with encoded information called an RFID tag. This tag can be easily read from a considerable distance and identify the vehicle entering the premises. An RFID-enabled boom barrier is comparatively expensive but delivers better accuracy, speed, and data transmission capabilities for longer ranges and reduces human intervention. This type of boom barrier is commonly used in residential complexes, office parking, industrial premises, and places where high security is required. Thus, the RFID tags reader segment by application for automated barriers and bollards market is projected to provide numerous lucrative business opportunities for the market players in the forecast period. Due to these factors mentioned above, the RFID tags reader segment is expected to hold a major market share in 2021.
Global Automated Barriers and Bollards Market by Application
Based on application, it is segmented into residential, commercial, and industrial. The commercial segment is expected to be the largest segment in the automated barriers and bollards market in 2021. The commercial segment dominated the global automated barrier and bollards market in 2021 and is anticipated to follow the same trend during the forecast period. Increasing adoption of advanced control systems and smart parking systems for parking and traffic management in major cities has become a need of the hour to improve the flow of vehicles throughout.
Rising demand for automated barriers in commercial places such as offices, malls, clubs, stadiums, and several other places for check-in and check-out security purposes is expected to drive market revenue growth. In addition, the growing adoption of cashless transactions coupled with the exponential adoption of IoT in control systems is one of the key factors likely to support market revenue growth. Thus, the commercial segment will likely hold a major market share in 2021.
Geographical Analysis of Global Automated Barriers and Bollards Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to hold the majority of the market share in 2021. The U.S. introduced Intelligent Transportation Systems (ITS) that include advanced transportation safety and mobility by integrating advanced communication technologies into vehicles and transportation infrastructure. Over the forecast period, increasing product popularity in traffic control, security measures, and parking control in residential and commercial spaces are augmenting market revenue growth in North America. This, in turn, boosts the demand for automated barriers and bollards in the North America region.
Major Players in the Global Automated Barriers and Bollards Market COVID-19 Impact
In 2020, the COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, the manufacturing industry was severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities had limited the expenditure on the production of automated barriers and bollards worldwide. Thus, the COVID-19 pandemic negatively affected the global automated barriers and bollards market in 2020.
However, in 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the production of automated barriers and bollards.
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