One of the critical components that primarily ensures safety solutions for roadways, residential lanes, airports, railways, commercial buildings, and others is the barrier system. Barrier systems are installed to reduce the possibility of vehicle intrusions while also managing vehicles effectively. Additionally, these systems are used in commercial infrastructures such as complexes, residential areas, and institutional and corporate buildings.
Impact of COVID-19 on the Market
The COVID-19 pandemic has been unprecedented on a large scale. During the pandemic, the global barrier systems market experienced declining growth, primarily due to delays in barrier manufacturing and supply chain disruption. On the other hand, industry players operating in the global barrier systems market, such as Barrier1 Systems, LLC (Barrier1), a market leader of state-of-the-art robust physical barriers, are developing innovative products with distinct capabilities.
Barrier1 Systems, for example, announced a partnership with Cepton Technologies, Inc., a major global lidar manufacturer, in March 2021, in order to combine its barrier control systems with Cepton's HeliusTM Smart Lidar System to provide advanced safety solutions. Such novel product value integration is estimated to generate lucrative opportunities in the global market.
Key Developments in the Industry
The key companies operating in the global barrier systems market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.
- For instance, in September 2019, A-SAFE, a workplace safety innovator, has announced the release of a new line of safety barriers designed specifically for sub-zero temperatures. The new cold storage range has been designed to provide maximum protection to pedestrians, assets, and infrastructure in temperatures as low as -30°C.
- In May 2020, A-SAFE, a workplace safety innovator announced the launch of a new polymer signage product. The new product, dubbed the Sign Post, is intended to support operational requirements by drawing attention to advisory, warning, and instructional information within a facility. It can be used as a stand-alone product or in conjunction with other safety infrastructure such as bollards or safety barriers.
- In June 2021, Arbus corporation announced that it has entered in partnership with Kier Highways and Surrey County Council (SCC) in order to collaboratively work from investigation to completion on the A309 Kingston Bypass. Because of the project's location, the high traffic volumes in the area, and the safety of the workforce, a temporary barrier system was installed so that the work could be completed quickly, efficiently, and safely, with minimal disruption to the road user.
Forecast Analysis of Barrier Systems Market
The improving performance of the automotive and construction industries globally is expected to drive the barrier systems market. The rising per capita income of the middle-class population has increased their disposable income, leading to an increase in the number of vehicles and, consequently, new road infrastructure. During the forecast period, these factors are projected to fuel the demand for road safety items, which is predicted to eventually propel global barriers systems. Additionally, increasing urbanization in developing countries such as India and China have raised demand for construction supplies and equipment, thus propelling the growth of the global barrier systems market.
One of the main factors that is estimated to hamper the growth of the global barrier systems is the volatility of raw material prices. Furthermore, lesser product penetration in low-income nations is projected to hinder the growth of the global barrier systems market in the projected timeframe.
As per a newly published report by Research Dive, the global barrier systems market is predicted to garner $22,384.0 million by 2028. Geographically, North America region held a key position in the barrier systems market in 2020 and it is predicted to grow at a significant rate, during the forecast timeframe. The region's extensive growth in infrastructure industries is one of the most important factors driving demand for barrier systems. Additionally, shifting customer preferences for durable and robust building materials, particularly in the United States and Canada, are expected to drive the growth of the market.
The key players operating in the global industry include Lindsay Corporation, DELTA BLOC International GmbH, Hill & Smith Holdings PLC, Valmont Industries, Inc., Guangxi Shiteng Transportation Engineering Co., Ltd., Nucor Corporation, Arbus Ltd, A-SAFE., Avon Barrier Corporation Ltd, and Barrier1 Systems, LLC.