LONDON–(BUSINESS WIRE)–The crash barrier systems market is expected to grow by USD 1.29 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Road transport remains the primary mode of transportation across the world and it plays a key role in the economic development of a country. Hence, governments across the world are undertaking various road safety measures and implementing solutions to improve traffic management and ensure the safety of vehicle owners and pedestrians. This is increasing the use of various road safety products, including crash barriers. Crash barriers are designed to prevent vehicles from entering roadside hazards. They also absorb some of the energy from the impact caused by the vehicle. With the NATIONAL ROAD SAFETY STRATEGY 2011-2020, the Australian government has set a vision to achieve zero road fatality across the country by 2050. To achieve this target, the Australian government has committed to invest USD 3 billion every year starting from 2019. Such road safety programs are fueling the growth of the global crash barrier systems market.
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As per Technavio, the increasing number of road accidents will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Crash Barrier Systems Market: Increasing Number of Road Accidents
A majority of road accidents occur due to human errors such as speeding, drunken driving, and violation of traffic rules. Also, most road crashes take place at intersections. With the increase in the number of vehicles, road accidents and fatalities have increased significantly over recent years. To reduce the growing number of road accidents, governments are significantly investing in road safety systems. For instance, in 2018, the Maharashtra State Road Development Corporation (MSDRC) installed crash barriers all along the Pune-Mumbai expressway in India. Therefore, the growing number of road accidents is expected to have a positive impact on the global crash barrier systems market during the forecast period.
“Increase in road infrastructure construction expenditure and the growing industrial sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Crash Barrier Systems Market: Segmentation Analysis
This market research report segments the crash barrier systems market by Product (Semi-rigid barriers, Rigid barriers, and Flexible barriers), Application (roadside barriers, median barriers, bridge barriers, and work zone barriers), and Geography (North America, Europe, APAC, MEA, and South America).
The North America region led the crash barrier systems market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising sales of automobiles and increasing traffic congestion in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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