Automated Barriers and Bollards Market to 2025 Global Analysis and Forecasts by Product Type (Push Button, Remote Controlled, RFID Tags Reader, Loop Detectors, and Others) and End-use Vertical (Residential, Commercial, and Industrial)
Automated Barriers and Bollards market is expected to grow US$ 1.80 billion by 2025 from US$ 1.26 billion in 2015. Municipalities in many cities are also in the process of adopting smart parking systems for better parking and 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 in the near future, as approximately 60% of the world's population will be living in urban areas by then. Thus, this factor is expected to boost the boom barriers and bollards market globally.
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The global market for automated barriers and bollards market exhibit mediocre growth in near future. Some of the major driving factors contributing to the market growth are rising roadways construction and the number of toll booth in developed as well as developing countries, as well as growth in the implementation of smart city programs and ANPR penetration. However, high cost and low consumer awareness, and interoperability and system integration issues are some of restraining factors behind slow growth of boom barriers and bollards market during the forecast period.