CHICAGO, May 9, 2019 /PRNewswire/ -- According to Arizton's recent research report, the global door closers market is likely to reach revenues of over $3 billionby 2024, growing at a CAGR of over 4% during 2018−2024.
Key Highlights Offered in the Report:
- The emerging market to offer high potential for door closers during the forecast period. The mature markets -North America and Western Europe- are likely to gain more demand due to product innovations and sustainable manufacturing practices in door closer hardware
- The volume of the global construction output is expected to grow by 85% to reach $15.5 trillion by 2030. India, China, and the US are expected to account for 57% share of the global construction output. This is likely to boost the global door closers market significantly.
- In terms of product types, mechanical door closers accounted for the largest market share of more than 62% in 2018. Similarly, the electromechanical door closers segment is expected to grow rapidly at a CAGR more than 3 % during the forecast period.
- APAC is expected to be the fastest growing market for mechanical door closers,growing at a CAGR of 4.48% during the forecast period. Also, the electromechanical door closers segment is also expected to grow at a CAGR of 4.86% during 2018–2024.
- Rapid infrastructure developments and the rising number of construction projects are primarily driving both the mechanical and electromechanical door closers markets in the APAC region.
- Hungary is expected to be the fastest growing market for construction output in Europe, with an expected growth rate of 12% per annum. Other markets such as Portugal, Ireland, and Poland are projected to grow at more than 7–8%. However, the construction growth in Finland, Germany, and Sweden is expected to decline in the next few years.
- The rapid expansion of commercial buildings such as corporate offices, business parks, and retail stores in the emerging markets such as China, India, Singapore, Indonesia, the UAE, and Saudi Arabia, will mainly drive the market for floor spring door closers during the forecast period
- Some of the major commercial property construction markets include the US, Canada, China, Brazil, Germany, the UK, Australia, Hong Kong, Japan, and Singapore. The expansion of commercial properties will inevitably fuel the demand for basic amenities such as door closers.
- Market Size & Forecast by Revenue| 2018−2024
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation –A detailed analysis by product types,operations, pressure-types, end-users, and geography.
- Competitive Landscape – Profile of 5 key vendors and 20 othervendors.
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Door Closer Market– Segmentation
This market research report includes a detailed market segmentation by product types, operations, pressure types, end-users, and geography.
- The hydraulic door closerssegment dominated the door closers market with a market share of over 50% in 2018.
- The commercial segment accounted for a market share of over 80% in 2018. The door closers market by government institutions and educational institutes constituted a combined market share of over 12% in 2018.
Market Segmentation by Product Types
Market Segmentation by Pressure Types
Market Segmentation by Operations
- Floor Spring
Market Segmentation by End-users
Door Closer Market – Dynamics
The door closers market is mainly driven by the rise of new buildings and the increase in refurbished projects. Door closers enhance security and can provide protection from fire. They can also help in maintaining cooler temperatures by preventing the cooler air to vent out from the room.
Key Drivers and Trends fueling the Growth of the Global Market:
- Growth of Travel and Tourism Industry
- Rising Demand for Concealed Door Closers
- Increasing Construction of Commercial Real Estate
Door Closer Market –Geography
In 2018, North America accounted for the largest market for concealed door closers with over 40% market share. The introduction of innovative products is mainly driving the market for integrated door closers in Europe and North America.
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Market Segmentation by Geography
- North America
- Latin America
- Saudi Arabia
- ASSA ABLOY
- Gretsch-Unitas (G-U)
Other vendors include Hager Group, Dom, ISEO, Lawrence Hardware Inc, Dynasty Hardware, Wright Products, Dorence Industries, Tell Manufacturing, Cal-Royal, Godrej, Oubao Security Technology, SUZHOU FUERDA INDUSTRY CO., LTD., ABUS, Guangdong Archie Hardware, C.R. Laurance, Deltana enterprises Inc., Kason Hardware Inc., Rejunevation Inc, Prime-line, and Ryobi.
Explore our Consumer Goods & Retail Technology profile to know more about the industry.
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SOURCE Arizton Advisory & Intelligence