Market Trends of Automated Barriers and Bollards Industry
This section covers the major market trends shaping the Automated Barriers & Bollards Market according to our research experts:
Growth in Smart Parking System
The smart parking system is being driven by an increase in parking concerns, and rising demand for Internet of Things (loT) based technology, and a high adoption rate in the number of vehicles. Furthermore, growth in the development of driverless vehicles, as well as government initiatives to build smart cities around the world, are expected to create great opportunities for market growth. The rise of cashless transactions and e-payment options are opening new way for smart parking solution providers to pursue. Furthermore, advancements in artificial intelligence and machine learning are assisting businesses in making game-changing discoveries in the field.
Growth in Infrastructure Projects Development Globally
India is the country with the most infrastructure projects in development or execution valued at over USD 25 million as of May 2022. In contrast to India's 1,944 construction projects, the United States had 1,866 such projects, and China with 1,175.
Asia is the region reporting growth, in both the number and value of projects. FDI inflows to Asia-Pacific remained resilient; the region stood out as an attractive destination for international investments throughout the pandemic. For instance, in India, despite steady GDP deceleration in the last few years, the government attracted significant and steady foreign direct investment (FDI) inflows in the last decade. In the first nine months of 2020-21, India attracted equity FDI of USD 51.4 billion, up 40% compared to USD 36.77 billion during the same period the previous year.
Extreme growth in the number of COVID-19 cases in countries such as China, India, South Korea, and Malaysia negatively impacted the growth of the regional market in 2020 and in early 2021. However, the market is expected to rebound by the end of 2022, as various governments in the region have increased their budget allocation for the coming years. Thus, the regional market is expected to show a positive growth rate during the forecast period.
