The global door closer market size is expected to reach USD 5 billion, growing at a CAGR of around 4% during 2020-2026.
CHICAGO, ILLINOIS, UNITED STATES, April 20, 2021 /EINPresswire.com/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global door closer and exit devices market report.
The door closer and exit devices market is expected to grow at a CAGR of over 4% during the period 2020−2026.
Key Highlights Offered in the Report:
• Door closers accounted for over 68% of the global share in 2020 where integrated door closers are expected to witness high traction in interior door applications.
• Pneumatic door closer segment expected to pose an absolute growth of around 28% owing to its cost advantages and easy installation during the forecast period.
• Mortises are expected to grow at a CAGR of around 6% owing to their heavy-duty applications with high momentum in APAC and Latin America during the forecast period.
• The integral exit devices are finding adoption in retrofit activities in retail spaces and is expected to post an absolute growth of over 44% is expected during the forecast period.
• A strong pipeline of hotel constructions coupled with stringent safety regulations in hospitality segment is expected to add incremental revenue of over USD 220 million during the forecast period.
• Urban renovation activities, enhancements in emergency regulations, and investments in eco-city projects are driving the market for door closer and exit devices in APAC.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, end-user, and geography
• Competitive Landscape – 5 key vendors and 25 other vendors
Door Closer and Exit Devices Market – Segmentation
• Door closers are relatively familiar products, which are finding adoption in most emerging economies. Favorable government frameworks, stringent building codes, panic and fire emergency policies, the revival of the construction and tourism sector, renovation boom in APAC countries are some of the factors that can accelerate the adoption of door closers in the next five years.
• Electromechanical doors accounted for over 38% share of the global door closer market in 2020. However, the market is expected to grow significantly as these provide convenience and ease of usage. Most electromechanical instruments assist both in opening and closing.
• Hydraulic door closers dominated the market with a share of over 57% in 2020 and are expected to retain their dominance during the forecast period. Pneumatic door closers, although less popular, are expected to pose an absolute growth of over 27% during the forecast period. North America dominated the market for hydraulic door closers with a share of approx. 37% in 2020.
Door Closer and Exit Devices Market by Products
• Door Closer
• Floor Spring
• Exit Devices
• Vertical Rods
• Touch Bar
Door Closer and Exit Devices Market by End-users
• Government Facilities
• Educational Institutes
Door Closer and Exit Devices Market – Dynamics
The growth of commercial spaces such as shopping malls, retail areas, and offices is expected to support the growth of the global door closer market. Most commercial spaces implement the latest infrastructure and technologies to improve the overall aesthetics of the space and ensure maximum security and convenience. Door closers are extremely beneficial for commercial spaces and are implemented in almost all commercial facilities. Similarly, exit devices are crucial components of panic or emergency doors and have become mandatory in large commercial spaces, although bound by stringent laws. The global commercial real estate market was adversely affected by the COVID-19 pandemic. APAC economies such as Japan and Australia are not fully recovered and facing stagnant growth. India is facing a severe downswing, and the relationship between the US and China is haggard. However, commercial real estate is expected to come on track by 2021.
Key Drivers and Trends fueling Market Growth:
• Feature Enhancements and Product Innovations
• Booming Demand in Emerging Economies
• Policies Supporting Residential Boom
• Revival of Travel and Tourism Industry
Door Closer and Exit Devices Market – Geography
North America, which includes the US and Canada, is the largest economy in the world. North America is also the largest market for door closers and exit devices that accounted for approximately 36% of the global market share in 2020. However, the share is expected to be taken up by regions such as APAC, the Middle East and Africa, and Latin America, owing to rising momentum for new construction and the development of stringent building codes. The North American market witnessed a steady recovery after the sub-prime crisis of 2008 with a gradual increase in sales and improvement in consumer confidence. Residential sales also reached pre-recession levels. The region includes many established countries, which include the US and Canada. With the recovery in the economy, the market has rebounded over the last few years. However, the impact of COVID-19 in 2020 took a dig at the optimistic approach in construction and economic growth.
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Door Closer and Exit Devices Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• ASSA ABLOY
• GEZE Gmbh
Other Prominent Vendors
• Gretsch-Unitas (G-U) GmbH
• Hager Group
• Lawrence Hardware
• Dynasty Hardware
• Wright Products
• Dorence Industries
• Tell Manufacturing
• Cal-Royal Products
• Oubao Security Technology
• Suzhaou Fuerda Industry Co. Ltd.
• August Bremicker und Sohne KG (ABUS)
• Guangdong Archie Hardware
• C.R. Laurance
• Deltana Enterprises
• Kason Industries
• Detex Corporation
• Thase Enterprise
• Securefast plc
• Hangzhou Guardson Hardware
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Source: EIN Presswire