The speed gate market is predicted to be worth US$ 1,620 million in 2023 and rise to US$ 3,497.46 million by 2033. Demand was initially expanding at a market CAGR of 6.2% between 2018 and 2022.
Building managers have been pushed to reconsider security precautions as a result of active shooter situations in North America and terrorist strikes in Europe. These incidents have led to a rise in the use of building access control in the office sector.
Speed gate adoption was initially limited to big office buildings, but today corporate campuses and other multi-building sites are now in demand for speed gate installation. Internet of Things (IoT) connectivity and artificial intelligence (AI) integration into speed gates is the profitable trend prevailing in the market.
Manufacturers now have a far better grasp of providing customized solutions. As a result, speed gates and turnstiles that complement their vision and architectural purpose have been chosen by designers and architects. To achieve seamless integration, customization choices vary in shape, size, materials, and finishes.
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Speed gate makers aim to achieve a compromise between the necessity to maintain security and the goal to preserve the overall aesthetic appeal. They also focus on maintaining the architectural harmony of the surrounding area by addressing aesthetic issues during the design and production processes.
Key Takeaways
- By 2033, the speed gate market in the United Kingdom is likely to expand due to emerging automation technologies.
- The United States is a market leader due to ongoing research and development efforts and an innovative product lineup.
- The speed gate market was significantly expanding, with a size of US$ 1,500 million in 2022.
- China’s speed gate sector is anticipated to increase significantly as a result of the government’s activities regarding rail planning and security.
- The speed gate sector is expected to develop at a US$ 2,040.73 million valuation by 2026, with rising demand in the military and defense sector.
- India now has the fourth-leading metro system in the world, which increases the need for crowd control and management. For market participants in India, this presents new potential opportunities.
- Commercial sector held a top spot in the market with a subsequent share. It is anticipated to control the speed gate industry by 2033 in terms of end-use.
- Based on the product type, the tripod turnstiles segment is likely to grow significantly in the market during the forecast period.
Adapting the Changing Competitive Landscape
Businesses that specialize in speed gates usually distinguish themselves via their innovative product offerings and specialist knowledge. As the need for speed gates increases, speed gate manufacturers are considering new technologies and features to differentiate themselves from competitors.
Recent Developments
- In June 2020, FAAC Group successfully purchased the ASSA ABLOY business segments for automatic pedestrian doors (APD) and high-speed doors (HSD). With the aid of ASSA ABLOY’s technological know-how and strategic purchase, FAAC Group expanded its activities in the research and development division and established itself as a leading provider.
- In December 2020, Somfy, a company that develops and manufactures opening and shutting automation systems for residential and commercial infrastructure, announced that it has successfully acquired 60% of the shares in Repar’s stores. The purchase assisted the business in opening up the large market potential for Somfy in the repair and services industry.
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Key Segments
By Product Type:
- Full-height Turnstiles
- Tripod turnstiles
- Flap Barriers
By Component:
- Hardware
- Software
- Services
By End Use:
- Transportation
- Residential
- Commercial
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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