Commercial Sector Holds 80% Revenue in Door Closers Market
Arizton’s recent market research report on the global door closers market provides a comprehensive industry forecast, competitive analysis, and trend projections. The research study segments the market by product types (mechanical and electromechanical), pressure types (hydraulic and pneumatic), operation types (overhead, floor spring, and integrated), end-users (residential and commercial - hospitality, corporate, healthcare, government facilities, educational institutes, and others), and geography (APAC, Europe, Latin America, North America, and MEA).
The global door closers market is expected to reach over $3 billion, growing at a CAGR of over 3.5% during 2018−2024.
The rising urban population and the growing residential and commercial sector have driven the growth of the global door closers market. The rapid development of public and commercial infrastructure, along with stability in the world economic, increase in corporate profits, and the fast-growing construction sector, especially in North America, Europe, and APAC, is expected to increase the revenue of the door closers market.
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The global door closers market is divided into five major segments - product type, pressure type, end-user type, operations, and geography.
The wide usage of overhead door closers in commercial and institutional sectors has driven market growth.
Overhead door closers are the most popular ones, and the segment led the market with a share of over 50% in 2018. Overhead door closers can be fitted on the upper part of the door leaf or door frame and are suitable for residential and commercial spaces. Guide rails or link arms are the main types of overhead door closers. North America accounted for the largest market share with over 35% in 2018, followed by Europe with 30%. The rapidly improving infrastructure, coupled with improving lifestyle and the growing construction output is expected to support the growth of the market during the forecast period.
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Hospitality is the fastest growing segment in the commercial door closer market
The commercial segment dominated the door closers market, accounting for a market share of over 80% in 2018. Door closers provide enhanced security and prevent slamming of the door. They maintain a uniform speed while closing until within the few degrees from the latch. Hospitality accounted for the largest segment in the commercial door closers market in 2018. The demand for hotel rooms is likely to increase. In the corporate environment, door closers are used to provide improved security. The use of door closers in healthcare facilities enhances safety, hygiene, and comfort for staffs, patients, and visitors. Further, door closers provide enhanced security to government and educational institutions, and the segment accounted for a combined market share of over 12% in 2018.
North America to remain the largest market for door closers
The growing construction of commercial and residential units, infrastructural development, renovations and remodeling of existing commercial and residential buildings will support the growth of the door closer market. In mature markets such as North America and Europe, growth is mainly driven by product innovations. North America accounted for the largest door closers market in 2018, with a market share of over 35%. The market is expected to witness an incremental growth of over $200 million by 2024. The growth of the tourism industry in North America is driving the renovations in the hotel and hospitality industry. Electromechanical door closers are expected to witness rapid growth during the forecast period, growing at a CAGR of over 3% during the forecast period. Stringent federal laws in the country govern the door closers market. The law mandates the use of door closers in fire doors. In Canada, the overall construction industry revenue grew by approximately 4% in 2018. The non-residential building construction increased by 80%. Rising construction activities, especially in the commercial segment, are expected to drive the global door closers market.
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ASSA ABLOY, DORMAKABA, Allegion, Gezegmbh, and Gretsch-Unitas (G-U) are identified as the leading vendors in the global door closers market.
The complete overview of the latest market research report on the global door closers market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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