LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global door closer market is projected to grow to USD 979 million by 2021, at a CAGR of over 4% over the forecast period, according to their latest report.
The research study by Technavio on the global door closer market for 2017-2021 provides detailed industry analysis based on the product (automatic and manual door closers), end-user (commercial and residential), and geography (APAC, EMEA, and the Americas).
APAC will be the fastest growing regional segment of the market, with developing countries such as India and China driving the growth. The region is witnessing significant growth in the hospitality industry and an increase in infrastructure development activities, leading to a high amount of revenue generation for the door closer market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global door closer market:
- Rapid growth in commercial real estate market
- Intelligent building management system
- Increase in number of residential units
Rapid growth in commercial real estate market
“Door closers are widely employed in a number of commercial spaces, such as restaurants, retail outlets, airports, and commercial office buildings. Commercial spaces are adopting innovative and technologically advanced offerings to appeal to the modern tech-savvy consumers, leading to increased adoption of door closers,” says Sarah Haque, one of the lead analysts at Technavio.
The growth of food service segments such as cafeterias in universities, offices, and hospitals and fast-food chains, where aesthetics play a major role, will drive the demand for door closers. Also, growth in tourism plays an important role in the adoption of door closers in commercial units like hotels.
Intelligent building management system
The need for a single platform capable of performing functions for today's buildings in industrial, commercial, and residential spaces is creating a high demand for integrated building management systems. These systems can manage the safety aspects of the buildings by adopting features such as safety lockers, electronic locking systems, door closers, and intruder alarm systems among other security devices. The high demand for such systems from the residential, commercial, and industrial spaces, will drive the adoption of automatic door closers.
Increase in number of residential units
“The rise in number of residential spaces is another key factor driving the adoption of door closers. Swiftly growing population rates in developing countries globally is spurring the construction of new residential buildings, which is, in turn, creating a demand for door closers,” says Sarah.
Since the market recovery after the economic recession in 2008, consumer spending on home improvement activities has witnessed a surge. Also, with the increase in residential units and newer constructions that are taking place, there is a clear increase in adoption of smart door closers.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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