Revolving Doors Market is expected to reach US$ 1,121.42 million by 2028
According to the latest research report titled "Revolving Doors Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is projected to reach US$ 1,121.42 million by 2028 from US$ 860.83 million in 2021; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028.
Increasing Infrastructure Spending and Rapid Urbanization in Emerging Economies Drive Revolving Doors Market Growth
Market Dynamics
The construction industry is experiencing growth due to substantial investments in infrastructure, particularly for retail spaces, commercial office buildings, manufacturing facilities, metro rail lines, and airport expansion and construction. This has led to a surge in commercial construction projects, including shopping complexes and retail stores, which in turn is driving demand for revolving doors, thus propelling the revolving doors market. Moreover, the trend of urbanization has resulted in the construction of a plethora of hospitals, offices, large retailers, and theaters. Rising disposable income and changing lifestyles are significant factors contributing to the growth of the revolving doors market. As people's incomes increase, they are more likely to invest in home and building renovations or upgrades, and they may prefer more luxurious, high-tech options for their entrances, such as revolving doors. Additionally, changing lifestyles, such as an increased emphasis on sustainability and energy efficiency, have led to the development of new and improved revolving doors that help conserve energy and provide better security, which can further drive demand.
Moreover, as urbanization continues to accelerate, space constraints become more prevalent. In such cases, revolving doors, which require less space for entry and exit, offer a convenient and efficient solution. This is particularly important in high traffic areas such as airports, shopping centers, and office buildings where the use of revolving doors can significantly improve pedestrian traffic flow and reduce congestion.
Market Segmentation
The revolving doors market is divided into five primary regions, namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Among the key countries in North America are the US, Canada, and Mexico. North America commands a substantial portion of the global revolving doors market, with regional growth attributed to end-users' increased awareness of cutting-edge technologies.
Regional Overview
The Asia Pacific (APAC) region is home to numerous developing nations, with a promising economic outlook, a significant industrial presence, a large population, and increasing disposable income, all of which contribute to its significant role in the revolving doors market. Nevertheless, the COVID-19 pandemic's prolonged lockdown periods had a severe impact on the region's construction industry growth in 2020. Several companies in the APAC region temporarily suspended their production operations during the initial phase of the pandemic to prevent the disease's further spread. This production shutdown resulted in reduced supplies in various Asian countries, including India and China. The construction industry in the region encounters the significant challenge of ensuring project quality due to varying regulatory frameworks across countries. Nevertheless, the relaxation of lockdown measures and the ongoing vaccination drive have facilitated the shipment of raw materials and industrial operations, thereby stimulating growth in the APAC revolving doors market throughout 2021.
China has set a target to construct 216 new airports by 2035 in order to keep up with the growing demand for air travel, according to the Civil Aviation Administration of China (CAAC). In 2020, building construction spending in Asia exceeded US$4.5 trillion, which accounted for roughly 50% of the global expenditure on construction projects. As a result, the demand for revolving doors is on the rise in countries like China and India, as both the government and private sector are making efforts to enhance the infrastructure of these nations. The focus of these efforts is on developing smart cities, with a major emphasis on the use of eco-friendly, non-toxic, and recycled materials. Thus, the increasing disposable income of individuals with changing lifestyles, along with rising infrastructure spending, is driving the growth of the revolving doors market.
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