According to a report published by Fortune Business Insights, the market was worth USD 7,765.7 Thousand in 2019 and will exhibit a CAGR of 3.8% during the forecast period, 2020-2027. The global silt curtain market is projected to reach USD 10,271.8 Thousand by the end of 2027. Increasing demand for the product owing to widespread applications will emerge in favor of market growth.
Silt curtains are primarily used in construction activities that are associated with, on, or near water bodies. They prevent unwanted sediments and substances from entering the waterways, thus minimizing pollution. These products are normally used to prevent damage to aquatic life. The increasing awareness regarding the preservation of aquatic life, spread by leading authorities across the world, will lead to wider adoption of the product. The increasing number of building and construction activities on and near the shores will contribute to the growing demand for the product across the world.
Increasing Construction Activities Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. It also discusses the impact on these factors on the growth of the market from a global perspective. The growth of the construction industry is attributable to factors such as technological advances in devices used, ease of availability of resources, and increasing investments. The increasing building and construction activities have led to a wide product adoption and subsequently high demand for silt curtains across the world. Applications of these products across diverse industry verticals have emerged in favor of the companies operating in the market.
Moreover, the increasing demand for oil and gas resources, coupled with the rise in offshore as well as onshore drilling activities will have a positive impact on the growth of the market. Despite the massive potential held by the product, the coronavirus outbreak will bring stagnancy in the growth rate in the year 2019. Having said that, the market will witness new growth opportunities in the coming years owing to the efforts taken by large scale companies to compensate for the losses in the outbreak.
Company Mergers are a Growing Trend Among Major Companies
The increasing demand for silt curtain, owing to diverse applications across several industries, has encouraged medium as well as large scale companies. Accounting to the increasing demand, companies are looking to adopt newer strategies that will help them acquire a wider customer base. It is observed that company mergers and collaborations are an increasing trend among major companies across the world.
North America; Rising Infrastructure Development Activities Will Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific accounts for the highest market share. The constantly rising construction population and subsequently rising construction and building activities will aid the growth of the market in the coming years. The focus on improving the interior architectures and infrastructures in numerous countries across this region will contribute to the growth of the market. Additionally, increasing product demand in emerging countries such as India, China, and Japan will bode for the growth of the regional market. Besides Asia Pacific, the market in North America will witness considerable growth owing to the increase onshore activities in the United States. As of 2019, the market in North America was worth USD 2.23 billion and this value is projected to increase further in the coming years.
Information Source:
https://www.fortunebusinessinsights.com/silt-curtain-market-102808