In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Door controller is a sensor based electrical system includes ultrasonic, radio, infrared and other wireless sensing devices. Door controllers offer convenience and safety and are used in homes, malls, hospitals, theaters and banks. Door controller eliminates the monotonous job of opening door manually and offers better security features in places such as banks, government buildings and other. Basically, door control system detects humans with the help of a passive infrared sensor. This signal is then send to microcontroller, which operate the door motor accordingly.
Global door controller market is anticipated to flourish at a robust CAGR over the forecast period 2017-2024. Increasing demand and adoption of automation devices are some major factors expected to propel the growth of door controller market globally in near future.
Geographically, the global door market is segmented into five key regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America region is anticipated to witness remarkable growth over the forecast period due to rapid growth of infrastructure facilities in this region.
The door controller market of Asia Pacific region is anticipated to flourish over forecast period owing to the factors such as rising construction activities and increasing disposable income of the consumers in this region. Asia Pacific region is expected to be the fastest growing market during the forecast period. Moreover, Latin America and Middle East & Africa regions are also anticipated to witness a significant growth over the forecast period.CLICK TO DOWNLOAD SAMPLE REPORT
Our-in depth analysis of the global door controller market includes the following segments:
Global door controller market is further classified on the basis of region as follows:
High disposable income of the consumers is a major factor driving the global door controller market. Apart from this, consumer’s inclination towards luxurious lifestyle is a major growth driver of the global door controller market. Moreover, rising theft activities across the globe is also a major factor which is expected to escalate the demand for door controllers in near future.
Enhancement of existing infrastructure and increasing construction activities in almost all developed economies are some of the major growth drivers anticipated to foster the demand for door controllers across the globe. Over the past few years, it has been observed that the emerged regions such as America and Europe are witnessing rise in adoption of automation products. This factor is another major element driving the growth of global door controller market. Additionally, various features of door controllers such as convenience and safety are driving the growth of global door controller market.
However, high installation cost of door controllers is hindering the growth of global door controller market. Apart from this, high maintenance & repair cost of door controllers is another challenge which is anticipated to inhibit the growth of door controller market over the forecast period. Moreover, low adoption of door controllers in undeveloped region is restraining the growth of global door controller market.