The Global Fencing Market is expected to reach more than USD 40,7 billion by 2026 with a Compound annual growth rate of 5.3% during the forecast period as per a new study released by Polaris Market Research.
North America is anticipated to be the significant contributor during the forecast period. The changing lifestyle of the people owing to increase in income level, especially in the developing countries such as China and India are expected to propel the demand for the Fence market.
Evolving construction industry, increase in disposable income, and renovation of residential buildings are expected to drive the market during the forecast period. Other driving factors include the development of public infrastructure and growing safety concerns. Governments are continuously investing in public infrastructures such as public places, parks, and government premises and this investment is expected to support market growth further. Growing demand in developing nations is anticipated to open a new avenue for growth during the forecast period.
The increasing incidents of security breach are promoting the need for safety and security. The growing industrialization is expected to drive the market demand over the forecasted period. The increasing popularity of substitutes and demand for beautified residential fences may offer new opportunities. The market is experiencing trends such as increased mergers & acquisitions and research & development activities that are critical to success.
In 2017, the metal fencing segment was the major contributor. Growing safety and security concerns are driving the demand for metal fencing in public places, government properties, and commercial buildings. The comparatively lower cost of plastic fences is expected to give them an advantage over other fencing materials. They are also lightweight and can be easily installed without any professional assistance.