As per Future Market Insights, the storm surge barriers market is anticipated to attain a value pool of US$ 170 million by 2023-end. Global demand for storm surge barriers is expected to rise at a CAGR of 6% to US$ 300 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 170 million |
| Projected Market Value in 2033 | US$ 300 million |
| Growth Rate (2023 to 2033) | 6% CAGR |
Global demand for flood-control infrastructure will be driven by rising expenses associated with a rise in the frequency and severity of floods.
Storm surges are known to cause severe damage to communities and infrastructure due to the increase in coastal population and increased use of coastal zones. Consequently, the confluence of storm surges and predicted sea-level rise makes coastal areas extremely vulnerable.
For decades, climate scientists have warned about the risk of coastal flooding, but it has only been in recent years that residents living near the water bodies and the governments at large, have realized the perils which coastal flooding pose to the urban landscapes and the associated human and financial losses.
Since then, both municipal administrations and the regional disaster management authorities as a whole, have embarked on immense and expensive efforts to improve their flood and storm surge defense systems.
Storm surge barriers defend against floods during major weather events, and by using a movable barrier, they can still allow marine trade or natural water movements to pass through. Because they exist in places prone to extreme weather occurrences, storm surge barriers are frequently supplemented by other coastal defense systems. Installing a storm surge barrier can lessen the need to upgrade protections, thus lowering maintenance and construction expenses on its landward side.
Storm surge barriers constitute a robust infrastructure system having significant construction costs, but linked to other flood-prevention measures, they add potential value to protect urban areas from storm surges and flooding caused by the waterways. They provide considerable benefits to enhance the quality of water by their ability to disperse pollutants from repeated opening and closing of its structure.
In USA and Canada, concerns about water quality and the environment in general prompted the government to launch major policies to improve the advancement of extensive water resources strategies that can not only resolve these concerns, but also incorporate other water resources management activities into the development process.
In support of integrated flood control, the federal government provides a large array of data gathering, storage, and dissemination services. The Corps receives the greatest yearly allocation of federal monies to assist integrated flood management for the conduct of its activities on the river, and the majority of this is devoted to lower river project activities for diverse purposes.
The USA government stated in July 2018 that Texas will obtain with over USD 5 billion for a variety of flood management and repair initiatives related to the devastation following hurricane Harvey in August 2017.
Europe is expected to recover backed by the growing concerns towards climate change and regulatory norms. Environment researchers are worried that rising temperatures will put coastal areas in Northern Europe at risk of floods in the coming years. In Europe, a number of such projects have been completed in the past few years. The application of these flood protection methods is mostly visible in the countries of Netherlands, United Kingdom and Italy.
Trends in usage of flat gates in the barriers, is very common in Netherlands. The barriers have integrated dams and navigation locks which adds to the water retaining systems. Coastal management initiatives by the government, protection of affected areas and measures to combat coastal erosion is taking up shape in the European Union.
In March 2020 budget, USD 6.3 Billion was promised over 5 years to fund flood defenses in the United Kingdom. The money will help build 2,000 new flood and coastal defense schemes. This is expected to in potential profits for businesses to scale up installations of such structures in these areas.
In the United Kingdom, the USD 607 Million Thames River Flood Channel Project and the USD 167 Million Oxford Flood Alleviation Project are anti-flood projects currently in the pipeline. These plans attempt to minimize risk of flooding and safeguard critical infrastructure and neighborhoods along the Thames River.
Some of the leading manufacturers and suppliers include
The suppliers are engaging in collaborations and partnerships with public agencies, municipal administrations of the city, water bodies associated with building and construction, experts from private organizations and nonprofits, hurricane control authorities and flood mitigation bodies.
This opens up opportunities to identify current scientific understanding of surge barrier ecological implications, gesture recognition of agreement and disagreement, and promoting cooperation among the many involved in the specific subject, such as evidence based knowledge and experience from previous projects.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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