MarketThe movable walls market is to propel and is expected to grow at a CAGR of 9.2% for the forecast of the year 2021 to 2028. The global movable walls market is accounted for USD 3.47 Billion for the year 2020 and is expected to reach USD 7.03 Billion for the year 2028 according to analysts at Vantage Market Research. The moveable walls are panels between the ceiling and floor that can be moved or adjusted in a way to change the spatial arrangement and they are also called demountable walls. The movable walls market is driven by the factors such as growing renovations, new construction, and replacement activities and increasing technological advancement, increasing security.
Since the outbreak of the COVID-19, It has widely spread all over the world and has impacted many countries' economies, and caused huge losses in businesses. The movable walls market is experiencing negative growth due to supply chain disruptions, but also due to lowered demand.
The movable walls market is segmented on the basis of product type, material, and application. The product type segment is further bifurcated into automation and manual. The automated sector is holding the largest share and shows potential growth in future forecasts. The operation segment is divided into sliding, folding, and others. Based on the application segment is bifurcated as the material segment is divided as wood, glass, and others. the glass is having the largest share and potential growth for further forecasted years.
The major players for the movable walls market are Accordial 10;Allsteel, Movawall System, Liko-S, ATTACK, Environamics Inc., Moving Design Ltd., Style Partitions, Franz Nursing and Komfort.
Regionally, the market is segmented as Asia-Pacific, Europe, North America, the Middle East, and Africa, and Latin America. North America attained the highest share due to the presence of key players and rising technological advances. The market for moveable walls in North America is primarily driven by deployments in new construction and remodeling projects. In 2019, both the United States and Canada had substantial growth. The need for moveable wall architecture in the region is primarily driven by economic expansion, the development of new businesses, firm expansions, and increased building activity. The increase in corporate profits has led to increased spending on renovations and expansions, which has boosted the region's sales. The market for moveable walls is expected to develop in tandem with the growth of flexible office space.