Dublin, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The "Utility Locator Market - Growth, Trends, and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Utility Locator Market was valued at USD 5.45 billion in 2019 and is expected to reach a value of USD 7.79 billion by 2025, registering a CAGR of 5.39%.
Factors such as an increase in real-time detection of leakages, inspections, and monitoring of underground utilities, stringent government policies to locate underground utilities before excavating and construction activities, and development of technologically advanced tools are driving the utility locator market.
- According to the UN report, by 2025, 1.8 billion people will be living in countries or regions with absolute water scarcity and that poses a major threat to several sectors including food security. About 80% of illnesses in the developing world are linked to inadequate water and sanitation. Many countries are taking initiatives together to help developing countries to access water resources.
- For instance, the Food Security Innovation and Mobilization initiative in Peru, Bolivia and Burkina Faso enhances access to groundwater resources by investing USD 17 million from 2015 to 2020. They are using innovative technologies to detect water resources and extract through hand pumps and hydroponic greenhouse technology. This improves food security and reduces water use in the dry season.
- In November 2019, the Caribbean government announced the completion of the twin islands' new cruise pier at Port Zante. With the opening of second pier, Port Zante, located on St. Kitts, it can host up to three of the world's largest cruise ships.The St. Kitts Cruise Pier project costed USD 48 million and was funded in part by revenue Citizenship by Investment Program (CIP). The Florida-Caribbean Cruise Association (FCCA) believes that these islands will soon become the Caribbean destination and so it is investing to further develop the country's cruise sector. Hence, it will drive the utility locator market as tools and equipments are employed to keep in check the deterioration of underwater structure of pier.
- The high possession and maintenance costs of the equipment and lack of experts with necessary skillsets can limit the growth of the utility locator market in the future. Nevertheless, factors such as growing demand of real-time utility locating tools and services and deteriorating infrastructure will provide abundant opportunity to the players in the market.
Key Market Trends
Transportation Sector to Witness Significant Growth Over the Forecast Period
In order to prevent possible delays and cost overruns in construction project, important emphasis is given on gathering of information such as subsurface site characterizations before actual construction begins. Utility locators which not only detect, survey and mark the land but also significantly reduce the uncertainty. Digital technologies such as electromagnetic field and GPS in utility locators aids convenient communication and coordination between different operational points in the various process such as mapping and survey and enhances accuracy and precision.
- More than 35 million miles (56 million kilometers) of known underground utilities exist in the United States and many more remain unidentified. Known underground utilities include telephone and internet cables, electric and gas lines, and pipes (both large and small) are all at risk when a transportation agency digs into the earth. The second Strategic Highway Research Program (SHRP2) is a partnership between Federal Highway Administration, the American Association of State Highway and Transportation Officials, and the Transportation Research Board that creates collection of tools for transportation agencies and address common transportation challenges including utility location.
- The road and highway construction in China have been growing steadily driven by the increase in car ownership, increase government investment and urbanization. The total length of roads in China increased from 4.5 million kilometers in 2014 to 4.9 million kilometers in 2019. The China aims to increase the share of public transport in large-and medium-sized cities to 30% for motorized trips by 2020 and by promoting cycling and walking in order to lower its carbon dioxide emissions per unit of GDP by 40% to 45% compared to 2005 levels by 2020.
- Moreover, deadly outbreak of COVID-19 has delayed and disrupted China's construction and investment plans overseas. The quarantine measures prevented Chinese workers from construction in foreign building sites and resulted into labor shortage. International projects such as high-speed rail line in Indonesia for USD 5.5 billion, railway initiative in Malaysia and construction projects in Sri Lanka are adversely affected by the spread of COVID-19 across the world.
North America is Expected to Showcase Significant Market Growth
North America will account for the high utility market share throughout the forecast period. The region currently dominates the market owing to the growing adoption of utility locators due to the increasing demand for enhanced surveillance and construction activities in the advanced economies including the US and Canada.
- The telecommunication sector is flourishing in the United States and experiencing collaborative measures by the major players with the technology provider to gain first-mover advantage by rolling out 5G service. For instance, in February 2020, Samsung Electronics Co., Ltd. has collaborated with U.S. Cellular for 5G and 4G LTE network solutions. Through the agreement U.S Cellular, a key provider of mobile services to millions of customers across the U.S, can purchase Samsung's commercially-proven network solutions, including 5G New Radio (NR) technology, and will extend groundbreaking 4G LTE and 5G technology to its customers base, expanding in consumer and business applications.
- Moreover, in January 2020, Verizon, American multinational telecommunications conglomerate, partners with HERE to explore 5G enabled new developments in location technology and autonomous vehicles. HERE will offer access to the wide range of data, SDKs, and APIs and help Verizon to tap into the innovative potential of 5G.
- The players operating in the region are focusing on new product developments to increase their production capabilities. For instance, in October 2019, GSSI, United States-based ground penetrating radar (GPR) equipment manufacturer has introduced the new 200 MHz (200 HS) antenna, the first of the next-generation high-performance GS Series that is designed for applications that require deeper depth penetration. It is ideal for geophysical, geotechnical, or environmental applications that require high reliability under challenging survey conditions.
The utility locator market is highly competitive and consists of few major players such as GSSI, Guideline Geo, Vivax-Metrotech, Sensors & Software, and Charles Machine Works. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
2020 Industry Developments
- March 2020 - Vivax Metrotech has released the Firm version 014 and is available for download from Metrotech website. The new firmware update has changed the video recording format from the current .avi format to the .mp4 format. After the update, all videos will be recorded in the .mp4 video format.
- February 2020 - Guideline Geo has signed an exclusive distributor agreement with Beijing Zhong Rui Geophysical Technology Co., Ltd (BZR). BZR is a distributor for both MAL and ABEM in China. BZR is based out of Beijing but covers the whole of China. This agreement will strengthen Guideline Geo's position on the highly interesting Chinese market.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand of Real-Time Detection Tools for Underground Utilities
4.2.2 Increasing Investments for Inspection of Deteriorating Infrastructure
4.3 Market Restraints
4.3.1 High Possession and Maintenance Costs of the Equipment
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 PESTLE Analysis
5 MARKET SEGMENTATION
5.1 By Offering
5.2 By Target
5.2.1 Metallic Utilities
5.2.2 Non-Metallic Utilities
5.3 By Technique
5.3.1 Electromagnetic Field
5.3.2 Ground Penetrating Radar
5.4 By Application
5.4.1 Oil & Gas
5.4.4 Water and Sewage
5.5 By Geography
5.5.1 North America
5.5.3 Asia Pacific
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Investment Analysis
6.3 Company Profiles
6.3.2 Guideline Geo
6.3.4 Sensors & Software
6.3.6 Charles Machine Works
6.3.7 Emerson Electric
6.3.8 Leica Geosystem
6.3.9 Ridge Tool Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/830cud
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