NEW YORK, May 27, 2021 /PRNewswire/ -- Global sales of tunnel detection systems are set to be valued at over US$ 1.2 Bn in 2021, with stable long-term projections for the market, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031. Growing need for precise flow measurement technologies has led to heightened demand for tunnel detection systems from sectors such as oil & gas, power generation, and chemicals. Rapid technological advancements are also projected to complement market growth over the coming years.
Demand for tunnel detection systems witnessed a slump in 2020 due to prudent rate of investments undertaken by end users during the COVID-19 outbreak. However, the defence sector, being a key end user of this equipment, is expected to augment sales over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
Key Take away from Market Study
- Persistence Market Research predicts a healthy construction industry growth rate in economies such as the U.S., East Asia, India, the Middle East, and Africa, with focus on infrastructure and heavy civil construction. This overall expansion of the construction market, particularly in civic infrastructure, i.e. expressways and tunnels, is poised to offer novel growth opportunities for tunnel detection system manufacturers over the years to come.
- There has been an increase in requirements of tunnel detection systems in the recent past owing to espionage activities in prisons. Prisons have been updating themselves technologically. Persistence Market Research forecasts that prisons will be amongst highest demand creator of tunnel detection system through 2031.
- Extensive use of acoustics that are technologically advanced benefits end users in terms of increased precision in detecting underground tunnels. Hence, systems with cutting-edge features are anticipated to gain higher popularity over the years to come.
- Increasing number of players focusing on R&D related to tunnel detection systems is anticipated to significantly shape market growth over the next ten years.
- Ground Penetrating Radar (GPR) tunnel detection systems to hold over one-fourth market share.
- Military is projected to hold over 80% overall market share as an end user by 2031-end.
- The global tunnel detection system market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -0.2%.
- The market in Israel is projected to expand at a CAGR of around 6%, while that in the U.S. at close to 5%, through 2031.
- The market in India and China is set to surge at around 5% CAGR each over the next ten years.
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"Surge in demand from the military and prisons in recent years is expected to provide an impetus to tunnel detection system sales growth," says a Persistence Market Research analyst.
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The market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Elbit Systems Ltd., Elpam Electronics Ltd., Lockheed Martin, etc.
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The research report analyzes demand for tunnel detection systems. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of technology, end user and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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