Tunnel Monitoring System Market Worth 663.8 Million USD by 2023
PUNE, India, April 26, 2018 /PRNewswire/ --
According to the new market research report "Tunnel Monitoring System Market by Offering (Hardware, and Software & Services), Tunnel Type (Highway, Railway), Networking Technologies (Wired and Wireless), and Region (Americas, Europe, Asia Pacific) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 340.7 Million in 2018 to USD 663.8 Million by 2023, at a CAGR of 14.27% between 2018 and 2023. The growth of the tunnel monitoring system market can be attributed to the increasing investments in tunnel infrastructure across countries worldwide, catastrophic failure of tunnels resulting in loss of lives and incurring high costs, decreasing cost of sensors resulting in reduced cost of tunnel monitoring systems, and strict regulations pertaining to tunnel safety.
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The market for software and services to grow at a higher CAGR between 2018 and 2023
The tunnel monitoring system market, on the basis of offering, has been segmented into hardware, and software and services. The market for software and services is expected to grow at a higher rate between 2018 and 2023. The growth of this market can be attributed to the predictive analysis provided by software and the increasing demand for maintenance services for infrastructure. Services are integral part of tunnel monitoring systems. Services pertaining to tunnel monitoring include design and installation, real-time monitoring, data analysis and reporting, and preventative maintenance and repair services.
The market for railway tunnels to grow at the highest CAGR between 2018 and 2023
The highest growth rate of the market for railway tunnels can be attributed to the growing railway tunnel infrastructure worldwide, which would increase the demand for tunnel monitoring systems to maintain and monitor the health of railway tunnels. Some of the critical tunnel projects are concentrated in the Americas, the Middle East, and Europe. For instance, the 57km (35-mile) twin-bore Gotthard base tunnel will provide a high-speed rail link under the Swiss Alps between northern and southern Europe. It is the worlds longest and deepest rail tunnel.
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Wired networking technology to hold a major share of the tunnel monitoring system market in 2017
Among the 2 networking technologies, wired networking technology is likely to hold a larger share of the tunnel monitoring system market throughout the forecast period. Wired networking technology-based tunnel monitoring systems are widely deployed in tunnels as these systems offer reliable connectivity, and there is no limitation on data transfer range.
Europe held the largest share of the tunnel monitoring system market in 2017
Europe is among the technologically advanced regions worldwide. Well-established manufacturing industries in countries such as Germany, France, and the UK are the major concentration units for hardware manufacturers and software developers of tunnel monitoring systems. In the past two decades, the number of tunnel projects in Europe has increased, and the technical capabilities required in the tunneling industry have also been strengthened. The road and rail projects in the EU-15 countries in 2015 had an estimated value of USD 1.43 trillion; of which, tunnels and bridges accounted for USD 226 billion, and trams and metros accounted for USD 95.6 billion. Due to these factors, Europe held a major share of the tunnel monitoring system market in 2017.
The major players in the tunnel monitoring system market include Nova Metrix (US), SISGEO (Italy), James Fisher (UK), GEOKON (US), COWI (Denmark), Ramboll (Denmark), and Fugro (Netherlands).
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