According to the new market research report on the “Utility Locator Market by Technique (Electromagnetic Field, GPR), Offering ( Equipment and Services), Target (Metallic and Non-Metallic), Vertical (Oil & Gas, Electricity, Transportation, Water & Sewage, Telecom), and Geography – Global Forecast to 2023”, the utility locator market is expected to grow from $4.62 Billion in 2018 to $7.50 Billion by 2023, at a compound annual growth rate (CAGR) of 5.94% between 2018 and 2023.
The market is mainly driven by the factors such as the concern for safety and protection of underground utilities, benefits of advanced utility locating technologies over traditional utility locating methods, and government initiatives toward the implementation of utility locators.
The electromagnetic field technique accounted for the largest share of the overall utility locator market in 2017. Factors such as high adoption of electromagnetic field technique to locate metallic utilities, such as electric wires, telephone lines, and cables, and the lower cost of electromagnetic field locators compared to other techniques drive the growth of the market for electromagnetic field locators.
The market for utility locating services is expected to grow at a higher CAGR during the forecast period. Factors such as the rise in the adoption of utility locating systems on a rental basis owing to their high cost of ownership, continuous innovation in utility locating systems, and imposed regulations and standards by the government for using a suitable detecting device before commencing digging, demolishing, or constructing any infrastructure contribute to the higher growth of this market.
North America accounted for a major share of the overall utility locator market in 2017. Investments in new construction projects and upgrading aging infrastructure in North America have driven the utility locator market growth in this region. The increasing concern for public safety and security and government efforts to avoid damage to pipelines and other utilities during the implementation of remodeling and infrastructure development initiatives facilitate the implementation of utility locating equipment and adopt utility locating services, which, in turn, propels the market growth in North America.
The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players operating in it. Key equipment providers in the utility locator market are Radiodetection (UK), Vivax-Metrotech (US), Guideline Geo (Sweden), Ridge Tool Company (US), The Charles Machine Works (US), Sensors & Software (Canada), Leica Geosystem (Switzerland), and 3M (US). Major service providers in the utility locator market are USIC (US), multiVIEW (Canada), Ground Penetrating Radar Systems (GPRS) (US), On Target Utility Services (US), and Maverick Inspection (Canada).
The report was published by MarketsandMarkets, which provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.