Report: Global Underground Utility Locator Market to Reach $11 Billion by 2025
11/1/2017
According to a new report published by Global Market Estimates, the underground utility locator market is expected to reach $11.21 Billion by 2025, due to the following:
- Increasing spending on infrastructure development and residential & non-residential construction activities
- Oil & gas pipeline projects undertaken in developing & developed countries
- Technological advancements such as drone mapping, which allow companies to reduce time and cost in locating underground utilities.
Other key findings from the report:
- The electromagnetic induction segment currently holds the largest share and is projected to grow at the highest CAGR.
- Electromagnetic induction is currently the preferred method of detecting underground metal pipes
- Radio detection and ground penetrating radar are two of the other most prominent technologies used by excavators & contractors in locating underground public utilities
- Developing countries such as India, China, Russia, and Ukraine are expected to construct major natural gas pipeline networks, boosting demand for underground utility locators
- The demand for natural gas in industrial and domestic use is expected to increase excavation activities, which will increase demand for underground utility locators
- The underground utility locator market in Asia Pacific is expected to grow at the highest CAGR
- Public & private initiatives to develop industrial facilities and residential & commercial establishments are projected to also foster market growth
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