Northbrook, IL 60062 -- (SBWIRE) -- 09/14/2023 -- The utility locator market is projected to grow from USD 833 million in 2022 to USD 1,109 million by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.9% from 2022 to 2027.
The market growth is driven by factors including, Introduction of standards and ease in regulations pertaining to utility locators; and benefits of utility locator systems over traditional technologies/methods. Additionally, rising demand for real-time utility locating for underground utilities, concrete structures, roads, railway lines, etc., is expected to create growth opportunities during the forecast period. However, high cost of ownership and maintenance of utility locator and lack of expertise and skillset are challenging challenging the market growth.
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Utility locators using electromagnetic field technique contribute largest market share throught the forecast period
Electromagnetic field locator is the most common equipment for locating utilities buried underground. Electromagnetic field utility locating equipment, such as pipe and cable locators, electronic marker systems (EMS), e-line locators, terrain conductivity equipment, and metal detector, often consist of a transmitter and a receiver. The use of electromagnetic radiation to locate underground utilities in places where human reach is not possible will have positive impact on the growth of the utility locator industry.
Services of utility locator market to grow at a highest CAGR between 2022 and 2027
Various services pertaining to utility locating equipment include rental, training, inspection, calibration, and maintenance and repair services. The high ownership cost of a utility locator, accessories and the constant requirement for innovative utility locating solutions for different applications facilitate end users to adopt utility locating equipment on rent. For instance, for domestic purpose one will not buy whole utility locator for single time use only, instead will call for service. And Training services help the user to operate the equipment effectively and efficiently and to maintain the safety while detecting utilities.
Telecommunication vertical to record for largest market share throught the forecaste period
Telecommunications and electricity were among the first verticals for which utility locators were rapidly adopted in the past. Telecommunications infrastructure has been established worldwide, Telecommunications comprises telephone lines, TV lines, cable TVs, fiber optic cables, and others. Telecommunication lines are the communication facilities that can be made up of paired, insulated copper conductors, i.e., TIP (A) and RING (B). The utility locator assures uninterrupted operations of communication cables. However, the emergence of 5G technology is expected to increase the demand for utility locators in telecommunications vertical in the near future.
Market in APAC to grow significantly during the forecast period
APAC is expected to be the fastest-growing market for utility locators as the region is characterized by rapid infrastructure development initiatives and huge investments by the public and private sectors in residential, industrial, and commercial establishments. The utility locator market in this region has been segmented into China, India, Japan, and Rest of APAC that mainly includes Australia, Russia, South Korea, and countries in Southeast Asia. Specifically, in china the government is planning to invest heavily in different infrastructural development projects, such as transportation and railway infrastructure development projects.
Key players in utility locator companies are Radiodetection Ltd.(UK), Guideline Geo (Sweden), Rigid Tool Company (US), Ditch Witch (The Charles Machine Works) (US), Leica Geosystems AG (US), Vivax-Metrotech Corporation (US), 3M (US), USIC LLC (US), multiVIEW Locates Inc. (Canada), and Ground Penetrating Radar (US).