“Global Utility Locator Market to reach a market value of USD 1.2 Billion by 2030 growing at a CAGR of 5.2%”
The Global Utility Locator Market size is expected to reach $1.2 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
Utility locators support the planning and development of oil & gas infrastructure by providing valuable information about the location and condition of subsurface utilities. Consequently, the oil & gas segment would generate an approximately 20.56 % share of the market by 2030. This data is crucial for making informed decisions on infrastructure expansions, upgrades, and maintenance projects. Integrating geospatial data systems enhances the utility locators' capabilities within the oil & gas segment.
Smart city initiatives require efficient and sustainable infrastructure development. Utility locators ensure the efficient development of infrastructure by preventing accidental damage to utilities, reducing disruptions, and optimizing construction timelines. Thus, because of the deployment of smart city technologies, the market is anticipated to increase significantly.
Additionally, Insurance coverage is often linked to implementing risk management practices, including utility locators. Utility locators contribute to risk reduction, minimizing the financial impact of utility damage by preventing disruptions, repairs, and potential legal liabilities. Hence, increasing insurance and liability considerations has been a pivotal factor in driving the growth of the market.
However, SMEs may find it financially challenging to invest in high-cost utility locators. The budget constraints of smaller businesses, such as local contractors or service providers, may limit their ability to acquire advanced utility locators, hindering market growth in this segment. Thus, high initial costs of utility locator can slow down the growth of the market.
Based on technique, the market is classified into electromagnetic field, ground penetrating radar, and others. In 2022, the electromagnetic field segment witnessed the 47.48 % revenue share in the market. Electromagnetic locators are versatile and can detect various utilities, including electric cables, water pipes, gas lines, and communication cables. Portability allows field technicians to manoeuvre the equipment easily in various terrains and access hard-to-reach areas. This mobility is especially valuable in construction projects with diverse site conditions.
By offering, the market is categorized into equipment and services. The services segment covered a 23.8 % revenue share in the market in 2022. Utility locator services bring specialized knowledge and expertise in underground utility detection and mapping. Professional utility locator services often employ advanced technologies and experienced personnel, speeding up the utility detection process. This efficiency is particularly beneficial for construction projects and infrastructure development, where timely information is essential.
By application, the market is segmented into telecommunications, oil & gas, water & sewage, electricity, transportation, and others. In 2022, the telecommunications segment registered the 36.10 % revenue share in the market. The widespread deployment of fiber optic networks for high-speed communication has become a major trend in the telecommunications segment. Utility locators are crucial in identifying and mapping underground utilities, ensuring that the installation process is carried out safely and efficiently without causing damage to existing infrastructure.
Free Valuable Insights: Global Utility Locator Market size to reach USD 1.2 billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region acquired a 28.28 % revenue share in the market. The expansion of telecommunications networks, including the rollout of 5G technology, is a significant driver of utility locator advancements in the Asia Pacific. The availability of training and skill development programs for operators of utility locators contributes to their effective use in the Asia Pacific region.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 828.7 Million |
| Market size forecast in 2030 | USD 1.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Number of Pages | 204 |
| Number of Tables | 368 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Offering, Technique, Application, Region |
| Country scope |
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| Companies Included | Megger Group Limited, USIC, LLC, multiVIEW Locates Inc., Penhall Company, SPX Technologies, Inc., Emerson Electric Co., Hexagon AB, 3M Company |
By Technique
By Offering
By Application
By Geography
This Market size is expected to reach $1.2 billion by 2030.
Deployment Of Smart City Technologies are driving the Market in coming years, however, High Initial Costs Of Utility Locator restraints the growth of the Market.
Megger Group Limited, USIC, LLC, multiVIEW Locates Inc., Penhall Company, SPX Technologies, Inc., Emerson Electric Co., Hexagon AB, 3M Company
The expected CAGR of this Market is 5.2% from 2023 to 2030.
The Equipment segment is leading the Market, By Offering in 2022 there by, achieving a market value of $829.4 million by 2030.
The North America region dominated the Market, By Region in 2022 there by, achieving a market value of $413.2 million by 2030, growing at a CAGR of 4.4 % during the forecast period.
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