Authored By: Sarah
05 Sep 2024

Utility Locator Market Size to grow by USD 1929.1 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Utility Locator Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The transition towards natural gas as a primary energy source for industrial and domestic applications has resulted in a surge in gas pipeline construction projects worldwide. For instance, the revival of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) project, a 1,127-mile natural gas pipeline, is underway to cater to the gas demands of these four countries. Given the rise in pipeline projects, it is essential to conduct comprehensive studies and surveys of underground infrastructure prior to pipeline installation to mitigate risks. Regular monitoring of pipelines for leaks or damage is also crucial to ensure the safety and efficiency of underground gas infrastructure.

Key Highlights

Growth Projections

The global utility locator market  size is estimated to grow by USD 1929.1 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.48% during the forecast period. Growing safety and security concerns regarding protection of underground utilities is driving market growth, with a trend towards increase in gas pipeline laying projects  However, highly complex and expensive retrofit operations  poses a challenge.Key market players include 3M Co., Asian Contec Ltd., Berntsen International Inc., BLOOD HOUND LLC, Emerson Electric Co., Eos Positioning Systems Inc., Fortive Corp., Geophysical Survey Systems Inc., Guideline Geo AB, Hexagon AB, MidAmerican Technology Inc., Quanta Services Inc., RYCOM Instruments Inc., SPX Technologies Inc., STC TECHNO AC LLC, SubSurface Instruments Inc., The Toro Co., Utility Tool Co., Vermeer Corp., and Vivax Metrotech Corp..

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Major Findings

  • In light of escalating safety and security concerns, the utility locator market is experiencing significant growth. Underground utilities require protection from accidental damage during excavation projects. Utilities locating technologies, such as ground-penetrating radar and electromagnetic locators, are essential tools for preventing costly repairs and potential hazards. As infrastructure ages and the demand for new construction increases, the utility locator market will continue to expand. These advanced technologies enable precise identification and marking of underground utility lines, ensuring the safety of workers and the public.

  • The utility locator market is experiencing a significant shift towards modern, advanced utility locating tools. Traditional methods are being replaced with more precise and efficient technologies, driven by the increasing demand for infrastructure development and maintenance. These advanced tools offer superior accuracy, faster detection, and improved safety, making them an essential investment for utility companies and contractors. The adoption of these technologies is expected to continue, fueled by the need for more reliable and efficient utility management systems.

  • The utility locator market caters to the growing demand for advanced solutions in identifying and marking the locations of underground utility lines during infrastructure projects. The process of utility locating involves highly complex and costly retrofit operations to prevent damage to these essential services. By utilizing sophisticated technologies, utility locators ensure the safety and efficiency of excavation works, minimizing disruptions and potential hazards. These services are crucial in various industries, including construction, telecommunications, and utilities, to maintain the integrity of infrastructure and promote public safety.

  • The utility locator market faces challenges in terms of expertise and workforce availability. The intricacy of utility mapping and locating necessitates specialized knowledge and skills. Additionally, the shortage of trained personnel exacerbates the issue, hindering the industry's growth and efficiency. To mitigate these challenges, ongoing training programs and collaboration between industry players and educational institutions are essential.

Market Research Overview

The Utility Locator Market is a segment of the expansive global electronics industry, encompassing manufacturers and providers of advanced utility detection equipment. This sector falls under the broader category of electronic instruments and devices, which also includes communications equipment, technology hardware and storage, electronic components, consumer electronics, and industrial electronics. According to Technavio's market analysis, the size of the global electronic instruments market is determined by the revenue generated from the sales of associated ICT and electronics products, equipment, and components. The growth of this market is primarily driven by the escalating demand for electronic test and measurement equipment. This demand is fueled by technological advancements and the digital transformation sweeping through various industries, such as semiconductors, automotive, IT, consumer electronics, industrial, energy, and medical devices.

The Utility Locator Market is experiencing significant growth, fueled by the Growing safety and security concerns regarding protection of underground utilities. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Regional Insights

As a proficient utility locator market analyst, I provide businesses with essential insights and intelligence on market trends, key players, and growth opportunities. Utilizing advanced data analysis techniques, I deliver accurate and timely information to help companies make informed decisions, optimize operations, and capitalize on emerging opportunities within the utility locator industry.

Research Analysis Overview

The Utility Locator Market has seen significant growth in recent years due to the evolution of technology and the increasing importance of safely locating underground utilities for various industries. Referral services have played a crucial role in connecting clients with utility locating services, ensuring the accurate identification of electrical, oil and gas, and transportation infrastructure. Technological advancements, such as Ground Penetrating Radar (GPR) and electromagnetic field detection, have revolutionized the industry, enabling the detection of subsurface utilities with greater accuracy and efficiency. These advanced utility locators are essential for excavation projects, as digging practices must adhere to stringent regulations to ensure safety and protection of subterranean facilities. The utility locating industry is vital for food security and addressing water shortages by ensuring the safe and efficient transportation of essential resources. Technologically advanced tools are also critical for detecting leaks in piped natural gas systems and subsurface gas pipelines, preventing potential hazards and environmental damage. As infrastructure ages, the need for utility locating technologies becomes increasingly important to maintain safety and prevent costly damages. The utility locator market continues to innovate, providing solutions for a wide range of applications, from electricity and oil and gas to transportation and water infrastructure.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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