DUBLIN, Sept. 26, 2023 /PRNewswire/ — The “Global Tunnel Sensor Market Size, Share, Growth Analysis, By Type, By Services, By Connectivity, By Application – Industry Forecast 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global tunnel sensor market is projected to experience substantial growth, with a CAGR of 5.5% during the forecast period from 2023 to 2030.
The market, which was valued at USD 4.11 billion in 2022, is expected to reach USD 6.31 billion by 2030. This growth can be attributed to factors such as rapid urbanization, increasing industrialization, rural-to-urban migration, and rising disposable incomes. Tunnel sensors play a crucial role in ensuring safety and conducting predictive maintenance during tunnel construction and continue to be essential for tunnel monitoring after construction is completed.
Market Segmentation
The global tunnel sensor market is segmented based on several factors:
Type: This includes various tunnel sensors such as Air Flow Monitoring, Air Quality Monitoring, Visibility Monitoring, Filter Monitoring, Fire Monitoring, and others.
Services: Services offered in the market include Installation Services, Maintenance Services, and Consulting Services.
Connectivity: Options for connectivity include Wired and Wireless.
Application: The market is categorized into Rail Tunnels and Road Tunnels based on application.
Region: Geographical regions include North America, Europe, Asia-Pacific, Latin America, and MEA.
Rail Tunnels Lead the Way
The rail tunnels segment holds the largest market share in the global tunnel sensor market and is expected to maintain its position throughout the forecast period. Rail tunnels are integral to a nation’s communication infrastructure, particularly in mountainous and urban areas. The demand for tunnel monitoring systems to ensure the safety and maintenance of railway tunnels is driving market expansion.
Wireless Connectivity Dominates
Wireless connectivity currently holds the largest market share and is expected to continue its dominance during the forecast period. The adoption of wireless technology-based tunnel monitoring systems is projected to increase, driven by the growing use of supporting technologies like the Internet of Things (IoT). Wired networking-based tunnel monitoring systems are more expensive, contributing to the preference for wireless solutions.
Regional Insights
North America leads the global tunnel sensor market due to its significant market for advanced technology-based devices and ongoing infrastructure developments. Asia Pacific is expected to be the fastest-growing region, driven by population growth, rapid urbanization, increased road and railroad usage, and heavy government investments in infrastructure upgrades, particularly in countries like China and India.
Market Drivers and Restraints
Market Driver: Increasing Adoption of IoT and Artificial Intelligence: IoT and artificial intelligence have led to automation and significant advancements in tunnel technology, improving tunnel infrastructure and safety.
Market Restraint: Limited Product Awareness: Lack of awareness about tunnel sensor products and high installation costs are restraining market growth.
Competitive Landscape
The tunnel sensor market is characterized by intense competition among multiple players. Participants consistently engage in research and development efforts to enhance and update their sensor offerings, aiming to increase sales by providing valuable functionalities. Strategic partnerships also hold promise for market expansion.
Global Trends
Government bodies worldwide are focusing on enhancing transportation systems to provide seamless connectivity. Railroads are prominent modes of transportation in many countries. Initiatives like India’s “National Rail Plan” and China’s railway system upgrades are driving the growth of the tunnel sensor market.
Companies Mentioned
Bristol Industrial & Research Associates Ltd
CODEL International Ltd
DURAG GROUP
Advance Technologies Asia
ACOEM
Control Equipment Pty Ltd
Geonica
Trolex Ltd
Safibra
SICK AG
Altech Corporation
Tunnel Sensors Ltd
Ecotech
Sage Automation
PCB Piezotronics Inc.
Monitoring Solutions
Ricoh
Herrenknecht AG
SIXENSE Soldata
James Fisher and Sons plc
Geocomp Corporation
Keller Group plc
GeoSIG Ltd
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
157 |
|
Forecast Period |
2022 – 2030 |
|
Estimated Market Value (USD) in 2022 |
$4.11 Billion |
|
Forecasted Market Value (USD) by 2030 |
$6.31 Billion |
|
Compound Annual Growth Rate |
5.5 % |
|
Regions Covered |
Global |
For more information about this report visit https://www.researchandmarkets.com/r/2xnvev
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
