Underground Utility Cable Locators Market Report Overview
-
Request a Free Sample to learn more about this report
The global underground utility cable locators market size was USD 94 million in 2022. As per our research, the market is expected to reach USD 108.1 million in 2029, exhibiting a CAGR of 2.0% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the underground utility cable locators market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Underground utility cable locators are devices or tools used to detect and locate underground utility cables and pipes. These cables and pipes can carry various utilities such as electricity and telecommunications cable lines. Locating them accurately is crucial for various reasons, including safety, preventing damage during excavation or construction work, and maintenance purposes.
The market for underground utility cable locators is expanding at a steady growth rate due to rapidly increasing infrastructure development, technological advancements, and growing safety concerns. In addition, the single frequency and multiple frequency locators are being offered by key players. While power and communication are the leading application segments to fuel the demand for these cable locators.
COVID-19 Impact: Delay in Construction Projects Halted the Sales of the Device
In the early stages of the COVID-19 pandemic, several construction projects were temporarily halted or delayed due to lockdowns, supply chain disruptions, and safety concerns. This led to reduced demand for utility locators as construction activities slowed down. As a result, the global underground utility cable locators market was hampered throughout the coronavirus outbreak. However, the growth of the market started to rebound post pandemic which is expected to rise in the coming years due to rapid urbanization.
Latest Trends
"Trend of Electromagnetic Induction Inflate the Market Opportunities "
The trend of electromagnetic induction is gaining traction around the world. Electromagnetic locators utilize electromagnetic waves to assess ground conductivity or resistivity which generate images based on these properties. Whereas, ground penetrating radar is effective for locating hollow pipes and non-conductive materials, while radiofrequency technology is a valuable tool for locating conductive materials such as pipes and cables. Therefore, companies have been significantly investing in research and development within the utility locator industry which will escalate the efficiency and demand for these cable locators among key application industries over this forecast.
Segmentation
-
Request a Free Sample to learn more about this report
By Type Analysis
According to type, the market can be bifurcated into Single Frequency Locators and Multiple Frequency Locators
By Application Analysis
Based on application, the market can be divided into Power and Communication.
Driving Factors
"Rising Urbanization Around the World Surge the Demand for Cable Locators "
One of the most significant driving factors of the market is the rising urbanization and infrastructure development. The rapid urbanization of areas around the world creates an extensive demand for underground utility cable locators. These tools are essential for ensuring the safe and efficient installation, maintenance, and management of underground utilities in urban environments which makes them a key driver of market growth.
"Growing Technological Advancements Encourage Market Development"
The second important key driving factor of the market is the increasing advancement in technologies. Continuous innovation in underground utility locating technologies, such as improved accuracy, efficiency, and ease of use augment the demand for these cable locators as users seek advanced solutions which is likely to propel the underground utility cable locators market growth as well in this projection period.
Restraining Factors
"Complex Regulations Can Restrict the Market Development"
However, the restraining factor of the market is stringent regulation and the high price of the device. Complex and inconsistent regulatory requirements in different regions can create challenges for users and manufacturers that lead to compliance issues.
Regional Insights
-
Request a Free Sample to learn more about this report
"North America Dominates the Market Due to Stringent Regulatory Mandates "
As per previous years’ records, North America is expected to dominate the market for underground utility cable locators. Due to strict safety regulations mandating utility locators, a diverse and extensive infrastructure, high urbanization rates, a culture of safety awareness, stable economies, technological innovation, and established market players, the region leads the market growth. Furthermore, in terms of revenue, North America is likely to own the highest underground utility cable locators market shares in the global marketplace.
Key Industry Players
"Key Companies Invest Significantly in R&D to Develop Innovative & Advanced Utility Locating Technologies"
With regard to key players, leading companies in the market stimulate growth through various strategies such as research and development for innovative technologies, diversifying product offerings, global expansion, strategic partnerships, marketing campaigns, and compliance with standards. Also, customized solutions, addressing environmental concerns, and offering data integration are some other strategies that aid them in staying ahead of the competition.
List of Market Players Profiled
- Leica Geosystems (Switzerland)
- Radiodetection (U.K.)
- 3M (U.S.)
- Ridgid (U.S.)
- Megger (U.K.)
- Aegis Pty. Ltd. (Australia)
- Utility Tool Company (U.S.)
- GeoMax (Switzerland)
- Amprobe (U.S.)
Report Coverage
This report defines the underground utility cable locators market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 94 Million in 2022 |
Market Size Value By |
US$ 108.1 Million by 2029 |
Growth Rate |
CAGR of 2% from 2022 to 2029 |
Forecast Period |
2023-2029 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
-
What value is the global underground utility cable locators market expected to touch by 2029?
The global underground utility cable locators market is expected to touch USD 108.1 million by 2029.
-
What CAGR is the underground utility cable locators market expected to exhibit during 2022-2029?
The underground utility cable locators market is expected to exhibit a CAGR of 2.0% over 2022-2029.
-
What are the key driving factors of the market?
The rising urbanization around the world and growing technological advancements are the key driving factors of the market.
-
What are the key players in the market?
The key players in the market include Leica Geosystems, Radiodetection, 3M, Ridgid, Megger, Aegis Pty. Ltd., Utility Tool Company, GeoMax, and Amprobe are top players in the market.