UTILITY LOCATION SERVICES MARKET REPORT OVERVIEW
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The global utility location services market size expanded rapidly in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the utility location services market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a high CAGR during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The practice of finding and marking the locations of underground or covert utility wires is known as utility location services. Locating underground public utility mains involves locating them and marking them. Lines for telephony, power distribution, natural gas, cable television, fiber optics, traffic lights, street lights, storm drains, water mains, and wastewater pipes are some examples of these mains. Major oil and gas pipelines, rail and road tunnels, national security communication lines, and mass transit systems all fight for underground space in some places.
Throughout the anticipated period, the market is anticipated to expand. The demand for utility locating services is rising across a range of end-use industries, including oil and gas, electric power, transportation, water and wastewater, communications, and others. This is what is driving the market expansion. The demand for utility location services is also being driven globally by consumers' growing awareness of safety and security. Over the projected period, the market for utility location services is anticipated to develop as demand for smart grid and smart city projects increases globally. This market is anticipated to increase as a result of the proliferation of wireless communication technologies and rising need for real-time information.
COVID-19 Impact: Declining Economy Due to the Pandemic to Hinder Market Growth
There is no industry that has been untouched by the COVID-19 epidemic's severe impact on the global economy. The gaps in the literature around the economy and economic contexts are discussed in this study, and we suggest future research to concentrate on the stress and well-being explanation, particularly in reaction to the pandemic downturn. Throughout this pandemic, rising protectionism and chauvinism have gotten stronger, hastening the economy's decline. It has an impact on the economy, as well as overall standards and values, changing them to create a completely new chain of values. Security and social isolation start to take precedence above promptness and orderly planning. Nearly every industry is experiencing firm relocation and supply chain closures, and even governments are hoarding basic supplies rather than focusing on their economies.
Latest Trends
"Increased Underground Infrastructure Projects to Accelerate Market Growth"
Over the next few years, it is also projected that an increase in the amount of underground infrastructure projects would lead to a rise in demand for utility locating services. In the near future, rising worries about safety and security are also anticipated to fuel market expansion. Throughout the forecast period, growing end-user knowledge of the advantages provided by utility location services is projected to present new opportunities for market participants.
UTILITY LOCATION SERVICES MARKET SEGMENTATION
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- By Type Analysis
According to type, the market can be segmented into vacuum excavators, specialty services, private utility locating, leak detection and others.
In terms of product, vacuum excavators is the largest segment.
- By Application Analysis
Based on application, the market can be divided into oil and gas, electric power, transport, water and wastewater, telecom, geographic and other.
In terms of application, Electric Power is the largest segment.
Driving Factors
"Demand In Oil and Gas Industry to Promote Market Growth"
The market share that belonged to the oil and gas industry was greatest. The rising demand for utility location services from oil and gas businesses operating in various locations is credited with driving the expansion of this market segment. Throughout the past few years, there have been tremendous technological breakthroughs in the electric power sector. With new technology like automation being implemented into utilities all across the world, this trend is anticipated to continue over the next years. When automation solutions are applied globally in the future, there will be a greater demand for utility locating solutions because these solutions call for comprehensive data management. A range of tools from ULC help Electric Power Companies (EPC) speed up construction.
"Vacuum Excavators to Provide Opportunity to The Market"
Excavators that operate under low atmospheric pressure are known as vacuum excavators. Although they can be used for mining and other related activities, their main purpose is for the excavation of land masses. Vacuum excavators include a vacuum pump inside the machine that creates a vacuum environment. This lowers air resistance, which facilitates simpler labor and increases production. Location-based specialty services assist clients in locating the ideal answer to their problems. It enables them to take advantage of numerous advantages, like free parking, gasoline rebates, and many more. Several service providers offer these solutions via websites or mobile applications.
Restraining Factors
"Inaccuracy of the Service to Impede Market Expansion"
With utility mapping, there are a few difficulties. The accuracy of records and dealing with hidden things, which can make a work much more challenging, have long been issues for surveyors. In order to comprehend subsurface infrastructure information as completely as possible, geophysical technology is being employed in conjunction with non-technical methods such as historical documents.
UTILITY LOCATION SERVICES MARKET REGIONAL INSIGHTS
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"North America to Dominate the Market Due to Demand for Utility Location Equipment"
Due to the existence of several industry players and significant investments in research and development, the North America utility location services market share is predicted to grow significantly over the course of the forecast period. Due to its North America and quick expansion in other industries including oil & gas, electric power, transportation, and others, the U.S. accounted for a larger revenue share. Due to the rising demand for utility location equipment from end-users like telecom service providers and energy companies, among others, who require 24/7 on-site support services, North America is anticipated to experience one of the fastest regional market growth rates over the course of the forecast period.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Leica Geosystem (Switzerland)
- USIC (U.S.)
- Subterra Utility (U.S.)
- Ground Penetrating Radar Systems (U.S.)
- Western Locates (U.S.)
- Abaxa (Australia)
- On Target Utility Services (U.S.)
- Maverick Inspection (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
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What was the impact of COVID-19 on the utility location services market?
Declining economy due to the pandemic to hinder utility location services market growth.
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What is the leading region in the utility location services market?
North America to dominate the utility location services market due to demand for utility location equipment.
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Which are the driving factors of the utility location services market?
Demand in oil and gas industry and vacuum excavators to provide opportunity are the driving factors of the utility location services market.
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Which are the top companies operating in the utility location services market?
Leica Geosystem, USIC, Subterra Utility, Ground Penetrating Radar Systems, Western Locates, Abaxa, On Target Utility Services, Maverick Inspection, Scan Plus, Blood Hound, Bullseye Utility are the top companies operating in the utility location services market.
