Tunnel Detection Systems Market Expand At Around 5% CAGR From 2021 to 2031

Global sales of tunnel detection systems are set to be valued at over US$ 1.2 Bn in 2021, with stable long-term projections for the market, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031.

Growing need for precise flow measurement technologies has led to heightened demand for tunnel detection systems from sectors such as oil & gas, power generation, and chemicals. Rapid technological advancements are also projected to complement market growth over the coming years.

CLICK HERE TO GET A SAMPLE REPORT (INCLUDING FULL TOC, TABLE & FIGURES) - https://www.persistencemarketresearch.com/samples/30435

Demand for tunnel detection systems witnessed a slump in 2020 due to prudent rate of investments undertaken by end users during the COVID-19 outbreak. However, the defense sector, being a key end user of this equipment, is expected to augment sales over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.

Key Takeaways from Market Study

Persistence Market Research predicts a healthy construction industry growth rate in economies such as the U.S., East Asia, India, the Middle East, and Africa, with focus on infrastructure and heavy civil construction. This overall expansion of the construction market, particularly in civic infrastructure, i.e. expressways and tunnels, is poised to offer novel growth opportunities for tunnel detection system manufacturers over the years to come.

There has been an increase in requirements of tunnel detection systems in the recent past owing to espionage activities in prisons. Prisons have been updating themselves technologically. Persistence Market Research forecasts that prisons will be amongst highest demand creator of tunnel detection system through 2031.

GET A CUSTOMIZED SCOPE TO MATCH YOUR NEED ASK AN EXPERT - https://www.persistencemarketresearch.com/ask-an-expert/30435

Extensive use of acoustics that are technologically advanced benefits end users in terms of increased precision in detecting underground tunnels. Hence, systems with cutting-edge features are anticipated to gain higher popularity over the years to come.

Increasing number of players focusing on R&D related to tunnel detection systems is anticipated to significantly shape market growth over the next ten years.

Ground Penetrating Radar (GPR) tunnel detection systems to hold over one-fourth market share.

Military is projected to hold over 80% overall market share as an end user by 2031-end.

The global tunnel detection system market witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -0.2%.
The market in Israel is projected to expand at a CAGR of around 6%, while that in the U.S. at close to 5%, through 2031.
The market in India and China is set to surge at around 5% CAGR each over the next ten years.

"Surge in demand from the military and prisons in recent years is expected to provide an impetus to tunnel detection system sales growth," says a Persistence Market Research analyst.

Read More Trending "PMR Exclusive Article"- https://www.prnewswire.com/news-releases/tunnel-detection-system-market-to-expand-at-around-5-cagr-from-2021-to-2031-persistence-market-research-301300689.html

Competitive Landscape

The market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.

Some of the key players in this industry are:

• Elpam Electronics Ltd
• Elbit Systems Ltd.
• Lockheed-Martin
• Sensors & Software Inc.
• US Radar Inc.
• SensoGuard Ltd.
• EnTech Engineering Company

Explore PMR's Extensive Coverage on Industrial Automation Domain -

U.S. Commercial Water Storage Tank Market - U.S. Commercial Water Storage Tank Market Segmented By Welded, Bolted Water Storage tanks Type in Steel, Carbon, Fiberglass Reinforced Plastic, Cement Material in Above-Ground Tanks, Underground Tanks Method: https://www.globenewswire.com/en/news-release/2022/06/06/2456927/0/en/U-S-Commercial-Water-Storage-Tank-Market-valuation-of-US-2-8-Bn-by-the-end-of-2032-Persistence-Market-Research.html

Deluge Valves Market - Deluge Valves Market Segmented By Pneumatic Deluge Valves, Hydraulic Deluge Valves, Electric Deluge Valves Release System in Water and Foam Application: https://www.globenewswire.com/en/news-release/2022/05/31/2453288/0/en/Sales-of-deluge-valves-are-predicted-to-increase-at-4-CAGR-by-2032-Persistence-Market-Research.html

Oil & Gas Data Monetization Market - Oil & Gas Data Monetization Market Segmented By Direct, Indirect Method as Oil & Gas Data-as-a-service Monetization, Professional Oil & Gas Data Monetization Services, Oil & Gas Data Monetization Software/Platform Component: https://www.globenewswire.com/en/news-release/2022/05/09/2438783/0/en/Oil-Gas-Data-Monetization-Market-is-anticipated-to-have-document-a-CAGR-of-14-9-during-the-period-of-2022-2032-Persistence-Market-Research.html

Contact us:
Persistence Market Research
305 Broadway, 7th Floor,
New York City, NY 10007
United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com

About us:
Persistence Market Research is here to provide companies a one-stop solution with regards to bettering customer experience. It does engage in gathering appropriate feedback after getting through personalized customer interactions for adding value to customers' experience by acting as the "missing" link between "customer relationships" and "business outcomes'. The best possible returns are assured therein.

This release was published on openPR.