With 6.7% CAGR, Utility Markers Market Growth to Surpass USD 471 million

The global utility markers market size is anticipated to grow from USD 341 million in 2023 to USD 471 million by 2028, at a CAGR of 6.7% from 2023 to 2028. Electronic markers provide precise location as they can be easily tracked and mapped with the help of locators and software, hence providing reliable data for underground utilities. This helps in damage prevention during the process of digging, excavations, and construction projects.

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By type, the disk markers segment held the significant share of the utility markers market in 2022. Disk markers are in the shape of flat disks and find applications in locating flush-mounted facilities. These markers can be used in cement, wet soil, dry soil, and asphalt. Based on the manufacturer, they can be programmed or passively configured, with the operating depth ranging from 5 to 8 ft. For instance, 3M Company (US) provides extended-range disk markers applicable in flush-mounted facilities, such as hand holes, manholes, and other grade-level enclosures. Disk markers provide safety during construction or maintenance work. They can also be designed to work in harsh environments and withstand both low and high-temperature ranges.

In utility type, power segment is expected grow with an impressive CAGR during the forecast period. In an underground cable system, the electricity is mainly transferred from one point to another through underground cables laid in the ground in place of overhead lines on poles/towers. With a growing population, power consumption is increasing, propelling the demand for underground power cable networks. Utility markers are pivotal in ensuring safety by efficiently marking and locating underground power cables. Splices, handholes, road crossings, transformers, and non-metallic lines are key areas where utility markers can be deployed. Countries worldwide are increasingly investing in the power industry. For instance, in 2021, the capital expenditure in the energy sector was USD 66 billion in Canada. In 2022, China invested USD 546 billion in the clean power sector, including solar and wind energy. Increased investments in the energy sector will propel the utility markers market.

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Europe is expected to hold a significant share of utiliity markers market during the forecast period. The European utility markers market includes Germany, the UK, France, and the Rest of Europe. Owing to the growing demand for telecom services and internet connectivity, European countries are working on upgrading and expanding their telecommunications network. The improved focus of governments to upgrade their utility infrastructure (gas, power, telecom, and water) to maintain safety and public convenience is also driving the growth of the utility markers market during the forecast period.

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This release was published on openPR.