Press release
Underwater Camera Market Outlook 2024: Key Growth Drivers and Innovations
underground utility mapping market
According to The Business Research Company's, The underground utility mapping market size has grown rapidly in recent years. It will grow from $1.02 billion in 2023 to $1.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to technological advancements, increasing urbanization, stringent government regulations, growing infrastructure development projects, rising awareness about safety and damage prevention.
The underground utility mapping market size is expected to see rapid growth in the next few years. It will grow to $1.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to adoption of advanced mapping technologies, expansion of smart city initiatives, surge in demand for efficient utility management solutions, integration of artificial intelligence and machine learning, growing investment in underground infrastructure maintenance. Major trends in the forecast period include adoption of cloud-based solutions, increased use of drones for surveying, emphasis on sustainable infrastructure practices, rise of 5G technology impacting utility networks, emergence of augmented reality for utility mapping.
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Market Drivers and Trends:
The increase in construction activities is expected to propel the growth of the underground utility mapping market going forward. Construction is the process of building or assembling structures, infrastructure, or facilities according to specified plans and designs. The increasing construction activities can be attributed to factors such as urbanization, population growth, infrastructure development, and investment in real estate projects. Accurate mapping helps construction teams identify the location of underground utilities such as water pipes, gas lines, and electrical cables. This information is critical to preventing accidental damage during excavation, ensuring safety, and avoiding costly repairs. For instance, in November 2023, according to the Office for National Statistics, a UK-based government agency, the construction industry experienced a notable upsurge in new project output, soaring by 15.8% in 2022, marking a historic milestone with a total value reaching $165.5 billion (£132,989 million). Therefore, the increase in construction activities is driving the growth of the underground utility mapping market.
Major companies operating in the underground utility mapping market are developing advanced products with advanced technologies such as real-time kinematics (RTK) technology to gain a competitive edge in the market. Real-time kinematics (RTK) technology is a sophisticated GPS correction method that refines satellite data to deliver sub-inch accuracy in real-time. For instance, in November 2023, Radiodection, a UK-based company that designs, manufactures, and sells products that locate and maintain underground buried pipes and cables, launched the RD8200SG, a precision multifunction cable and pipe locator. It is based on real-time kinematics (RTK) technology, which not only elevates the accuracy of underground utility mapping but also streamlines work processes by providing immediate, actionable data. The RD8200SG is designed to perform in both bustling urban landscapes and challenging rural terrains, bringing accuracy and reliability to utility detection and mapping. The integration of RTK technology enhances precision and also contributes to a safer work environment by minimizing the chances of accidental utility strikes.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Minnesota Mining and Manufacturing Company (3M), Hexagon AB, Trimble Inc., Topcon Corporation, Leica Geosystems AG, Bentley Systems Incorporated, Ground Penetrating Radar Systems LLC, Plowman Craven Limited, IDS GeoRadar s.r.l., AirX Utility Surveyors Inc., Geophysical Survey Systems Inc., Guideline Geo AB, Vivax Metrotech Corporation, Sensors & Software Inc., Radiodetection Ltd., Diversified Underground Inc., Landscope Engineering Ltd., Maverick Inspection Ltd., ProStar GeoCorp. Inc., US Radar Inc., multiVIEW Locates Inc., Geotec Surveys Limited, Subsurface Utility Imaging LLC, Stoner & Associates Inc., Geospatial Corporation, Asian Contec Ltd (Stanlay), Red Laser Scanning Ltd., GeoModel Inc.
Underground Utility Mapping Market 2024 Key Insights:
• The underground utility mapping market size is expected to see rapid growth in the next few years. It will grow to $1.72 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Impact of Increasing Construction Activities on the Underground Utility Mapping Market
• Advancements In Underground Utility Mapping Technologies
• North America was the largest region in the underground utility mapping market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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