Selbyville, Delaware, June 20, 2023 (GLOBE NEWSWIRE) --
Utility Markers Market size is expected to cross a valuation of USD 700 million by 2032, according to latest research report by Global Market Insights Inc.
The influx of several government laws necessitating the use of marking and locating devices will contribute to the market growth. The events of unplanned excavation and building leading to damages in utility lines is creating dangerous scenarios, such as the bursting of pipelines. To that end, governments worldwide have adopted legislation and standards for prior utility placement and mapping to avert similar scenarios. The rise in such laws and requirements is anticipated to drive the utility marker market growth through 2023-2032.
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Ball Markers to gain significant prominence
Ball utility markers industry share accounted for over USD 100 million in 2022 and is projected to register steady growth through 2032. Ball markers are shaped like balls and contain various components that protect them from dust, chemicals, and water when buried underground. Industry participants are offering programmable ball markers that allow vital data to be stored on the markers for reading later. The widespread usage of ball markers in utility applications, such as gas and power, telecommunications, and water and wastewater are expected to favor segment growth.
Telecommunication application segment to amass substantial gains
Utility markers industry from the telecommunication application segment is poised to depict 5% CAGR from 2023-2032 owing to the rapid development of the telecommunication sector globally. Rising need for telecom services, high-speed internet, and greater usage of 5G networks are boosting the demand for utility markers. Several countries worldwide are implementing 5G technology in many industries for extending internet connectivity networks, further reinforcing the telecommunications sector. The growing obligation for utility markers in underground cables will also add to the market growth.
North America to hold a dominant industry share
North America utility markers market, comprising of U.S. and Canada, is estimated to be worth USD 300 million by the end of 2032. Underground utility markers, pavement markers, and pipeline markers are extensively used in the region as they help in identifying buried utilities, ensuring safety, and preventing accidental damages. The aging infrastructure along with the continuous development of new infrastructure and the ongoing investments in water, power grid, and broadband networks will add to the regional adoption of utility markers.
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Utility Markers Industry Leaders
Some of the key utility markers industry players include Vivax-Metrotech, Radiodetection, 3M, and Leica Geosystems, among others. These firms are taking constant efforts and making massive investments in R&D activities in order to produce novel products with enhanced features to expand their consumer base.
Utility Markers Industry News
- In August 2022, for the benefit of its clients, Partners Group, a top global private market business, is increasing the United States Infrastructure Corporation (USIC)'s shareholder base, which is a leading provider of utility placement services in North America. As a result of the deal, USIC's enterprise value increased to USD 4.1 billion.
Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Utility markers market 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Function trends
2.5 Type trends
2.6 Application trends
Chapter 3 Utility Markers Market Industry Insights
3.1 Impact on COVID-19 impact
3.2 Russia-Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 The increasing need to prevent damage to underground infrastructure
3.8.1.2 Government regulations mandating the use of marking and locating equipment
3.8.1.3 The growing adoption of advanced technologies such as GPR.
3.8.1.4 Infrastructure development and upgrades
3.8.1.5 Growing significance of real-time data for enhanced utility management
3.8.2 Industry pitfalls & challenges
3.8.2.1 lack of awareness and standardisation in emerging economies
3.8.2.2 Technical issues
3.9 Profit margin analysis
3.10 Vendor matrix analysis
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
