NEWARK, Del, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The market research industry anticipates the size of the Utility Locator Market to reach US$ 820 million by 2023 and US$ 1.3 billion by 2033 and grow at a CAGR of 4.7%. Locators are essential for locating underground utilities like gas lines, electrical cables, water pipes, and telecommunication lines. The information provides a better understanding of protecting these utilities during excavations, construction, or digging activities.
Many regions have aging underground utilities that need maintenance, repair, or replacement. In order to avoid potential damage or service disruptions, utility locator services are often required. Urbanization and infrastructure development have increased the frequency of digging and excavation activities. New utility lines can be installed, existing utilities can be repaired, or new telecommunications cables can be laid. Using utility locator services during these activities is essential to preventing accidental damage.
The utility locator device can be used for many applications, including the location of telecommunication lines. With these devices, users can locate utilities using electromagnetic and GPR technologies. Examples of such multipurpose locators include Subsite Electronics' UtiliGuard and Radiodetection's RD8100PDL.
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According to the United Nations report, by 2025, about 1.8 billion people will live in areas with absolute water scarcity, contributing to food insecurity and many other problems. The lack of clean water and sanitation is responsible for about 80% of illnesses in developing countries. Many countries are taking joint initiatives to help developing countries access water resources.
Utility locating is becoming increasingly popular among contractors, construction companies, and utility service providers. Utility locators are located accurately, not only are damages prevented and worker safety ensured, but project delays are also reduced. Therefore, more companies are investing in utility locators, driving the market.
Key Takeaways from the Utility Locator Market
- The global market for utility locator services is forecast to grow at a CAGR of 4.6% over the forecast period.
- Due to rapid innovation and advanced technologies, China is expected to increase its utility locator demand by 5.6% CAGR by 2033.
- The increasing construction industry in the United States will lead to an increase in utility locators. The sector will grow at a CAGR of 3.6% from 2023 to 2033.
- The Japanese automotive industry is driving market growth, which is expected to reach a 4.2% CAGR by 2033.
- According to analysts, the utility locator market in telecommunications is forecast to grow at a CAGR of 4.5% over the next few years.
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Competitive Landscape of Utility Locator Market and Their Marketing Strategies:
Globally, the utility locator market has become highly competitive over the past decade. A cost-effective and broader product line will enable the company to thrive in a highly competitive market.
Market Developments Include:
- In February 2023, a Minnesota company introduced a new underground utility mapping system. GIS Manager Damon Nelton leveraged Esri solutions, hardware, and software from Eos Positioning Systems to develop a real-time capturing solution for new pipeline construction at Ellingson Companies. Ellingson Companies improved field productivity and the safety of future construction projects by streamlining its documentation workflows.
- In March 2023, Vermeer introduced its GPS-enabled Verifier G3+ Utility Locator. An intuitive user interface, optimized connectivity, and high accuracy are the key features of this new-generation locator. By connecting the Verifier G3+ utility locator to a smartphone and using the G3+ Map app, location details can be plotted, including depth, current index, GPS information, utility type, device name, and the operator's name.
Key Players in Utility Locator Market and Their Marketing Strategy
- Radiodetection Ltd.
- Guideline Geo
- Rigid Tool Company
- Ditch Witch (The Charles Machine Works)
- Leica Geosystems AG
- Vivax-Metrotech Corporation
- 3M
- USIC LLC
- Multi VIEW Locates Inc.
- Ground Penetrating Radar
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ESCOMAR-certified member Future Market Insights offers unbiased global market analysis, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the utility locator market, the market is segmented based on Technique (Electromagnetic Field, Ground Penetrating Radar, Other), Offering (Equipment, Services), Vertical (Oil & Gas, Electricity, Transportation, Water and Sewage, Telecommunication, Others) and Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Segmentation Analysis of the Utility Locator Market
By Technique:
- Electromagnetic Field
- Ground Penetrating Radar
- Other
By Offering:
- Equipment
- Services
By Vertical:
- Oil & Gas
- Electricity
- Transportation
- Water and Sewage
- Telecommunication
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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