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A $699.9 Million Global Opportunity for Ground Penetrating Radars by 2026 - New Research from StrategyR
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Ground Penetrating Radars - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: January 2022
Executive Pool: 722
Companies: 53 - Players covered include Chemring Group; Geophysical Survey Systems, Inc. (GSSI); Geoscanners; Groundradar; Guideline GEO; IDS Georadar; Impulseradar; Leica Geosystems AG; Penetradar Corp.; Pipehawk PLC; Proceq; Radiodetection; Sensors & Software, Inc.; US Radar; Utsi Electronics Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Component (Equipment, Services); Product Type (Cart-Based Systems, Handheld Systems, Vehicle-Mounted Systems); Application (Utility Detection, Concrete Investigation, Transportation Infrastructure, Archaeology, Geology & Environment, Law Enforcement & Military, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Ground Penetrating Radars Market to Reach US$699.9 Million by the Year 2026
Ground penetrating radar (GPR) refers to a geophysical locating technique that leverages radio waves for acquiring images from underneath the ground's surface in a minimally invasive manner. GPR was first invented to discover unerground hidden objects during the 1920s. The technology, nevertheless, found a true use case only when the US Military investigated its usage for detecting mines, tunnels, buried weapons caches, and other important underground structures. Over a period of time, the use of GPR technology spread to other industries interested in underground discoveries, with archaeology becoming the most prominent of its users. The main benefit offered by this technology is that it enables in identifying the location of utilities or structures present under the ground without upsetting the ground. With expected recovery in the construction sector, both new constructions and renovations of existing homes, use of GPR is expected to benefit immensely. In environmental assessments, GPR is employed widely for surveying peatlands and wetlands. For geophysical surveys therefore GPR is fast gaining traction outpacing all the other alternatives. The sustained increase in global defense budgets and military modernization programs are anticipated to provide a significant scope for increased investments in GPR technology The use of GPR for detecting underground utilities can help companies in reducing damages and risks of employee injuries, thus saving them from the requirement of dealing with time-consuming and expensive mistakes. Over the last two decades, the adoption of GPR utility locating equipment by engineers and surveyors has been increasing significantly.
Amid the COVID-19 crisis, the global market for Ground Penetrating Radars estimated at US$452.9 Million in the year 2020, is projected to reach a revised size of US$699.9 Million by 2026, growing at a CAGR of 7.7% over the analysis period. Equipment, one of the segments analyzed in the report, is projected to grow at a 7.4% CAGR to reach US$461.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 8.3% CAGR for the next 7-year period. This segment currently accounts for a 38.2% share of the global Ground Penetrating Radars market. Notable progress over the past two decades has enabled GPR equipment to evolve from an unreliable option to an accurate and highly dependable solution for concrete testing. Latest GPR equipment offers a sophisticated imaging option that relies on wideband sinusoidal electromagnetic waves for offering high-resolution images related to subsurface materials up to a depth of 10 meters.
The U.S. Market is Estimated at $171.9 Million in 2021, While China is Forecast to Reach $99 Million by 2026
The Ground Penetrating Radars market in the U.S. is estimated at US$171.9 Million in the year 2021. The country currently accounts for a 36.37% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$99 Million in the year 2026 trailing a CAGR of 9.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.7% and 6.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.1% CAGR while Rest of European market (as defined in the study) will reach US$37.5 Million by the end of the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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