Ground Penetrating Radar Market to Hit USD 612.6 Million by 2029 | At a CAGR of 7.58% by 2022-2029
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
Companies Covered in Ground Penetrating Radar Market are Chemring Group (U.K.), Geophysical Survey Systems Inc. (U.S.), Geoscanners (U.K.), Guideline Geo (Sweden), IDS Georadar (Italy), Israel Aerospace Industries Ltd (Israel), Pipehawk Plc (U.K.), Raytheon Technologies Corporation (U.K.), Radiodetection Ltd. (U.K.), Saab AB (Sweden), Thales Group (France) and Other key players
Pune, India, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The ground penetrating radar market size was valued at USD 336.2 million in 2021. The market is likely to grow from USD 367.3 million in 2022 to USD 612.6 million by 2029, exhibiting a CAGR of 7.58% during 2022-2029. The rising adoption of real-time services and procurement of GPR systems are likely to boost industry growth. Fortune Business Insights™ presents this information in its report titled “Ground Penetrating Radar Market, 2022-2029.”
Russia-Ukraine War Impact
Robust Adoption of Ground Penetrating Radar (GPR) Systems Elevated Market Growth During the War
This market faced huge growth prospects during the Russia-Ukraine war due to the increasing adoption of ground-penetrating radar. The rising spending on military budgets is expected to foster the adoption of the GPR system. For example, as per Stockholm International Peace Research Institute (SIPRI)’s analysis, the total military spending worldwide has surged by 2.6% and touched USD 1,981 million in 2021. Further, the rising focus on defense infrastructure development in India and China is expected to elevate the ground-penetrating radar industry’s growth during the Russia-Ukraine war.
Vehicle-mounted Systems Segment to Dominate Attributable to Increasing Adoption of GPR for Road Scanning
By product type, the market is segmented into handheld systems cart-based systems, and vehicle-mounted systems. The vehicle-mounted systems segment is expected to lead due to the rising adoption of GPR for road scanning.
Services Segment to Lead Backed by Rising Construction Activities
As per offering, the market is classified into equipment and services. The services segment is expected to lead due to rising construction activities globally.
Concrete Investigation Segment to Dominate Attributable to Increasing Adoption as a Non-Destructive Testing Method
Based on application, the market is classified into utility detection, concrete investigation, transportation infrastructure, archaeology, geology and environment, and law enforcement and military. The concrete investigation segment is expected to dominate due to its increasing adoption as a non-destructive testing method.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
Browse Detailed Summary of Research Report with TOC:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Demand for GPR Equipment in Damage and Safety Protection to Propel Market Progress
Ground penetrating radar is a utility locator with the ability to locate non-metallic and metallic boxes. The increasing demand for GPR equipment for damage and safety protection is expected to enhance the industry’s growth prospects. Furthermore, the rising awareness regarding the product’s ability to reduce and prevent damage is expected to foster the product demand. Moreover, the increasing applications of ground penetrating radar, such as archeology, environment, geology, disaster inspections, municipal inspections, transportation infrastructure, and concrete surveys, are expected to drive the ground penetrating radar market growth.
However, limitations of GPR, such as moisture content and soil type, are expected to hinder the market growth.
Rising Defense Expenditure to Foster Market Progress in North America
North America is expected to dominate the ground penetrating radar market share due to increasing defense expenditures. The market in North America stood at USD 130.8 million in 2021 and is likely to gain a huge portion of the global market share in the coming years. Furthermore, rising 3D aerial expedition and long-range missile defense radar is likely to boost the market growth in the region.
In Europe, increasing adoption of ground penetration radar for concrete investigation, geology, utility detection, environment, and is likely to fuel sales in the region. This factor may facilitate industry growth.
In Asia Pacific, the rapid expansion of construction and road infrastructure is likely to surge the ground penetrating radar systems demand.
Competitive Landscape
Major Players Deploy Partnerships to Launch Best-in-Class Products
The key players operating in this industry focus on partnerships to develop innovative and best-in-class products. For example, IDS GeoRadar partnered with World Sensing in March 2020 to announce an efficient and advanced mine safety monitoring system. This launch may allow both companies to bolster their brand image and enhance their offerings. Further, several players devise research and development, mergers, acquisitions, innovations, automation, and expansions to reinforce their market position.
Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
Latest technological Advancements
Porters Five Forces Analysis
Supply Chain Analysis
Quantitative Insights-Impact of Russia-Ukraine War on Global Ground Penetrating Radar Market
Impact of Russia-Ukraine on Global Ground Penetrating Radar Market
Potential Opportunities due to Russia-Ukraine War
TOC Continued…!
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