Utility Markers Market Is Estimated To Witness High Growth Owing To Rising Infrastructure Development Projects & Increasing Renewable Energy Installations
The Utility Markers Market is estimated to be valued at US$ 4.53 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Utility markers are used for marking the location and route of underground utilities and pipelines including electricity, gas, telecommunication, water and sewer lines. They help ensure safety during excavation work by preventing potential damage to buried cables or pipes. Utility markers come in various forms including spray paints, flags, stakes and electronic marker balls and help identify specific utilities using unique color-coding systems.
Market Dynamics:
Rising levels of infrastructure development activities around the world relating to roads, railways, pipelines, broadband networks etc. is a key driver for the utility markers market. Construction of new residential and commercial projects also fuels demand. According to the World Economic Forum, global infrastructure spending is estimated to be over $94 trillion by 2040. Additionally, the increasing installation of renewable energy sources such as solar and wind farms is boosting requirements for specialized utility markers to identify underground transmission lines connecting these farms to the main grids. New smart utility networks also necessitate advanced electronic utility markers with GPS tracking capabilities for tracing interconnected systems.
SWOT
Strength: Utility markers are specially made to withstand harsh weather conditions and long-lasting. Most utility markers are made from durable materials like plastics and composites which makes them withstand extreme temperatures, rain, snow etc. Utility markers help in identifying underground utilities to prevent accidents during excavation work. Real-time locating devices attached with utility markers help in locating the exact position of underground utilities.
Weakness: Frequent replacement of damaged utility markers increases maintenance cost. Traditional utility markers like metal or wooden stakes can easily rust, corrode or decay over time impairing visibility.
Opportunity: Growing demand for wireless communication networks and development of new smart infrastructure is expected to boost the utility markers market. Rising digitization and construction of new roads and buildings offer growth opportunities.
Threats: Availability of cheaper alternatives and presence of local unorganized players pose threats. Strict regulations regarding usage, disposal of materials can hamper market growth.
Key Takeaways
The global Utility Markers Market Growth is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period from 2023 to 2030, due to increasing investments in development of smart cities and infrastructure modernization. The utility markers market size is estimated to reach US$ 4.53 Bn in 2023.
Regional analysis:
The North America region currently dominates the global utility markers market with over 30% share due to developed underground utility identification systems and replacement of aging infrastructure in countries like US and Canada. Asia Pacific is expected to be the fastest growing regional market exhibiting a CAGR of around 9% during the forecast period supported by the ongoing infrastructure development activities in China and India.
Key players:
Key players operating in the utility markers market are 3M, Utility Marking Services Inc., Gecko Group, Raychem RPG, SAE Systems, Subsite Electronics, Tempo Communications, Cable Detection Ltd., Rhino Marking & Protection Systems, Radiodetection Ltd., Ridgid, Leica Geosystem, USIC, Crafco Inc., Seba Dynatrac, Berntsen International, Musco Lighting, Cooper Industries, H.D. Electric Company, and Streamlight. These players are focusing on new product development and partnerships to expand their business and gain higher market share.
Read more @ https://creativeedge16.blogspot.com/2023/11/utility-markers-market-size-status-top.html
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