CHICAGO, July 9, 2019 /PRNewswire/ -- According to a new market research report "Underground Utility Mapping Market by Component (Technological Solutions (EMI and GPR), and Services (Professional Services, and Managed Services)), Vertical (Telecommunication, Oil & Gas, Government & Public Safety), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Underground Utility Mapping Market size expected to grow from USD 842 million in 2019 to USD 1.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
Rise in concerns over the safety of underground utilities, and government initiatives for the implementation of utility mapping tools are the major factors driving the growth of the Underground Utility Mapping Market.
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The training & education services segment of underground utility mapping to grow at a significant growth rate during the forecast period
Training & education services are intended to help organizations understand how underground utility mapping software solutions and applications work. These services educate communities and professionals about the challenges faced in using underground utility mapping solutions. The training programs guide organizations or individuals in identifying utility mapping process-related problems in day-to-day life. These services are focused on educating end-users on how to deploy and use underground utility mapping solutions at their sites effectively. For using utility mapping software and devices, high-skilled professionals are required, as every software solution has different modules. For this, many vendors offer training and education services.
The government & public safety segment to hold a significant market size during the forecast period
Government planning, management, and operations provide fertile ground for new applications of remote sensing data and information as the local governing bodies are responsible for geographically small areas that often have high population densities, comprising city and county. Additionally, these governing bodies generally require high-resolution spatial data for several purposes, such as cadastral or mapping applications, identification of changes in land use, and maintenance of the transportation infrastructure. Many governments already have GIS capabilities; data from satellite remote sensing, such as data from some forms of airborne remote sensing, can be used in conjunction with digital data available in existing GIS databases. Underground utility mapping helps government for exact planning of the town development.
Europe to grow at a significant CAGR during the forecast period
Europe is a key region in the Underground Utility Mapping Market due to the presence of developed economies that are adopting advanced technologies. Europe has shown a considerable amount of growth in the adoption of underground utility mapping applications in the past few years. The major growth driver is the increase in the spending of organizations in underground utility mapping applications. Furthermore, the need to compete in the market and gain an advantage over other prominent players has led organizations to utilize utility mapping solutions. Germany, UK, France, and Italy are some of the countries having the highest adoption rate of underground utility mapping in Western Europe. Spain and the Netherlands are slowly gaining traction in the adoption of underground utility mapping solutions. The increasing demand for the natural gas and rising need for developing safe, controlled, and cost-effective natural gas network, acts as an opportunity for the growth of the Underground Utility Mapping Market in this region.
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The major vendors in the Underground Utility Mapping Market are Hexagon Geosystems (Sweden), Sensors & Software (Canada), Vivax-Metrotech (US), Enviroscan (US), multiVIEW Locates (Canada), Guideline Geo (Canada), US Radar (US), Global Detection Solution (Malaysia), Plowman Craven (UK), GSSI (US), ProStar Geosorp (US), Underground Services (US), Utility Mapping (Australia), Maverick Inspection (Canada), and Cardno (Australia).
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