Industrial Format Printers Expected to Hold Largest Share of Thermal Printer Market between 2017-2023

According to the new market research report "Thermal Printing Market by Offering (Printer, Supplies), Printer Type (Barcode, POS, Kiosk & Ticket, RFID, and Card), Format Type (Industrial, Desktop, Mobile), Printing Technology (DT, TT, D2T2), Application and Geography - Global Forecast to 2023", The thermal printing market is expected to be valued at USD 37.66 Billion in 2017 to reach USD 50.45 Billion by 2023, at a CAGR of 5.00% between 2017 and 2023.

The adoption of automatic identification and data capture (AIDC) technologies for productivity improvement, growing concerns about product safety and anti-counterfeiting, use of thermal printers in on-demand printing applications, increasing adoption of wireless technologies in mobile printers, and growth of the e-commerce industry are the driver of the growth of the thermal printing market worldwide.

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Supplies to hold a major share of thermal printing market during forecast period

The supplies segment is expected to hold the major share of the thermal printing market based on offering between 2017 and 2023. The overall thermal printing market based on offering is segmented in printer hardware and supplies. Supplies hold a larger share of the overall market owing to its dominant use in thermal printing. A lifetime of almost every printer involves the use of numerous supplies, which is leading to the rapid upsurge in the demand for supplies.

Barcode printers to hold largest share of thermal printer market during forecast period

Barcode printer is expected to hold the largest share of the thermal printer market between 2017 and 2023. Thermal barcode printers are extensively used in small, medium, and large businesses to label and, subsequently, track the products to be shipped. Application of barcode printers in the retail sector increases efficiency, boosts employee productivity, widens profit margins by lowering costs, and helps deliver a top-notch customer service.

Thermal printer market for mobile format to grow at highest CAGR between 2017 and 2023

Mobile format thermal printers are light in weight, easy to use, and durable, and deliver rich print quality. These printers are used in various applications such as hospitality, healthcare, and retail. Mobile printers have an ability to receive a command from mobile, smartphones, and tablets, either through connecting cables or wireless connection enabled by short-range Bluetooth technology. The demand for mobile thermal printers is increasing rapidly as these printers are used for printing labels, tickets, and receipts in many markets, such as hospitality, retail, and healthcare, owing to their several benefits such as the ability to connect to wireless networks and print materials on the spot.

Retail held largest share of the thermal printing market in 2016

The demand for thermal printers is increasing in the retail sector as there is a growing need for maintaining data by tracking inventory through the barcode and RFID tags. Thermal printers are used to print these tags at significantly low costs. Also, these printers print rugged and reliable labels, which can withstand all challenging conditions such as abrasion, moisture, and extreme temperature. Moreover, the inclination of the companies toward retailing and growth potential of e-commerce business are further expected to fuel the thermal printing market.

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North America held largest share of thermal printing market in 2016

Retail applications, such as smart packaging, inventory management, and warehousing, along with transportation and logistics applications drive the thermal printing market in North America. These applications require barcode, and RFID labels and tags for tracking all the data of a particular asset. Owing to this, the demand for RFID, barcode, and POS thermal printers is increasing rapidly in North America.

Also, the presence of significant players such as Zebra Technologies (US), Honeywell International (US), Avery Dennison (US), and Wasp Barcode Technologies (US), serving the retail, and transportation and logistics industries, is expected to further boost the thermal printing market in North America.

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Construction Industry to Hold Largest Share of Hydraulic Cylinder Market between 2017 And 2023

The hydraulic cylinder market is expected to be valued at USD 13.64 Billion in 2017 and is projected to reach USD 19.30 Billion by 2023, at a CAGR of 5.95% between 2017 and 2023. The key factor driving the growth of this market is their rising demand in the construction industry and mining process equipment. Increasing demand for lifting equipment in the shipping industry and for material handling equipment in the aerospace & defense industry is the key opportunity for the players in the hydraulic cylinder market.

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The growth in new and retrofit infrastructure after the recession has boosted the construction industry heavily. With new development plans and projects, the use of construction equipment is also growing. In the construction industry, hydraulic cylinders are used in equipment such as backhoes, excavators, trenchers, road construction planers, grinder and concrete or asphalt laying machines, concrete cutting saws, dozers, motor graders, dumpers, and skid steers. The hydraulic cylinder is capable of withstanding corrosive and abrasive environments, and extreme temperature and weather changes. Also, it can be used continuously for long periods. These advantages offered by hydraulic cylinders have increased their demand in the construction industry.

The objective of the report is to provide a detailed analysis of the hydraulic cylinder market based on function, specification, application, bore size, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also gives a detailed overview of the value chain in the hydraulic cylinder market and analyzes the market trends.

Double-acting hydraulic cylinders held the largest market share in 2016. Owing to the retraction property of double-acting hydraulic cylinders, they are used in aerospace, automotive, agriculture, and several other industries. The applications of hydraulic cylinders in agriculture include tractors for softride suspension, harvesters such as combine harvesters, self-propelled forage harvesters and header harvesters, telescopic loaders, hydraulic reversible plows, wool presses, seed drills, tillage bars, spraying equipment, slashers and mowers, cotton module builders, skid steer loaders, backhoe loaders, telehandlers, and front-end loaders.

The construction industry led the hydraulic cylinder market in 2016. The global construction industry has undergone substantial changes in recent years due to the global recession, which has led to the downsizing of the construction sector in developed markets. However, the construction investments in most emerging markets have continued to grow at a moderate rate despite the global crisis. China, India, and the US will witness major growth in the global construction industry. Earthmoving equipment is mainly used for construction projects such as digging the earth, lifting, loading and unloading weight, and leveling. The applications of hydraulic cylinders in earthmoving equipment include hitches, excavators, skid steer loaders, backhoes, wheel loaders, motor graders, dumper trucks, dozers, trenchers, road rollers, and other types of equipment used for heavy loading, high cycle rating, and accurate movement.

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APAC held the largest size of the hydraulic cylinder market in 2016. APAC is the most rapidly growing market and offers a huge opportunity for agricultural equipment manufacturers owing to the enormous development in the farm machinery segment. This is driven by the increased demand for the mechanization of farms to address the needs of the growing population. Governments provide support to developing economies to increase the productivity in the agriculture sector through the automation of farming methods. India and China are the major markets for hydraulic cylinders in APAC. The growth of the market in India is driven by the presence of well-established players such as Wipro. Moreover, the rapid development in industries such as construction, agriculture, infrastructure, steel, cement, and mining further drives the market for hydraulic cylinders in India.

The major restraint for the hydraulic cylinder market is increasing oil leakage from hydraulic cylinders. Hydraulic oil leakage in industrial applications ends up in groundwater, rivers, lakes, and the soil, causing damage to the environment, fish, and wildlife. Hydraulic leakage from industries such as marine, forestry, mining, and agriculture is mainly responsible for damaging the environment, which also results in high cleanup cost.

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System Digital Twin Is Expected To Hold the Largest Share between 2019-2025

According to the new market research report "Digital Twin Market by Technology, Type (Product, Process, and System), Industry (Aerospace & Defense, Automotive & Transportation, Home & Commercial, Healthcare, Energy & Utilities, Oil & Gas), and Geography - Global Forecast to 2025", the digital twin market is estimated to grow from USD 3.8 billion in 2019 to USD 35.8 billion by 2025, at a CAGR of 37.8%.

Major factors surging the demand for digital twin include declining time and cost of product development and unplanned downtime with the adoption of digital twins, increasing adoption of emerging technologies such as IoT and cloud, and growing use of digital twin for predictive maintenance.

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Automotive & transportation to account for largest size of digital twin market from 2019 to 2025

Automotive & transportation is expected to be the key end-user industry for the digital twin market. This industry is growing rapidly due to the increasing usage of digital twins for designing, simulation, maintenance, repair, and overhaul, production, and after service. Moreover, the automotive & transportation industry is the early adopter of technologies, and there is a rising demand for connected devices in this sector owing to the advancements such as connected cars & autonomous cars, which, in turn, boosts the growth of the digital twin market.

System digital twin to boost demand for digital twin market during forecast period

System digital twin is expected to hold the largest share of the digital twin market during the forecast period. This growth is attributed to the increasing demand for system digital twin type from several industries as a system digital twin is a collection of assets/products and processes that together perform as a system- or network-wide function, such as an oil & gas refinery/plant, a production line in a factory, an assembly line, a traffic network, a wind farm, a hospital, and a country. A system twin provides visibility into a set of interdependent equipment.

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North America to hold largest share of digital twin market from 2019 to 2025

North America held the largest share of the overall digital twin market in 2018, and APAC is likely to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the digital twin market in North America is due to the strong economic infrastructure and significant presence of digital twin vendors in the region. Moreover, increasing R&D activities in the field of IoT and IIoT, and growing demand for efficient and cost-effective technologies for product manufacturing are the factors driving the market in this region.

General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), Ansys (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US) are among the major players in the digital twin market.

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Flexible Display Market Is Projected To Grow At the Highest CAGR during 2017-2022

According to the market research report, "Flexible Display Market by Application (Smartphone, Smartwatch, Wearable, TV, Digital Signage, PC Monitor, E-reader, Electronic Shelf Label, and Automotive), Technology (OLED, Quantum Dots, LED, E-Paper), Panel Size, and Geography - Global Forecast to 2022", the market is projected to grow from USD 2.7 billion in 2016 to USD 15.1 billion by 2022, at a CAGR of 34.4% between 2017 and 2022. Growth of this market is driven majorly by a technological shift, the development of energy-efficient, attractive, high-specification products, and the rising demand for smartphones, smartwatches, wearables, televisions, PC monitors, and laptops.

Browse 62 market data Tables and 51 Figures spread through 171 Pages and in-depth TOC on "Flexible Display Market by Application (Smartphone, Smartwatch, Wearable, TV, Digital Signage, PC Monitor, E-reader, Electronic Shelf Label, and Automotive), Technology (OLED, Quantum Dots, LED, E-Paper), Panel Size, and Geography - Global Forecast to 2022"

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The smartphones and tablets segment accounted for the largest share of the flexible display market in 2016

The smartphones and tablets segment accounted for the largest share of the market in 2016. Smartphones have LED-LCD and OLED-variant–based display panels, and tablets are extended forms of smartphones and are equipped majorly with LED-LCD display panels. Various smartphone and laptop manufacturing and supplying companies have entered the tablet market due to the high demand in the consumer market. The use of flexible displays in smartphones and tablets makes these more durable, as they offer stylish designs and better ergonomics to operate these devices. The market for smartphones and tablets is growing significantly, owing to the increasing demand for hand-held devices around the world. This trend is expected to continue during the forecast period.

The OLED technology segment is projected to grow at the highest CAGR during the forecast period

The Organic Light-emitting Diode (OLED) technology segment is expected to grow at the highest CAGR between 2017 and 2022. OLED is a display technology used in various devices, including smartphones, tablets, laptops, smartwatches, and wearables. For example, OLEDs are used in mobile phones, digital cameras, VR headsets, tablets, laptops, and televisions. OLED has the potential to revolutionize the future of display as it is made of carbon and offers various advantages, such as low power consumption, fast response time, and flexibility.

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North America accounted for the largest share of the market for flexible display in 2016

North America accounted for the largest share of the market in 2016, followed by the Asia Pacific and Europe. The US accounted for the largest share of the market in North America in 2016. Flexible displays are used majorly in smartphones, tablets, smartwatches, and wearables. Leading companies offering devices and components include Apple, Inc. (US) and Corning Incorporated (US), which are based in North America, and this factor has helped the growth of the flexible display market in the region.

Major players operating in the flexible display market include Samsung Display Co. Ltd. (South Korea), LG Display Co., Ltd. (South Korea), Japan Display, Inc. (Japan), and BOE Technology Group Co., Ltd. (China), among others.

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The Market for Retail Industry Is Projected To Witness the Highest Demand for Non-Volatile Memory from 2017 To 2022

The growth of the non-volatile memory market can be attributed to the increasing demand for non-volatile memory in connected and wearable devices and growing requirement for highly scalable memory devices that offer high speed and have low power consumption. The report "Non-volatile Memory Market by Type (Flash (2D NAND, NOR), EEPROM, NVSRAM, Embedded, EPROM, 3D NAND, MRAM/STT-MRAM, FRAM, ReRAM/CBRAM, 3D XPOINT, NRAM), End-user Industry, Region - Global Forecast to 2022", is projected to reach USD 82.0 billion by 2022, at a CAGR of 9.5% from 2017 to 2022.

Browse 80 market data Tables and 72 Figures spread through 198 Pages and in-depth TOC on "Non-volatile Memory Market by Type (Flash (2D NAND, NOR), EEPROM, NVSRAM, Embedded, EPROM, 3D NAND, MRAM/STT-MRAM, FRAM, ReRAM/CBRAM, 3D XPOINT, NRAM), End-user Industry, Region - Global Forecast to 2022"

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Non-volatile memory is a type of computing memory, which is capable of saving data in the absence of a power source. The traditional/conventional non-volatile memory solutions that are used extensively are 2D NAND flash, NOR flash, EEPROM, NVSRAM, EPROM, and embedded non-volatile memory. The emerging non-volatile memory solutions include 3D NAND, MRAM/STT-MRAM, FRAM, ReRAM/CBRAM, 3D XPoint, Nano RAM (NRAM), and others (nanobridge, quantum-dots (Q-dots), millipede, molecular, transparent/flexible). Growing adoption of high-end computing systems, data centers, and servers and increasing replacement of traditional memory solutions with emerging non-volatile memory solutions are expected to act as growth opportunities for the non-volatile memory market in the coming years.

Based on type, the traditional non-volatile memory segment led the market in 2016

The traditional non-volatile memory includes 2D NAND flash, NOR flash, NVSRAM, EEPROM, EPROM, and embedded non-volatile memory. Embedded non-volatile memory is used in the connected devices that use the Internet of Things (IoT) technology due to the high efficiency offered by it under ultra-low-power conditions. The traditional non-volatile memory solutions are inexpensive and offer high density and performance, thereby leading to their increased demand across the globe.

The retail end-user industry is projected to witness the highest demand for non-volatile memory from 2017 to 2022

The companies operating in the retail industry are adopting emerging memory technologies to store and access the data generated at their points of sales to make data-driven decisions to meet the expectations of customers. Non-volatile memory is an integral part of various analytic tools used in the retail end-user industry to carry out data computing and analysis. This leads to increased adoption of non-volatile memory solutions in the retail industry. Thus, the retail segment of the non-volatile memory market is projected to grow at the highest CAGR during the forecast period.

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Asia Pacific led the non-volatile memory market in 2016

The high population density in the Asia Pacific region makes it a high-potential market for consumer electronics. The increasing use of non-volatile memory in consumer electronics is driving the mass production of non-volatile memory devices in Asia Pacific. Moreover, the presence of major global foundries in Asia Pacific is also leading to continuous developments in non-volatile memory technologies. Increased funding and favorable government policies in China to carry out developments in DRAM, eDRAM, and V-NAND flash memory are also fueling the growth of the non-volatile memory market in Asia Pacific.

Some of the leading players in the non-volatile memory market include Samsung Electronics Co., Ltd. (South Korea), Micron Technology, Inc. (US), Toshiba Corp. (Japan), Western Digital Corp. (US), and SK Hynix, Inc. (South Korea).

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Increasing Adoption of Biometric-Enabled Smart Cards Is Expected To Be a Game Changer for the Smart Card Market

The smart card market has been segmented based on communication, component, application, and geography. The market is expected to reach USD 21.57 billion by 2023 from USD 14.22 billion in 2018, at a CAGR of 8.7% between 2018 and 2023.

The major factors driving the growth of the smart card market include increasing use of online payment methods enabling consumers to make secure and reliable payments. In line with this, the use of contactless smart cards has gained remarkable consideration as electronic payment methods are rapidly replacing cash and carry operations. However, factors such as initial costs associated with the deployment of contactless EPOS terminals and increasing adoption of mobile wallets are restraining the growth of the market.

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The increasing adoption of biometric-enabled smart cards is expected to be a game changer for the smart card market over the coming years.

Companies such as IDEMIA France SAS, Gemalto N.V., Ingenico Group SA, KONA I Co., Ltd. Fingerprint Cards AB, and ZWIPE AS have launched a range of bio-metric-enabled smart cards for various end-use applications. Further, these companies are also exploring applications of block chain technology to transform the smart card market.

A contactless smart card includes an embedded smart card, secure microcontroller or equivalent intelligence, internal memory, and a small antenna; it communicates with a reader through a contactless radio frequency (RF) interface. Companies such as Gemalto N.V., Giesecke & Devrient GmbH, and IDEMIA France SAS are offering customized solutions using embedding contactless technology to their end users.

Further, chip manufacturing players such as Infineon Technologies AG, NXP Semiconductors N.V., and Sony Corp. are offering new contactless enabled chips owing to their increased demand. This has encouraged providers of smart card readers such as Ingenico Group SA and VeriFone Systems, Inc. to offer contactless smart card readers. The BFSI and transportation sectors are expected to witness a high adoption of contactless smart cards in the coming years.

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The smart card market in the Rest of the World (RoW) comprises South America, and the Middle East and Africa (MEA). This region is expected to be the fastest growing market during the forecast period. South America holds a fair opportunity for smart cards, especially for the BFSI, government, and healthcare sectors—with Chile, Mexico, and Brazil having high potential. The penetration of smart card solutions in Brazil is higher than in other countries in this region. MEA is an emerging market for smart cards, wherein companies are increasingly deploying smart card solutions for government and healthcare applications. Dubai, Abu Dhabi, Qatar, Israel, and South Africa are some of the potential markets for smart cards in the MEA region.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Solar Lighting System Market Is Expected To Grow At Highest CAGR during 2019-2024

According to the new market research report on the "Solar Lighting System Market by Offering (Hardware and Software & Services), Light Source (LED and Others), Grid Type (On Grid and Off Grid), Application (Highways & Roadways, Industrial, and Commercial), and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the solar lighting system market is projected to reach USD 10.8 billion by 2024 from USD 5.2 billion in 2019, at the highest CAGR of 15.6%. Major drivers for the growth of the market are growing need for energy-efficient solar lighting systems for highways, increasing use of renewable energy for lighting, rising penetration & decreasing cost of LEDs, and growing demand from developing and emerging countries.

Furthermore, underlying opportunities for the solar lighting system market include a decline in the cost of solar lighting systems, favorable government initiatives, and enhancement in technological aspects of a solar lighting system. Major restraints for the market are lack of awareness about finance and payback period. The lack of customer ownership in utility-owned solar street lighting poses a significant challenge for the solar lighting system market.

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LED light source for solar lighting system to grow at higher CAGR during the forecast period

LEDs are used widely in solar lighting systems as these are energy efficient. LEDs offer benefits such as long life, durability, eco-friendly, and zero UV emissions. LEDs are compact and have a life span up to 50,000 hours, which is 30 times longer than incandescent bulbs and 5 times longer than CFLs. In the case of outdoor solar lights, lighting fixtures are exposed to different environmental factors such as heat, wind, and falling objects that can damage the fixtures.

LEDs comprise compound semiconductor materials and are hollow. This makes LEDs more durable than other types of lamp that withstand harsh conditions. These are resistant to vibrations, external impacts and shock, and are, therefore, preferred for different solar outdoor lighting types. Thus, their technical characteristics make it a viable choice over other light sources resulting in driving its demand over the forecast period.

Commercial application to hold largest share of solar lighting system market during forecast period

Solar lighting systems are installed in commercial areas such as corporate offices, schools, and universities. Commercial spaces need indoor lighting for illuminating cellars, corridors, and basements, and outdoor applications such as pathways and perimeters, among others. Solar lighting systems installed at these places help in decreasing energy and maintenance costs.

APAC is major contributor for solar lighting system and is expected to grow at highest CAGR during next 5 years

APAC is a potential market for solar lighting systems with huge opportunities for the development and implementation of new technologies. Countries such as China, Japan, India, South Korea, and Australia are taking initiatives toward the deployment of solar lighting systems. China is the biggest market in APAC for the deployment of solar lighting system solutions. Surging urbanization in developing countries in this region has been leading to the rise in the demand for energy. This consequently drives the demand for solar streetlights in this region. Reduction in the price of LEDs and increasing awareness about using energy-efficient lighting are expected to spur the solar lighting system market.

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China is the biggest market in APAC for the deployment of solar lighting system solutions. Surging urbanization in developing countries in this region has been leading to the rise in the demand for energy. This consequently drives the need for solar streetlights in this region. Reduction in the price of LEDs and increasing awareness about using energy-efficient lighting are expected to spur the solar lighting system market growth.

Signify Holding (Signify, Netherlands), Eaton Corporation Inc (Eaton, Ireland), Solar Electric Power Company (SEPCO, US), Sol Inc., (Sol by Carmanah, US), Su-Kam Power Systems Ltd. (Su-Kam, India), Clear Blue Technologies Inc (Clear Blue Technologies, Canada), SunMaster Solar Lighting Co.,Ltd. (SunMaster, China), SolarOne Solutions, Inc. (SolarOne, US), Solar Street Lights USA (Solar Street Lights, US), Solar Lighting International, Inc. (Solar Lighting, US), FlexSol Solutions B.V. (FlexSol Solutions, Netherlands), Azuri Technologies Ltd (Azuri, Kenya), Sunna Design (France), Nokero (US), and Solektra International (Africa) are a few major players in the solar lighting system market.

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Machine Safety Market Is Expected To Grow At the Highest Rate between 2018 And 2025

The machine safety market is expected to grow from USD 4.37 Billion in 2018 to USD 6.58 Billion by 2025, at a CAGR of 6.0% between 2018 and 2025. Growing emphasis on industrial safety and proactive safety measures, rising number of accidents in industries, mandatory safety standards and government policies, and increasing demand for presence-sensing safety devices are driving the growth of the machine safety market.

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Presence-sensing safety sensors held the largest size of the machine safety market in 2017

Presence-sensing safety sensors held the largest size, in terms of value, of the machine safety in 2017. Presence-sensing safety sensors used in safety systems are developed and designed to ensure a safe output based on logic if a signal transmission does not occur. Safety sensors play an important role in implementing machine safety solutions in various industrial applications. Presence-sensing safety devices are suitable for applications in which personnel need frequent and safe access to critical areas near robotic welding, stamping, hydraulic presses, filter presses, or packaging equipment. These safety sensors are often preferred over physical guards as these devices allow easier access for loading parts or for routine maintenance, thereby increasing productivity.

Robotics applications to hold the largest size of the market between 2018 and 2025

Safety is important in the robotics industry. Robotics applications hold the largest share of the machine safety market, and a similar trend is likely to continue between 2018 and 2025. Industrial robots are programmable mechanical machines that are used for moving parts, components, materials, and tools. Machine safety functions such as controlling, limiting, and positioning are a must for automated robotic processes. Machine safety products sense emergency situations and stop robots from making and damaging products or harming operators. Thus, the market for robotics applications is expected to grow at a considerable rate during the forecast period.

Automotive industry held the largest size of the machine safety market in 2017

The automotive industry held the largest size of the machine safety market in 2017. The rising demand for automobiles owing to the increase in population with purchasing power worldwide and the feasibility of easy loans is driving the growth of the market for the automotive industry. The development of environmentally friendly electric vehicles has led to the creation of a new segment of automobiles. Automotive companies focus on automation to address the fast-changing consumer needs in various markets worldwide.  The rising adoption of machine safety systems, such as safety light curtains, safety switches, emergency stop devices, and safety sensors, for assembly, presses, and material handling applications in the automotive industry is driving the growth of the machine safety market for the automotive industry.

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Europe to hold the largest size of the machine safety market between 2018 and 2025

Europe is expected to hold the largest size of the machine safety market throughout the forecast period. The presence of automotive manufacturers and increasing automation in the automotive industry in Europe support the growth of the machine safety market in this region. Manufacturing process in the automotive industry is complex; it requires safety measures to ensure the safety of personnel as well as machines for the smooth functioning of the industry. In addition, machine and industrial safety measures are strictly followed under various regulatory standards in Europe. Countries in this region are continuously focusing on automating discrete and process industries, along with maintaining high safety standards ensuring the safety of workers in these industries. Due to these factors, Europe is expected to hold the largest share of the machine safety market throughout the forecast period. 

The machine safety market was dominated by players such as Rockwell (US), Pilz (Germany), Schneider (France), SICK (Germany), and Mitsubishi Electric (Japan), ABB (Switzerland), Honeywell (US), KA Schmersal (Germany), and Omron (Japan).

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Ground Penetrating Radar Market Is Expected To Grow At Highest CAGR during 2019-2024

The ground penetrating radar market (GPR) is expected to reach USD 726 million by 2024 from USD 493 million by 2019 at a CAGR of 8.1% from 2019 to 2024.

The major key factors driving the growth of this market are concerns related to safety and protection of underground utilities, advantages of GPR systems over other traditional technologies, and government support for deployment of GPRs, among others.

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Services to witness higher CAGR in ground penetrating radar market during forecast period

The ground penetrating radar market for services is expected to grow at a higher CAGR during the forecast period. This growth is due to factors such as the rise in the practice of procuring GPR systems on a rental basis owing to their high cost of ownership, continuous innovation in GPR, and imposed regulations and standards by the government for using a suitable detecting device before commencing digging, demolishing, or constructing any infrastructure.

Cart-based GPR systems to account for largest size of ground penetrating radar market during forecast period

Cart-Based GPR systems are expected to account for the largest share of GPR market for the forecast period. These systems enable the addition of more antennas and display units. They can collect data in any environment for any application. The cart-based GPR equipment provide reliable and high resolution data about depths of subsurfaces.

 

Americas to account for largest size of ground penetrating radar market during forecast period

The Americas is expected to hold the largest size of the ground penetrating radar market during the forecast period. The aging civil structures and deteriorating buildings because of harsh environmental conditions, resulting in increased maintenance, repair, and overhaul cost, would drive the demand for the market in the region.

 

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Key Market Players

IDS Georadar (Italy), Sensors & Software Inc. (Canada), Guideline Geo (Sweden), Chemring Group (UK), Geophysical Survey Systems, Inc. (US), Leica Geosystems AG (Switzerland), Radiodetection (UK), Penetradar Corp. (UK), Utsi Electronics Ltd. (UK), Hilti ( Liechtenstein), Pipehawk PLC (UK), and Geoscanners (UK) are among a few major players in the ground penetrating radar market.

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