Utility Markers Market Size, Status, Top Emerging Trends, Growth and Business Opportunities 2023 - 2030
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| Utility Markers Market |
The global Utility Markers Market is estimated to be valued at US$ 4.53 Bn or Mn 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 devices that are used to mark and label the location of underground public utility lines including electric, gas, water, sewer and telecommunication lines to prevent accidental digging damage. They help contractors and excavators easily identify the specific underground utility lines to avoid injuries, service disruptions and costly repairs. Advantages of utility markers include safety, convenience and compliance with damage prevention regulations.
Market key trends:
One of the major trends in the utility markers market is the growing adoption of GPS and GIS technologies. Utility owners are increasingly using geographic information systems (GIS) and global positioning system (GPS) technologies to map the precise location of underground lines. The digital maps and coordinates help contractors and excavation crews accurately identify utility line locations. This prevents accidental damage during excavation work and promotes worker safety. Additionally, GPS enabled utility markers send real-time alerts and notifications about any potential interference or movement, thereby minimizing disruptions.
Segment Analysis:
The global utility markers market is segmented based on type, distribution channel, material, and geography. Based on type, the market is classified into warn marker ball/sphere, line marker, aerial marker, utility sign, caution marker and others. The warn marker ball/sphere segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is because warn marker balls aid in providing adequate notification and warning signals to equipment operators and civilians about utility lines and prevent accidental damage.
Key Takeaways:
The global Utility Markers Market Growth is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period of 2023 - 2030, due to increasing underground utility infrastructure projects globally.
The US utility markers market dominated with a share of over 35% in 2023 and is expected to continue its dominance during the forecast period. This is due to the extensive pipeline and transmission line networks in the country. The market in Asia Pacific is expected to grow at the fastest CAGR during the forecast period owing to rapid urbanization and industrialization activities in countries such as China and India.
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 companies are focusing on new product launches and expansion strategies to gain a competitive edge in the market. For instance, in 2022, USIC launched its SMARTMark Active Marker which combines radio frequency identification (RFID) and acoustic technologies to accurately locate underground utility lines.
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