Ground Penetrating Radar Market to Reach USD 612.6 Million by 2029 | At a CAGR 7.58%
The global ground penetrating radar market covered major segments By Product Type (Handheld Systems, Cart-based Systems, Vehicle-mounted System), By Offering (Equipment, Services), By Application (Utility Detection, Concrete Investigation, Transportation Infrastructure, Archaeology, Geology and Environment, Law Enforcement and Military), and Regional.
Pune, India, May 02, 2023 (GLOBE NEWSWIRE) -- The global ground penetrating radar market size was valued at USD 336.2 million in 2021 and is projected to grow from USD 367.3 million in 2022 to USD 612.6 million by 2029, exhibiting a CAGR of 7.58% during the forecast period.Ground Penetrating Radar (GPR) is a geophysical technique that uses high-frequency electromagnetic waves to detect and map subsurface features. The method involves transmitting a short pulse of energy into the ground using an antenna and then measuring the time it takes for the energy to be reflected back to the surface. By analyzing the strength and timing of the returned signals, GPR can identify and map subsurface features such as buried utilities, pipes, and geological structures. GPR is a non-invasive and non-destructive method, making it a valuable tool for a wide range of applications, including environmental assessments, archaeological investigations, and infrastructure inspections. However, GPR data interpretation requires careful consideration and expertise to ensure accurate results.
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*List of Key Players Profiled in the Ground Penetrating Radar Market Report:*
· 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)
**Report Scope & Segmentation:**
*Report Coverage* *Details*
Forecast Period 2022-2029
Forecast CAGR 7.58 %
2029 Value Projection USD 612.6 Billion
Market Size in 2022 USD 367.3 Billion
Historical Data 2018-2020
No. of Pages 208
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Product Type Analysis
· By Offering Analysis
· By Application Analysis
Regions Covered · North America
· Europe
· Asia Pacific
· South America
· Middle East and Africa
Ground Penetrating Radar Market Growth Drivers Increased Demand for GPR Equipment in Safety and Damage Protection Applications to Boost Market Growth
Increased Demand for GPR Over Traditional Techniques to Drive Market Growth
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*Segments*
*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 the 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.
*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.
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*Report Coverage*
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 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.
*Regional Insights*
*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.
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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· 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
· *Global Ground Penetrating Radar Market Analysis, Insights and Forecast, 2018-2029*
· Key Findings / Definition
· Market Analysis, Insights and Forecast – By Product Type
· Handheld Systems
· Cart-Based Systems
· Vehicle-Mounted Systems
*TOC Continued...!*
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*Key Industry Development*
· *July 2020- *Chemring PLC’s U.S. entered into an agreement worth USD 34 million with the Canadian military to supply its Husky Mounted Detection System Ground Penetration Radar GPR kits (HMDS GPR) to the Canadian Armed Forces.
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