The utility locator market is expected to reach USD 7.50 billion by 2023 from USD 5.62 billion in 2018, at a CAGR of 5.94% between 2018 and 2023.
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Utility locator market companies are Radiodetection (UK), Vivax-Metrotech (US), Guideline Geo (Sweden), Ridge Tool Company (US), THE CHARLES MACHINE WORKS (US), Sensors & Software (Canada), Leica Geosystem (Switzerland), and 3M (US). Major service providers in the Utility Locator Market are USIC (US), multiVIEW (Canada), Ground Penetrating Radar Systems (GPRS) (US), On Target Utility Services (US), and Maverick Inspection (Canada).
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- Raw material suppliers
- Original equipment manufacturers (OEMs)
- Technology and solution providers
- Suppliers and distributors
- System integrators
- Rental service providers
- Government and other regulatory bodies
- Technology investors
- Research institutes and organizations
- Market research and consulting firms
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The utility locator market is segmented on the basis of technique into electromagnetic field locators, ground penetrating radar (GPR), and others. Other techniques include acoustic pipe locators, magnetic locators, and hydro or vacuum excavators.
The electromagnetic field technique is expected to hold the largest market share during the forecast period. The applicability of this technique to locate metallic utilities and the lower cost of the electromagnetic field technique compared to other techniques can be attributed to the largest share of this segment.
The market for GPR technique is expected to grow at the highest CAGR during the forecast period.
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The utility locator market based on offering is segmented into equipment and services. The equipment segment is expected to hold a larger market share during the forecast period, while the services market is expected to grow at a higher CAGR during the forecast period.
The high cost of ownership and maintenance of equipment, constant innovation pertaining to utility locating devices, and stringent government policies to locate underground utilities before digging and construction activities contribute to the higher growth of this market.
On the basis of target, the utility locator market has been segmented into metallic and non-metallic. The market for metallic utilities is expected to hold a larger share of the utility locator market in 2018.
The market for non-metallic utilities is expected to grow at the higher CAGR during the forecast period owing to the increasing demand for utility locators for the detection of water and sewage pipelines and oil & gas pipelines, and for mapping various non-metallic utilities made up of fiberglass reinforced plastic, concrete, asbestos cement, and plastics.
On the basis of vertical, the utility locator market is segmented into oil & gas, electricity, transportation, water & sewage, telecommunications, and other verticals including real estate, construction, nuclear power plant, and mining. The telecommunications vertical is expected to account for the largest share of the utility locator market in 2018.
This can be attributed to the high repair cost of telephone lines, adoption of utility locators to avoid disturbances in the communication system, and establishment of 5G technology infrastructure. The market for water & sewage is expected to grow at the highest CAGR between 2018 and 2023.
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