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

LONDON, June 7, 2018 /PRNewswire/ -- Concern for safety and protection of underground utilities acts as major driving factor for utility locator market growth

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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. This growth can be attributed to the concern for safety and protection of underground utilities, benefits of advanced utility locating technologies over traditional utility locating methods, and government initiatives toward the implementation of utility locators. However, high ownership and maintenance costs restrict the growth of the utility locator market.

Electromagnetic field technique held largest share of utility locator market in 2017
The electromagnetic field technique accounted for the largest share of the utility locator market in 2017. The applicability of this technique to locate metallic utilities, such as electric wires, telephone lines, and cables, and the lower cost of the electromagnetic field technique compared to the other techniques can be attributed to the largest share of this segment.

Market for utility locating services to grow at higher CAGR during forecast period
The utility locating 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.

Telecommunications vertical held largest share of utility locator market in 2017
The telecommunications vertical accounted for the largest share of the utility locator market in 2017. 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.

North America was largest shareholder in 2017, whereas APAC would be fastest-growing region in utility locator market during forecast period
North America accounted for the largest share of the overall utility locator market in 2017.The increasing concern for public safety and security and government efforts to avoid damage to pipelines and other utilities during the implementation of remodeling and infrastructure development initiatives facilitate the implementation of utility locating equipment and adopt utility locating services, which, in turn, propels the market growth in North America.

The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is likely to witness a high adoption of utility locators owing to the rapid infrastructural developments and construction activities and adoption of 5G technology in countries such as India and China.

The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
• By Designation: C-Level Executives = 60% and Directors = 40%
• By Region: North America = 25%, Europe = 35%, APAC = 30%, and RoW = 10%

Major equipment providers in the utility locator market 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).
Factors such as high demand for real-time utility locating services and aging infrastructure and the increasing need for maintenance are expected to generate opportunities for the players in the utility locator market.

Research Coverage:
• This report includes the market statistics pertaining to the utility locator technique, offering, target, vertical, and geography, along with their respective market size.
• Major drivers, restraints, opportunities, and challenges pertaining to the utility locator market have been detailed in the report.
• Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders.
• Strategic profiling of the key players in the utility locator market has been done and players' ranking has been provided, and core competencies have been comprehensively analyzed.

Reasons to Buy the Report:

The report would help leaders/new entrants in the utility locator market in the following ways:
1. This report segments the utility locator market comprehensively and provides the closest market size estimations for segments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for the market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, and expansions.

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