The ground penetrating radar market 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.