Report : Europe Tunnel Sensor Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Solution (Visibility Monitoring, Air Flow Monitoring, Air Quality Monitoring, Filter Monitoring, Fire Monitoring, and Others), Services (Installation Services, Maintenance Services, and Consulting Services), Connectivity (Wired, Wireless), and Application (Road Tunnels, Rail Tunnels, and Others)
Rising Investments in Infrastructure Development to Drive the Market Growth During 2020–2027
According to The Insight Partners market research study on “Europe Tunnel Sensor Market to 2027 – Regional Analysis and Forecast by Solution, Services, Connectivity, and Application” the Europe tunnel sensor market was valued at US$ 1,064.7 million in 2019 and is expected to grow at a CAGR of 5.6% during the forecast period to reach US$ 1,622.8 million by 2027. The COVID-19 outbreak is anticipated to affect the growth rate of Europe tunnel sensor market in the year 2020 and 2021 and thus there is a decline in y-o-y growth during these years. However, the growth is expected to normalize from 2021 onwards and the market is projected to grow at a steady pace. The report provides trends prevailing in the Europe tunnel sensor market along with the drivers and restraints pertaining to the market growth.
The global infrastructure and construction industry is growing at an impressive pace owing to the rising population and urbanization levels especially in the developing regions of the world. Asia Pacific, Middle East, Africa, and South America are some of the major regions that are driving the growth of global transport construction and infrastructure development. In developing nations such China and India, the construction industry is rising at an impressive pace owing to the rising disposable incomes, increasing urbanization, high population growth, supportive government policies, and growing number of public private partnerships (PPP). According to recent PwC report “Global Construction 2030,” the global construction output would reach US$ 15.5 trillion by 2030. Countries such as the US, China, and India are expected to be the major growth drivers with a contribution of around 55% to the overall growth. Another report from Deloitte “Global Powers of Construction-2018” estimated that the long term growth outlook of the global construction & infrastructure industry is estimated to be positive owing to the growing revenues of major construction companies globally. The revenue earned by top 100 global construction companies reached US$ 1.39 trillion in 2018, with an increase of 10% over 2017. The spending on new transport infrastructure in developing countries and upgradation of existing infrastructure in developed regions is projected to drive the demand for tunnel sensors in the coming years. Hence, rising population in developing countries, increasing investments in new infrastructure development in developing nations, infrastructure upgrading activities in developed countries, development of smart cities, and rising trend of tunnel automation are some of the key factors which are expected to offer ample growth opportunities to market players operating in Europe tunnel sensor market.
Bristol Industrial & Research Associates Ltd, CODEL International Ltd, DURAG GROUP, ACOEM, Geonica, Trolex Ltd, Safibra, s.r.o., and SICK AG are among the key players that were profiled during this market study. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
EuropeTunnel SensorMarket, By Country, 2019 and 2027 (%)
The report segments the Europe tunnel sensor market as follows:
Europe Tunnel Sensor Market – By Solution
Europe Tunnel Sensor Market – By Services
Europe Tunnel Sensor Market – By Connectivity
Europe Tunnel Sensor Market – By Application
Europe Tunnel Sensor Market – By Country