Report : Tunnel Sensor Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Solution (Visibility Monitoring, Air Flow Monitoring, Air Quality Monitoring, Filter Monitoring, Fire Monitoring, Others); Services (Installation Services, Maintenance Services, Consulting Services); Connectivity (Wired, Wireless); Application (Road Tunnels, Rail Tunnels, Others)
According to our latest market study on “Tunnel Sensor Market to 2027 - COVID-19 Impact and Global Analysis by Solution (Visibility Monitoring, Air Flow Monitoring, Air Quality Monitoring, Filter Monitoring, Fire Monitoring, Others); Services (Installation Services, Maintenance Services, Consulting Services); Connectivity (Wired, Wireless); Application (Road Tunnels, Rail Tunnels, Others); and Geography,” the market was valued at US$ 3.55 billion in 2019 and is projected to reach US$ 5.39 billion by 2027; it is expected to grow at a CAGR of 5.5% from 2020 to 2027.
Increasing industrialization and urbanization in developing countries due to population growth coupled with tunnel infrastructure upgradation and growing tunnel safety regulations in developed regions are some of the key factors that are expected to boost the growth of tunnel sensor market during the forecast period. Additionally, the increasing trend of smart city development across countries and adoption of tunnel automation systems are further fueling the market demand of tunnel sensors globally. The increasing tunnel safety concerns, rising adoption of tunnel automation, and monitoring solutions worldwide are some of the key factors that are driving the growth of tunnel sensor market. However, lack of awareness and lack of skilled professionals may restrain the adoption of these solutions in developing and underdeveloped regions of the world. Despite some limitations, the growing investments in infrastructure development across the world and rising technology integration in tunnel sensors for enhanced capabilities are the factors that will fuel the future growth of this market during the forecast period. Despite the positive growth outlook, the ongoing COVID-19 outbreak is anticipated to affect the global economy, thus hampering the business activities and revenues worldwide. The business lockdowns, travel bans, event cancellations, and supply chain disruptions in various countries would also downgrade the growth of the global tunnel sensor market, especially in 2020 and 2021.
Based on geography, North America holds a significant market share; whereas, APAC is expected to grow at a high CAGR during the forecast period. The top companies operating in the field of tunnel sensor include Bristol Industrial & Research Associates Ltd, CODEL International Ltd, DURAG GROUP, Advance Technologies Asia Sdn. Bhd., ACOEM, Control Equipment Pty Ltd., Geonica, Trolex Ltd, Safibra, s.r.o., and SICK AG. Various other companies operating in the market and are coming up with advanced tunnel sensor related solutions, which is fueling the expansion of the tunnel sensor market in terms of revenue.
Impact of COVID-19 on Tunnel Sensor market
According to the latest situation report (5th May 2020) from WHO, the US, Spain, Italy, France, Germany, the UK, Turkey, Iran, China, and Russia are among the worst-affected countries due to COVID-19 outbreak. The outbreak started in China during December 2019, and since then, it has spread at a fast pace around the globe. As per WHO estimates, there were around 3.5 million confirmed COVID-19 cases globally and close to 2,43,000 total deaths. The global travel bans, factory shutdowns, and border lockdowns to combat and contain the outbreak have impacted every industry and economy worldwide. The sharp decline in electronics & construction industry is affecting the growth of global tunnel sensor market as they are the major supply and demand sources for tunnel sensors. The factory shutdowns, trade bans, travel bans, and border lockdowns to reduce and contain the outbreak have impacted on manufacturing, supply, and sales of various electronic components that are required for manufacturing of tunnel sensor solutions. All these factors are anticipated to negatively impact the growth of the global tunnel sensor market, especially in 2020 and 2021, depending on the duration of the outbreak.
The report segments the global tunnel sensor market as follows: