The global rockfall radar market is expected to grow primarily due to the rising cases of rockfall in mines and highways. Cloud sub-segment is expected to flourish immensely. The market in the Europe region is predicted to grow with a high CAGR by 2031
NEW YORK, March 10, 2023 /PRNewswire/ — Global Rockfall Radar Market Forecast Analysis:
As per the report published by Research Dive, the global rockfall radar market is expected to register a revenue of $285.6 million by 2031 with at a CAGR of 8.5% during the forecast period 2022-2031.
Segments of the Rockfall Radar Market
The report has divided the rockfall radar market into the following segments:
Application: highways, railways, mines, and others
Offering: cloud and on-premises
Region: North America, Europe, Asia-Pacific, and LAMEA
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Highways – Fastest CAGR during the forecast period
Rockfalls are one of the most common geological hazards on highway rock slopes which has increased the demand for installation of radars on highways. This increased demand is expected to push the growth of this sub-segment further.
Cloud – To have the fastest growth rate by 2031
The ability of cloud-based rockfall radars to provide alerts for rockfalls in real-time and record such hazards in a comprehensive statistical database is expected to propel the sub-segment forward.
Europe – Dominant market share in 2021
High number of rockfall disasters and presence of major rockfall radar manufacturing companies are predicted to be the two main factors behind the growth of the market in the forecast period.
Dynamics of the Global Rockfall Radar Market
Increasing number of cases of rockfall in mines and on highways is expected to become the primary growth driver of the rockfall radar market in the forecast period. Additionally, growing use of rockfall radars on railway lines and in tunnels to predict landslides, rockfall, and debris flow events is anticipated to propel the market forward. However, according to market analysts, high cost of investment might become a restraint in the growth of the market.
Rising need for risk analysis to evaluate the effects of expected rockfall disasters is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, extensive use of rockfall radars while constructing tunnels and railway lines is expected to push the rockfall radar market forward in the coming period.
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COVID-19 Impact on the Global Rockfall Radar Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The rockfall radar market, too, was negatively impacted due to the pandemic. The lockdowns and travel restrictions put in place by various governments across the world led to a virtual stoppage of all construction related activities and mining operations. This reduced the demand for rockfall radars which brought down the growth rate of the market during the pandemic period.
Key Players of the Global Rockfall Radar Market
The major players of the market include
- Hexagon AB
- Canary Systems
- Geomotion Australia
- TRE ALTAMIRA
- Geobrugg AG
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in June 2021, GroundProbe, a leading geohazards monitoring and measuring company, announced the launch of RGR-Velox, a doppler radar and alarming system for tailing landslides, dam breaches, avalanches, etc. This product launch will help to expand Groundprobe’s portfolio and increase its market share in the coming period.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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SOURCE Research Dive