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Global Ground Penetrating Radar Market to Grow at a CAGR of 8% During 2021-2026, Aided by the Heightened Deployment of GPR in the Oil and Gas Industry

According to a new report by EMR titled, ‘Global Ground Penetrating Radar Market Report and Forecast 2021-2026’, the market attained a value of around USD 531.5 million in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 8% between 2021 and 2026 to reach USD 843.30 million by 2026.

The heightened investments in the construction and mining sector are predicted to drive the global ground penetrating radar industry in the forecast period. This can be attributed to the increased demand for surface, sub-surface, and geospatial investigation. For instance, in the form of utility detection in the construction of subways and for the accurate detection of oil wells deep below the ground, among others. In addition, the increased demand for high quality scanning and accurate detailing such as in concrete quality detection is expected to bolster the market growth in the coming years. Furthermore, the rapid technological advancements are also expected to aid the market growth.

The growing mergers and acquisitions among the leading market players to expand their detection portfolios and fulfill the growing demand for ground penetrating radar systems across different industries, such as construction, are predicted to significantly bolster the industry growth in the forecast period. For instance, in November 2020, SPX Corporation (NYSE: SPXC), a supplier of highly engineered products and technologies,  announced the acquisition of Sensors and Software Inc., a manufacturer and distributor of ground penetrating radar products. This acquisition is expected to aid SPX’s Radiodetection business  portfolio of cable and pipe locator and detection and measurement products. Such developments are expected to positively impact the growth of the ground penetrating radar industry in the forecast period.

Market Breakup by Offering, Product Type, Application, and Region:

  • The market is divided based on offering into equipment and services.
  • On the basis of product type, the market can be categorised into handheld systems, cart-based systems, and vehicle-mounted systems.
  • Based on application, the industry can be segmented into utility detection, concrete investigation, forensics and archaeology, transportation infrastructure, geotechnical and environment, and others.
  • Region-wise, the global market for ground penetrating radar can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for ground penetrating radar is being driven by the increased investments in the construction and mining sector.
  • The growing applications of the product in the oil and gas industry has significantly contributed to the market expansion.
  • Heightened demand for quality scanning and accurate detection is also aiding the industry growth.
  • The rapid technological advancements are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for ground penetrating radar for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the offerings, product types, applications, and regions of ground penetrating radar.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global ground penetrating radar market are IDS GeoRadar s.r.l., Sensors & Software Inc., Guideline Geo, Chemring Group PLC, GSSI Geophysical Survey Systems, Inc., Geoscanners AB, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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