The global rockfall radar market is predicted to witness noteworthy growth in the forecast period, 2022–2031. The increasing demand for rockfall radars in open-pit mines is boosting the growth of the market. The highways sub-segment and cloud sub-segment are estimated to dominate the market. The Europe market is predicted to be in the leading position in the forecast period.
New York, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global rockfall radar market. According to the report, the global market is projected to surpass $285.6 million and grow with a CAGR of 8.5% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the rockfall radar market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Rockfall Radar Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global rockfall radar market. Strict lockdowns as well as corporate closures hampered production and transportation operations, seriously disrupting supply chains. Radar is in high demand from highway and mining operators. The transport industry was among those that suffered the most severe consequences, particularly in the case of roads and highways. However, the market is expected to recover soon in the post-pandemic period.
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Factors Impacting the Rockfall Radar Market Growth
The key factor boosting the growth of the global rockfall radar market is a significant increase in the frequency of rockfall disasters worldwide. Furthermore, the increasing demand for rockfall radar systems from the mining sector is estimated to unlock lucrative opportunities for market growth in the forecast period. However, high installation costs and low awareness about the use of rockfall radar systems in developing countries are anticipated to deter the market’s growth.
The report segments the global rockfall radar market into application, offering, and region.
Highways Sub-Segment to Grab a Foremost Share of the Market
The highways sub-segment of the application segment is foreseen to observe leading growth in the forecast period. Highway rock slopes are particularly unstable and prone to landslides, which have an impact on both the traffic system and the safety of highway users. This factor is expected to raise the demand for radars.
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Cloud Sub-Segment to Witness Rapid Growth
The cloud sub-segment of the offering segment is predicted to grow enormously in the forecast period. This growth is mainly because cloud-based rockfall radars provide real-time alerts for rockfalls, and such hazard recordings are recorded in a thorough statistical database on a cloud-based server.
Europe Rockfall Radar Market to Perceive Maximum Growth
The report analyzes the global rockfall radar market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Europe market is projected to observe significant growth in the estimated period. This growth is mostly due to the high frequency of rockfall accidents and the presence of important players in this region.
Key Players of the Market
The report states some of the foremost players operating in the global rockfall radar market including
- Hexagon AB
- TRE ALTAMIRA
- Canary Systems
- Geobrugg AG
- Geomotion Australia
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2021, GroundProbe, a leading global provider of technologies with a focus on real-time approaches to measuring and monitoring geohazards, launched a geohazard monitoring system that is reactive. Reactive Geohazard Radar (RGR-Velox) is a system for monitoring and alerting to tailings dam breaches, significant landslides, slope failures, and avalanches.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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More about Rockfall Radar Market:
- Important Pointers on Early Detection and Warning Mechanism of Rockfall Radars
- Global Rockfall Radar Market to Experience Massive Growth by 2031 with the Growing Demand for Rockfall Radars in Open-Pit Mines
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