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Pune, India, Nov. 24, 2022 (GLOBE NEWSWIRE) — The ground penetrating radar market size was valued at USD 336.2 million in 2021. The market is likely to grow from USD 367.3 million in 2022 to USD 612.6 million by 2029, exhibiting a CAGR of 7.58% during 2022-2029. The rising adoption of real-time services and procurement of GPR systems are likely to boost industry growth. Fortune Business Insightspresents this information in its report titled “Ground Penetrating Radar Market, 2022-2029.

Russia-Ukraine War Impact

Robust Adoption of Ground Penetrating Radar (GPR) Systems Elevated Market Growth During the War

This market faced huge growth prospects during the Russia-Ukraine war due to the increasing adoption of ground-penetrating radar. The rising spending on military budgets is expected to foster the adoption of the GPR system. For example, as per Stockholm International Peace Research Institute (SIPRI)’s analysis, the total military spending worldwide has surged by 2.6% and touched USD 1,981 million in 2021. Further, the rising focus on defense infrastructure development in India and China is expected to elevate the ground-penetrating radar industry’s growth during the Russia-Ukraine war.

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List of Key Players Profiled in the Report

  • Chemring Group (U.K.)
  • Geophysical Survey Systems Inc. (U.S.)
  • Geoscanners (U.K.)
  • Guideline Geo (Sweden)
  • IDS Georadar (Italy)
  • Israel Aerospace Industries Ltd (Israel)
  • Pipehawk Plc (U.K.)
  • Raytheon Technologies Corporation (U.K.)
  • Radiodetection Ltd. (U.K.)
  • Saab AB (Sweden)
  • Thales Group (France)

Report Scope & Segmentation:

Report Coverage Details
Forecast Period 2022-2029
Forecast CAGR 7.58%
2029 Value Projection USD 612.6 Million
Base Year 2021
Ground Penetrating Radar Market Size in 2021  USD 336.2 Million
Historical Data 2018-2020
No. of Pages 208
Segments Covered By Product Type Analysis, By Offering Analysis, By Application Analysis
Ground Penetrating Radar Market Growth Drivers Increasing Demand for GPR Equipment in Damage and Safety Protection to Propel Market Progress

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Segments

Vehicle-mounted Systems Segment to Dominate Attributable to Increasing Adoption of GPR for Road Scanning

By product type, the market is segmented into handheld systems cart-based systems, and vehicle-mounted systems. The vehicle-mounted systems segment is expected to lead due to the rising adoption of GPR for road scanning.

Services Segment to Lead Backed by Rising Construction Activities

As per offering, the market is classified into equipment and services. The services segment is expected to lead due to rising construction activities globally.

Concrete Investigation Segment to Dominate Attributable to Increasing Adoption as a Non-Destructive Testing Method

Based on application, the market is classified into utility detection, concrete investigation, transportation infrastructure, archaeology, geology and environment, and law enforcement and military. The concrete investigation segment is expected to dominate due to its increasing adoption as a non-destructive testing method.

Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the Rest of the World.

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Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

Drivers and Restraints

Increasing Demand for GPR Equipment in Damage and Safety Protection to Propel Market Progress

Ground penetrating radar is a utility locator with the ability to locate non-metallic and metallic boxes. The increasing demand for GPR equipment for damage and safety protection is expected to enhance the industry’s growth prospects. Furthermore, the rising awareness regarding the product’s ability to reduce and prevent damage is expected to foster the product demand. Moreover, the increasing applications of ground penetrating radar, such as archeology, environment, geology, disaster inspections, municipal inspections, transportation infrastructure, and concrete surveys, are expected to drive the ground penetrating radar market growth.

However, limitations of GPR, such as moisture content and soil type, are expected to hinder the market growth.

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Regional Insights

Rising Defense Expenditure to Foster Market Progress in North America

North America is expected to dominate the ground penetrating radar market share due to increasing defense expenditures. The market in North America stood at USD 130.8 million in 2021 and is likely to gain a huge portion of the global market share in the coming years. Furthermore, rising 3D aerial expedition and long-range missile defense radar is likely to boost the market growth in the region.

In Europe, increasing adoption of ground penetration radar for concrete investigation, geology, utility detection, environment, and is likely to fuel sales in the region. This factor may facilitate industry growth.

In Asia Pacific, the rapid expansion of construction and road infrastructure is likely to surge the ground penetrating radar systems demand.

Competitive Landscape

Major Players Deploy Partnerships to Launch Best-in-Class Products

The key players operating in this industry focus on partnerships to develop innovative and best-in-class products. For example, IDS GeoRadar partnered with World Sensing in March 2020 to announce an efficient and advanced mine safety monitoring system. This launch may allow both companies to bolster their brand image and enhance their offerings. Further, several players devise research and development, mergers, acquisitions, innovations, automation, and expansions to reinforce their market position.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights-Impact of Russia-Ukraine War on Global Ground Penetrating  Radar Market
    •  
      • Impact of Russia-Ukraine on Global Ground Penetrating  Radar Market
      • Potential Opportunities due to Russia-Ukraine War

TOC Continued…!

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