by The global Utility Markers Market is estimated to be valued at US$ 4.53 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Utility markers are used to mark underground public utility lines to avoid accidental damage during excavation or construction work. They helps in preventing costly repairs, protect public safety, and minimize service disruptions. The utility markers come in different forms such as signs, labels, tabs, and are made up of durable materials like PVC, aluminum, fiberglass to withstand all weather conditions. These markers provide vital information about the buried utility line to locate easily.
Market key trends:
One of the key trends in the utility markers market is the growing focus towards development of smart utility markers. Smart utility markers incorporated with technologies like RFID (Radio Frequency Identification) and GPS (Global Positioning System) provides precise location of underground public lines virtually in real-time. These smart markers help excavators to accurately detect and identify different utility lines with their attributes before digging. This prevents accidents and minimize repair costs significantly. Moreover, deployment of smart utility markers is helping utilities and local authorities in asset management and compliance.
Porter’s Analysis
Threat of new entrants: The utility markers market requires high initial investments and established distribution networks, inhibiting new companies from entering the market easily.
Bargaining power of buyers: Buyers have moderate bargaining power in the utility markers market due to the availability of various product options from different manufacturers.
Bargaining power of suppliers: A few key players dominate the supply side, giving them significant influence over pricing.
Threat of new substitutes: There are limited substitutes for utility markers used for marking underground utilities.
Competitive rivalry: The utility markers market is fragmented with the presence of several international and regional players. Companies focus on product innovation and expansion to remain competitive.
Key Takeaways
The global Utility Markers Market Growth is expected to reach US$ 4.53 Bn by 2030, expanding at a CAGR of 7.9% during the forecast period. Growth of the construction industry and infrastructure development activities are driving the utility markers market.
By 2030, the US utility markers market is projected to reach a value of US$ 1.25 Bn, growing at the fastest pace among all regions. Extensive pipeline network in the country and mandatory regulations for marking underground utilities are augmenting the US market growth.
Some of the key players operating in the utility markers market are 3M, Utility Marking Services Inc., Gecko Group, Raychem RPG, SAE Systems, Subsite Electronics, Tempo Communications, Cable Detection Ltd., Rhino Marking & Protection Systems, Radiodetection Ltd., Ridgid, Leica Geosystem, USIC, Crafco Inc., Seba Dynatrac, Berntsen International, Musco Lighting, Cooper Industries, H.D. Electric Company, Streamlight. Companies are focusing on new product launches and expanding geographic reach to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
