Tunnel Sensor Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Solution (Visibility Monitoring, Air Flow Monitoring, Air Quality Monitoring, Filter Monitoring, Fire Monitoring, Others); Services (Installation Services, Maintenance Services, Consulting Services); Connectivity (Wired, Wireless); Application (Road Tunnels, Rail Tunnels, Others)
The global tunnel sensor market was valued at US$ 3.55 billion in 2019 and is projected to reach US$ 5.39 billion by 2027; it is expected to grow at a CAGR of 5.5% during the forecast period. The increasing tunnel safety concerns and rising adoption of tunnel automation and monitoring solutions worldwide are some of the key factors that are driving the growth of tunnel sensor market. However, lack of skilled professionals may restrain the adoption of these solutions in developing and underdeveloped regions of the world. Despite some limitations, the growing investments in infrastructure development across the world and rising technology integration in tunnel sensors for enhanced capabilities are the major factors expected to propel the growth of the tunnel sensor market during the forecast period. Despite being positive growth outlook, the ongoing COVID-19 outbreak is anticipated to negatively affect the global economy and thus affecting the business activities and company revenues in the tunnel sensor industry worldwide. The business lockdowns, travel bans, event cancellations, and supply chain disruptions in various countries are anticipated to affect the future growth of global tunnel sensor market, especially in year 2020 and 2021.
The tunnel sensor market has been segmented into solutions, services, connectivity, application, and geography. Based on solution, the tunnel sensor market is segmented into visibility monitoring, air flow monitoring, air quality monitoring, filter monitoring, fire monitoring, and others. Based on services, the market has been segmented into installation services, maintenance services, and consulting services. Based on connectivity, the market is divided into wired and wireless. Based on application, the market is segmented into road tunnels, rail tunnels, and others. Geographically, the tunnel sensor market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Bristol Industrial & Research Associates Ltd, CODEL International Ltd, DURAG GROUP, Advance Technologies Asia Sdn. Bhd., ACOEM, Control Equipment Pty Ltd., Geonica, Trolex Ltd, Safibra, s.r.o., and SICK AG are among the well-established players present in the tunnel sensor market.
Impact of COVID-19 Pandemic on Tunnel Sensor Market
The COVID-19 outbreak began in Wuhan of China in December 2019, and since then, it has spread at a fast pace around the globe. The outbreak first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures for 5th May 2020, there are around 3.52 million confirmed COVID-19 cases globally with ~2,43,000 total deaths and the number is growing at varying rates in different countries. The COVID-19 crisis is impacting the industries worldwide and the global economies are anticipated to take a worst hit in the year 2020 and likely in 2021 also. The outbreak has been created significant disruptions across primary industries such as manufacturing, construction & infrastructure, electronics & semiconductor, and automotive. The sharp decline in electronics and construction industry is impacting the growth of global tunnel sensor market as they are the major supply and demand sources for tunnel sensors. The global travel bans imposed in regions such as Europe, Asia Pacific, and North America have affected the business collaborations & partnerships opportunities across industries. Such factors are anticipated to negatively impact the growth of the global tunnel sensor market, especially in 2020 and 2021, depending on the duration of the outbreak.
The tunnel sensor market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for tunnel sensor market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in tunnel sensor market.
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