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Research Reports

Tunnel Detection Systems Market estimates the market to expand at around 5% CAGR from 2021 to 2031

 

 

Global sales of tunnel detection systems are set to be valued at over US$ 1.2 Bn in 2021, with stable long-term projections for the market, according to latest insights by Persistence Market Research. The report estimates the market to expand at around 5% CAGR from 2021 to 2031.

Growing need for precise flow measurement technologies has led to heightened demand for tunnel detection systems from sectors such as oil & gas, power generation, and chemicals. Rapid technological advancements are also projected to complement market growth over the coming years.

 

CLICK HERE TO GET A SAMPLE REPORT (INCLUDING FULL TOC, TABLE & FIGURES) – https://www.persistencemarketresearch.com/samples/30435

 

Demand for tunnel detection systems witnessed a slump in 2020 due to prudent rate of investments undertaken by end users during the COVID-19 outbreak. However, the defense sector, being a key end user of this equipment, is expected to augment sales over the coming years. Considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.

Key Takeaways from Market Study

 

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“Surge in demand from the military and prisons in recent years is expected to provide an impetus to tunnel detection system sales growth,” says a Persistence Market Research analyst.

Competitive Landscape

The market is highly consolidated, with key players accounting for more than four-fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Elbit Systems Ltd., Elpam Electronics Ltd., Lockheed Martin, etc.

Read More Trending “PMR Exclusive Article”-  https://www.prnewswire.com/news-releases/tunnel-detection-system-market-to-expand-at-around-5-cagr-from-2021-to-2031—persistence-market-research-301300689.html

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