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(EstateNewsWire.com, February 12, 2019 ) The overall tunnel automation market was valued at USD 2.68 billion in 2017 and is likely to reach USD 4.27 billion by 2023, at a CAGR of 8.12% from 2018 to 2023.The growth of this market is mainly driven by factors such as rising incidents of road accidents, tightening government regulations for the deployment of tunnel automation solutions, and growing integration of IoT and cloud into tunnel automation solutions. However, the lack of technically skilled labors for the installation and monitoring of tunnel automation solutions restrains the growth of the tunnel automation market. The base year considered for the study is 2017, and the forecast has been provided for the period from 2018 to 2023.
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Other components are expected to hold a significant share of the tunnel automation market by 2023
Other components are expected to account for the largest share of the tunnel automation market during the forecast period. The growth of this segment can be attributed to the high requirement for these components, such as fire detection, traffic management, central control and monitoring, video surveillance, incident detection, communication, and gas detection systems, in tunnels for providing safety and security to all passengers traveling through and operators working in highway, roadway, railway, and subway tunnels.
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The tunnel automation market for railway tunnels to grow at a higher CAGR from 2018 to 2023
The market for railway tunnels is expected to grow at the higher CAGR from 2018 to 2023. The growth of this market can be attributed to the increasing number of projects related to the construction of subway and railway tunnels and rising incidents of accidents in railway tunnels. These factors have also prompted several railway network authorities across the world to automate their railway tunnel systems.
APAC to dominate the tunnel automation market during the forecast period
The tunnel automation market in APAC is expected to grow at the highest CAGR during the forecast period. Infrastructure in APAC is developing at a significant rate due to rapid urbanization and economic growth in various countries in the region. Factors such as increased population and rapid urbanization have led to an increase in the use of highways and railways. To ensure connectivity across the entire region, governments of several countries are heavily investing in infrastructural development, such as building highways and railways. This has resulted in the rising demand for tunnel automation solutions in APAC.
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Johnson Controls (Ireland), Siemens (Germany), Trane (Ireland), SICK AG (Germany), ABB Group (Switzerland), Kapsch (Austria), Philips Lighting (Netherlands), Honeywell (US), Eaton (Ireland), and Swarco (Austria) are the major players in the market who are increasingly involved in following strategies such as partnerships, contracts, and expansions to develop and introduce new technologies and products in the market.
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