Rockfall Radar Market Projected to Generate a Revenue of $285.6 Mn by 2031Download Sample Reports Overview
The Global Rockfall Radar Market Share is predicted to be valued at $285.6 million by 2031, surging from $126.6 million in 2021, at a noteworthy CAGR of 8.5%.
Impact Analysis of COVID-19 on the Rockfall Radar Market
The COVID-19 pandemic severely impacted the economic and social aspects across the world. To curb the spread of the virus numerous measures such as social distancing, quarantine, travel bans, and lockdowns had been taken by governments worldwide. The outbreak caused unprecedented damage to trade activities, the global economy, and mobility. The construction and mining industries are among the most affected industries by the coronavirus pandemic. Rockfall radars are mainly used at mining sites and on rock-cut highways. The steep decline in highway traffic hampered the market prospects of rockfall radars. In addition, the safety of workers is very important in the mining sector. Mining sites are highly vulnerable to rockfall hazards. Due to this, rockfall radars are increasingly employed at mining sites. However, the pandemic severely hit the mining industry. The pandemic hampered the operations of many mining sites and disrupted supply chains and slowed or halted production activities completely. Panic among consumers negatively impacted normal consumption habits and developed market volatility. Thus, owing to these reasons the mining activities slowed, ultimately, impacting the growth prospects of the rockfall radar business.
Global Rockfall Radar Market Analysis
Rockfall radars offer an automatic real-time assessment of rockfall hazards. They can be employed along with structural measures or as a separate solution. Rockfall hazards increase the danger to the public and private infrastructure as well as transportation lines. Rockfalls are a major form of geologic threat. Assessment of such threats has been accelerated in the last few years. Slopes along highways contribute a significant danger to drivers and expense to roadway authorities. The growth in the rockfall radar market is majorly attributed to the rise in demand for rockfall radars from the mining sector. Rockfalls are an important safety challenge in open-cut mines, mainly in large-scale deep pits around pit walls on account of weak pit design, flat walls, etc. Rockfalls in mining sites are very hazardous and can endanger the life of miners. Such dangers are mitigated using cutting-edge solutions such as rockfall radars.
High costs along with a lack of awareness about rockfall radars in developing nations, however, may hinder the rockfall radar market growth during the forecast period. The demand for rockfall radars is often high in developed regions such as Europe since there is legislation in many European countries for the mitigation of rockfall threats.
Stringent rules and regulations by governments in developed economies to eliminate the rockfall threats are anticipated to offer lucrative growth opportunities during the forecast period. Several governments have introduced stringent safety standards for the safety of the workforce in response to increased rockfall disasters at mining sites. In recent years, there have been many rockfalls at open pit mining sites. Due to this mining operators are anticipated to increase their expenditure on the safety of their workers.
Global Rockfall Radar Market, Segmentation
The global rockfall radar market is segmented based on application, offering, and region.
Application segment is further classified into highways, railways, mines, and others. The highways sub-segment is anticipated to be the fastest growing during the forecast period. Most damage and casualties from a rockfall occur on cut-slope highways. Rockfall causes rock blocks to fall from the cliff at high speeds and power which can lead to severe harm to vehicles, disturbance to transportation, and casualties as well. Rockfall hazards occur most often during rainy seasons and are very common in hilly areas. Hence, assessment of rockfall along highways in such areas is necessary. Rockfall radars help to assess such threats on the highways and mitigate danger.
The offering segment is further classified into cloud and on-premises. The cloud sub-segment is anticipated to have the fastest growth during the forecast period. Cloud-based solutions offer various benefits including real-time data update, high level of mobility, increased collaboration, etc. With cloud-based rockfall radars, there is no need to have a data center. This aids in the reduction in expenses. Moreover, cloud-based radar data can be integrated with smartphones.
The global rockfall radar market in Asia-Pacific is projected to be the fastest growing during the forecast period on account of growth in mining sector, increased pace of highway construction, robust growth in tourism sector, etc. About 70% of the overall mining output is produced and consumed in the Asia-Pacific region. The mining sector plays a crucial role in various end-user industries including transportation. As the mining and construction industry grows, ultimately, it increases the demand for rockfall radars. The Philippines ranks highest in rockfall activities in the Asia-Pacific region followed by India. The landslide event varies greatly within the Asia-Pacific region depending upon seasons.
Key Players in the Global Rockfall Radar Market
Some of the leading rockfall radar market players are
- Hexagon AB
- TRE ALTAMIRA
- Canary Systems
- Geomotion Australia
- Geobrugg AG
For instance, in 2019, Hexagon AB introduced IDS GeoRadar RockSpot, an early warning radar system for rockfalls. This system can detect rockfalls, debris flow, and avalanches. It also gives real-time alerts.