Tunnel Automation Market by Component (HVAC, Lighting & Power Supply, Signalization) lobal Forecast to 2023
The overall tunnel automation market is expected to grow from USD 2.89 billion in 2018 to USD 4.27 billion by 2023, at a CAGR of 8.12%. Rising incidents of road accidents, tightening government regulations for deployment of tunnel automation solutions, and growing integration of IoT and cloud into tunnel automation solutions are the key factors driving the growth of the tunnel automation market. Several factors such as increasing number of tunnel construction projects and growing integration of analytics in tunnel management are likely to create lucrative growth opportunities for market players.
Increasing incidents of fatal accidents in tunnels is a growing concern for several governments and tunnel management authorities worldwide; hence, they are focusing on the deployment of tunnel automation solutions to avoid accidents inside tunnels. Tunnel automation solutions are used to monitor the environment inside several types of tunnels, including highway, railway, subway, and utility tunnels.
The tunnel automation market for railway tunnels is expected to grow at the highest CAGR during the forecast period. 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.
HVAC components are expected to exhibit the highest CAGR in the tunnel automation market during the forecast period. The growth of the market for HVAC can be attributed to the absolute necessity to provide forced ventilation inside tunnels as tunnel enclosures have limited access from outside and do not have natural ventilation.
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 the 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, several governments are heavily investing in infrastructural developments, such as building highways and railways. This has resulted in the rising demand for tunnel automation solutions in APAC.
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Suite 430
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USA : 1-888-600-6441
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