Sarasota, FL -- (SBWire) -- 12/31/2018 --Zion Market Research has published a new report titled "Tunnel Automation Market by Component (Hardware, Software, and Services), by Tunnel Type (Railway Tunnel, Roadway Tunnel, and Others (Underwater Tunnel)), and by System (HVAC, Lighting & Power Supply Signalization, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024'' According to the report, the global tunnel automation market was valued at USD 2.81 billion in 2017 and is expected to reach around USD 5.11 billion by 2024, with a CAGR of 8.93% between 2018 and 2024.
Tunnel automation is inspired by the growing security concerns for security and penetration of advanced technologies, such as digital sensing, fire detection, and extinguishing, video surveillance, smart lighting, smart traffic display, etc. Technology automation is witnessing high penetration across underground surpass, rail link tunnels, and underwater tunnels. Ongoing research related to terrestrial laser scanning and real-time traffic monitoring can unfold new growth opportunities for the tunnel automation market globally.
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Rising accident cases and advancements in traffic automation technology are the key drivers in the global tunnel automation market. Additionally, favorable government regulations related to tunnel automation are favoring this market's growth. The high installation cost of automation systems might limit the tunnel automation market on a global scale. Nonetheless, the integration of IoT and big data, among other analytics with tunnel automation can create new growth opportunities for this market.
The tunnel automation market is classified based on component, tunnel type, and system. By component, the market is segmented into hardware, software, and services. In 2017, the hardware segment dominated the market, owing to the increased application of HVAC, lighting control systems, traffic control systems, and other important protection systems. This segment is projected to emerge as the most lucrative segment due to the rising need for traffic monitoring and control equipment to regulate the growing number of accidents. The tunnel type segment comprises a railway tunnel, roadway tunnel, and others (underwater tunnel). The railway tunnel segment is likely to dominate the market, due to large tunnel construction for rail links in the outskirt areas. By system, this global market is segmented into HVAC, lighting and power supply, signalization, and others. The major factors driving the system segment include growing advancements in traffic monitoring systems and the increasing number of accidents.
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By geography, North America dominated the tunnel automation market in 2017. The U.S. held the largest share in 2017, owing to the presence of IT giants that are continuously innovating, monitoring, and controlling software and other analytical software that are used in the tunnel automation. However, Canada is predicted to grow rapidly during the forecast time period. Europe is anticipated to hold a significant revenue share in the tunnel automation market in the upcoming years, due to the integration of IoT in tunnel automation. For instance, Worldsensing Inc. appointed Kerlink to provide LoRaWAN connectivity for the Grand Paris Metro Project. IoT and Big Data are likely to transform the tunnel automation market by offering lucrative growth opportunities.
The major participants of the global tunnel automation market are Johnson Controls, Siemens, ABB Group, Trane, Eaton, Honeywell, Sick AG, Philips Lighting, Swarco, and Kapsch, among others.
This report segments the global tunnel automation market as follows:
Global Tunnel Automation Market: Component Segment Analysis
Hardware
Software
Services
Global Tunnel Automation Market: Tunnel Type Segment Analysis
Railway Tunnel
Roadway Tunnel
Others
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Global Tunnel Automation Market: System Segment Analysis
HVAC
Lighting & Power Supply
Tunnel Lighting
Power Supply
Signalization
Traffic Control Systems
Public Announcement
Alarm Systems
Others
Fire Detection Systems
Traffic Management Systems
Central Control and Monitoring Systems
Video Surveillance Systems
Incident Detection Systems
Communication Systems
Gas Detection Systems
Global Tunnel Automation Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Tunnel Automation Market Hike on USD 5.11 Billion Globally by 2024
This report offers comprehensive coverage on the global tunnel automation market along with market trends, drivers, and restraints. This report includes a detailed competitive scenario and product portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the tunnel automation market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary, and the primary research team of industry experts.