Tunnel Automation Market estimated to be worth $4.3 billion by 2023

(IT-NEWSWIRE.COM, November 13, 2021 ) The report "Tunnel Automation Market by Component (HVAC, Lighting & Power Supply, Signalization), Offering (Hardware, Software, and Services), Tunnel Type (Railway Tunnels and Highway and Roadway Tunnels), and Geography - Global Forecast to 2023" According to the new research report, the tunnel automation market is expected to grow from USD 2.9 billion in 2018 to USD 4.3 billion by 2023 at a CAGR of 8.12%. Rising incidents of road accidents, government regulations, and growing integration of IoT and cloud with tunnel automation solutions are the key factors driving the growth of this market. Increasing number of tunnel construction projects and integration of analytics in tunnel management are expected to create significant growth opportunities for players in the tunnel automation market during the forecast period.

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Other components are expected to hold a significant share of the tunnel automation market by 2023

The tunnel automation market for others component to hold a significant share of the by 2023

The others component accounts for the largest share of the tunnel automation market. The growth of others component can be attributed to the increasing requirement for other components, including 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.

The market for Tunnel automation for railways tunnel type expected to grow at higher CAGR between 2018 and 2023

The market for railways by tunnel type is expected to grow at the higher CAGR between 2018 and 2023. Growing number of passengers traveling through railway tunnels and increasing incidents of accidents in these tunnels have prompted several railway network authorities to automate their tunnel systems. The growth of this market can be attributed to the increasing construction of subway and railway tunnels. In addition, rising incidents of accidents in railway tunnels have prompted several railway network authorities to automate their railway tunnel systems to minimize manual management of tunnels.

Increasing construction activities of tunnels to boost the market growth in APAC during forecast period

The tunnel automation market in APAC is expected to grow at the highest CAGR during the forecast period. China and India are expected to be the main contributors to the growth of the tunnel automation market in APAC in the coming years. Infrastructure in APAC is developing at a significant rate due to rapid urbanization and economic growth in various countries in the region. The Chinese government’s increasing investment in tunnel infrastructure, along with the increasing adoption of tunnel automation solutions for railway, subway, and roadway tunnels, has contributed to the increased demand for tunnel automation solutions in the country. Factors such as increased population and rapid urbanization have led to an increase in the use of highways and railways. This has resulted in the rising demand for tunnel automation solutions in APAC.

Key players in the market include

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). These players are increasingly undertaking products launches and development; partnerships, collaboration, contracts, and joint ventures; acquisition; expansions in the market.

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Tunnel Automation Market estimated to be worth $4.3 billion by 2023