Rockfall Radar Market Expected to Reach $285.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Rockfall Radar Market," The rockfall radar market was valued at $126.60 million in 2021, and is estimated to reach $285.6 million by 2031, growing at a CAGR of 8.5% from 2022 to 2031.

The surge in demand for rockfall radars is mainly attributed to the growing rockfall disasters on rock-cut highways and open-pit mining production sites. Rockfall events are a serious concern for the mining sector. Rockfall radars track the rockfall events automatically and offer crucial statistics to mining engineers. Additionally, rockfalls, represent one of the major dangers for highway routes in hilly areas. The effectiveness of the traditional rockfall monitoring techniques is not satisfactory. This in turn is anticipated to expand the rockfall radar market size during the forecast period. Rockfall radar is one of the most advanced technology that help in mitigating the threats of rockfalls in mines and on highways. The controlling of rockfall-related threats is necessary for safe operations and most of such threats are mitigated through cutting-edge technologies such as rockfall radars. 

Factors such as a lack of skillful technical personnel coupled with high cost of rockfall radars can hamper the rockfall radar market growth during the forecast period. 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. 

Rockfall radar can also be employed on railway lines and in tunnels. In mountainous areas, landslides, rockfall, and debris flow events frequently occur. In addition, coastal areas and alpine valleys with a high number of transportation corridors, tourism points, and high population density have more chances of rockfall disasters. Such disasters often cause huge economic losses as well as casualties and jeopardize the safety of civil tunnels and railway lines. While constructing tunnels extensive present and future study of rockfall risk is important and proper security measures are essential. Moreover, risk analysis is also required to evaluate the effects of expected rockfall disasters. These factors are likely to offer excellent growth opportunities to the rockfall radar market during the forecast period.  

Europe is the most rockfall-prone area in the world. In the last several years, a substantial rise in the number of rockfalls has been registred on the Alpine arc. In addition, permafrost temperatures are also increasing in the alps. This may likely increase the number of slope instabilities in the upcoming years. Europe held the largest rockfall radar market size in 2021. 

The global rockfall radar market analysis is segmented based on application, offering, and region. By application, it is classified into highways, railways, mines, and others. As per offering, it is classified into cloud and on-premises. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players profiled in the rockfall radar market report include Hexagon AB, SkyGeo, TERRASIGNA, TRE ALTAMIRA, Canary Systems, GroundProbe, Geomotion Australia, Geobrugg AG, and others. 

The report offers a comprehensive analysis of the global rockfall radar market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Rockfall Radar Industry 

• The COVID-19 outbreak badly affected the economic activities worldwide. To limit the spread of the virus various steps such as social distancing, lockdowns, travel bans, etc. had been taken worldwide. 

• The outbreak caused unprecedented damage to trade activities, the global economy, and mobility. 

• 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. 

Key Findings of the Study 

• Based on application, the mines sub-segment emerged as the global leader in 2021 whereas highways sub-segment is predicted to be the fastest growing sub-segment during the forecast period. 

• Based on offering, on-premises sub-segment held the largest rockfall radar market share in 2021 and cloud sub-segment is predicted to have a fastest growth rate. 

• Region wise, the Europe market registered the highest market share in 2021 and Asia-Pacific region is projected to show fastest growth during the forecast period.