Asia Pacific Tunnel Sensor Market Forecast to 2027 - COVID-19 Impact and Analysis - by Solution, Services, Connectivity, and Application

In terms of revenue, the Asia Pacific (APAC) tunnel sensor market was valued at US$ 901.9 million in 2019 and is expected to grow at a CAGR of 7.1% during the forecast period (2020-2027) to reach US$ 1,538.9 million by 2027.

The tunnel sensor market has been analyzed based on historical, current, and future trends across the APAC region. There is a high demand for tunnel sensors in the APAC region owing to the increasing development in transportation infrastructure. Most of the countries in APAC are economically developing and are focusing on the rising environmental issues; thus, the investments are directed toward advanced technologies to precisely deal with it. This is facilitating the tunnel sensor market players to experience higher demand.

The rising levels of industrialization and urbanization in developing countries due to population growth coupled with the enhancement of tunnel infrastructure and increasing tunnel safety regulations in developed regions are some of the key factors propelling the growth of tunnel sensor market during the forecast period, i.e. 2020−2027. Additionally, the increasing trend of smart city development across the region and the adoption of tunnel automation systems are further fueling the market demand of tunnel sensors. Despite the positive growth outlook of the tunnel sensor market, the ongoing COVID-19 outbreak is anticipated to affect the APAC economy and thus negatively impacting the business activities and company revenues in the tunnel sensor market worldwide. The business lockdowns, travel bans, event cancellations, and supply chain disruptions in various countries are anticipated to affect the future growth of the APAC tunnel sensor market, especially in 2020 and 2021. The increasing tunnel safety concerns along with rising adoption of tunnel automation and monitoring solutions worldwide are among the key factors driving the growth of tunnel sensor market. However, lack of awareness and unavailability of skilled professionals may restrain the adoption of these solutions in developing and underdeveloped countries. Despite some limitations, the growing investments in infrastructure development across countries and rising technology integration in tunnel sensors for enhanced capabilities are the factors fuelling the growth of this market during the forecast period.

The overall APAC tunnel sensor market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the tunnel sensor market. The process also serves the purpose of obtaining an overview and forecast for the APAC tunnel sensor market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts such as VPs, business development managers, tunnel sensor market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC tunnel sensor market. CODEL International Ltd, DURAG GROUP, Advance Technologies Asia Sdn. Bhd., ACOEM, Control Equipment Pty Ltd., Trolex Ltd, Safibra, s.r.o., and SICK AG are among the key players in the APAC tunnel sensor market.