Tunnel Automation Market worth $4.27 billion by 2023 with a growing CAGR of 8.12%

(IT-NEWSWIRE.COM, June 13, 2019 )
According to the new research 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", the 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 the deployment of tunnel automation solutions, and growing integration of IoT and cloud into tunnel automation solutions are the key factors driving the growth of this market.

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

Other components are expected to account for the largest share of the tunnel automation market during the forecast period. The growth of this segment can be attributed to the high requirement for these components, such as 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 tunnel automation market for railway tunnels to grow at a higher CAGR from 2018 to 2023

The market for railway tunnels is expected to grow at the higher CAGR from 2018 to 2023. 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. These factors have also prompted several railway network authorities across the world to automate their railway tunnel systems.

Browse and in-depth TOC on " Tunnel Automation Market. "

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APAC to dominate the tunnel automation market during the forecast period
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 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, governments of several countries are heavily investing in infrastructural development, such as building highways and railways. This has resulted in the rising demand for tunnel automation solutions in APAC.

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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) are the major players in the market who are increasingly involved in following strategies such as partnerships, contracts, and expansions to develop and introduce new technologies and products in the market.

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Tunnel Automation Market worth $4.27 billion by 2023 with a growing CAGR of 8.12%