Tunnel Monitoring System Companies - Nova Metrix (US) and COWI (Denmark) are the Major Players
The tunnel monitoring system market is expected to grow from USD 340.7 Million in 2018 to USD 663.8 Million by 2023, at a CAGR of 14.27% between 2018 and 2023. The growth of the tunnel monitoring system market can be attributed to the increasing investments in tunnel infrastructure across countries worldwide, catastrophic failure of tunnels resulting in loss of lives and incurring high costs losses, decreasing cost of sensors resulting in reduced costs of tunnel monitoring systems, and strict regulations pertaining to tunnel safety.
The major players in the tunnel monitoring system market are increasingly adopting product launches and partnerships as their key strategies to grow in the market. Nova Metrix (US), SISGEO (Italy), James Fisher (UK), and GEOKON (US) are some of the leading players in the tunnel monitoring system market for hardware. COWI (Denmark), Ramboll (Denmark), and Fugro (Netherlands) are some of the leading players in the tunnel monitoring system market for software and services.
Nova Metrix (US) provides precision sensors and monitoring products for tunnel monitoring applications. It has several subsidiaries and caters to the rising demand for tunnel monitoring applications through internal collaborations. Nova Metrix offers inclinometers, piezometers, extensometers, tiltmeters, temperature sensors, data loggers, and readouts. The company also provides services such as software support, calibration, and consulting. RocTest, a subsidiary of Nova Metrix, launched RT-VLOG vibrating wire dataloggers in February 2017. These highly accurate, robust, compact, and cost-effective vibrating wire dataloggers are used to monitor multilevel piezometers, load cells, and multipoint extensometers. Nova Metrix has been focusing on acquisitions for the past few years to grow in the tunnel monitoring system market. In line with this, in March 2015, the company acquired Schlumberger Water Services Technology Group, consisting of Van Essen Instruments (Netherlands), Westbay Instruments (Canada), and Waterloo Hydrogeologic (Canada). Also, in November 2014, Nova Metrix acquired Soil Instruments Limited (UK).
COWI (Denmark) provides monitoring consulting and installation services for tunnels. It also provides economic and environmental planning and management services. In the tunnel monitoring system market, the company provides environmental impact assessment and monitoring services. In September 2017, COWI received a contract to design one of Scandinavia's largest metro projects. The metro extension is Oslo's (Norway) largest transport project in over 20 years. In August 2017, COWI received a contract to engineer the water main project (an underground engineering project) in Norway to maintain a steady municipal water supply, even in case of major leaks or maintenance work.
Related Reports:
Tunnel Monitoring System Market by Offering (Hardware, and Software & Services), Tunnel Type (Highway, Railway), Networking Technologies (Wired and Wireless), and Region (Americas, Europe, Asia Pacific) - Global Forecast to 2023
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