Earthquake Early Warning System Market
Earthquake Early Warning System Market (Component: Hardware, Software, and Services; and End User: Agriculture & Fisheries, Transportation & Logistics, Marine, Energy & Utilities, Media & Entertainment, Government, Broadcast & Telecommunication, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Increasing Focus on Algorithmic and Performance Improvements to Drive Global Market
Earthquake early warning systems have gained widespread popularity around the world, as these systems play an imperative role in mitigating losses by alerting the communities in the proximity and activating security measures swiftly. Over the past couple of decades, considerable investments have been made to improve the efficacy and real-time performance of earthquake early warning systems– a trend that is expected to continue over the course of the forecast period. Players involved in the development of earthquake early warning systems are increasingly focusing on research to assess the nucleation phases of earthquakes and formulating physics-based models that are linked with real-time observed quantities and source parameters.
While research and development activities are likely to shape the growth of the global earthquake early warning system market in the upcoming years, the entry of new technologies for seismic monitoring and control, such as fiber-optic cables for ground motion monitoring, cost sensors, software-based platforms for alert management, and the Internet of Things (IoT) is expected to open up new avenues for the players operating in the current market landscape. Governments in several nations around the world are increasingly investing resources in the development of cutting-edge earthquake early warning systems– a factor that is anticipated to provide a considerable boost to the global earthquake early warning system market during the assessment period.
At the back of these factors, along with the development and testing of a range of earthquake early warning algorithms around the world, the global earthquake early warning system market is expected to surpass a market value of US$ 2.2 Bn by the end of 2030. Moreover, a number of tech giants, including Google have exhibited noteworthy interest in earthquake early warning systems due to which, investments continue to grow.
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Developed Regions to Spearhead Market Growth
Due to the presence of a number of top tier market players, advancements in technology, focus on research, and considerable investments, the earthquake early warning system market in the developed regions, including North America and Europe is expected to exhibit faster growth rate in comparison with that in the Asia Pacific region. Over the past few decades, several pockets of Europe have experienced multiple low impact to moderate earthquakes that have led to considerable losses. This factor has prompted governments of several nations in Europe to focus on the development and deployment of earthquake early warning systems. Although Europe was at the forefront in terms of deployment of seismic networks and stations for several decades, the deployment of high quality and cutting-edge seismic networks has shifted gears in the last few years, as a number of market players are increasingly focusing on making algorithmic improvements and improving the efficiency of their earthquake early warning systems.
While the European region is projected to provide fertile grounds of growth to a number of players involved in the current earthquake early warning system market, the North American region is expected to provide abundant opportunities. A number of companies, along with the support from the state as well as the federal government are focusing on innovations and leveraging new technologies to improve the quality of the existing earthquake early warning systems. For instance, in October 2019, the state of California announced the launch of a newly developed first-of-its-kind earthquake early warning system that will be linked to a smartphone application and send out traditional alerts as well as warning delivery methods, including wireless emergency alerts (WEA).
The newly developed earthquake early warning system designed by a team of seismologists & engineers from Berkeley and University of California will alert communities in case the magnitude of the earthquake exceeds 4.5 through the app– a model that has made considerable inroads in nations including Mexico and Japan.
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Demand to Remain Sluggish amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to hinder the growth of the global earthquake early warning system market in 2020, as governments around the world are primarily expected to focus on the discovery of a vaccine for the novel COVID-19 disease. While the development across the research and development front is projected to remain steady, the deployment of new concepts and technologies could slow down in 2020 in several parts of the world due to the ongoing pandemic. The market is anticipated to show signs of recovery toward the last quarter of 2020, as governments around the world are gradually lifting stringent lockdown restrictions and other stringent barriers that were imposed to curb the transmission of the virus.
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The global earthquake early warning system market is expected to expand at a healthy CAGR of ~6% during the forecast period. The market growth can be primarily attributed to increasing frequency of earthquakes in several regions, advancements in technology, rising deployment of seismic networks and stations worldwide, and growing support from governments. Research and development activities, along with the integration of new technologies will remain the key factor that will shape the growth of the global earthquake early warning system market in the upcoming years.
Earthquake Early Warning System Market: Overview
- According to Transparency Market Research’s latest research report on the global earthquake early warning system market for the historical period 2018–2019 and the forecast period 2020–2030, the market is anticipated to cross a value of US$ 2.2 Bn by 2030, expanding at a CAGR of ~12% during the forecast period
- Growth of the earthquake early warning system market is due to rapid developments in the construction sector to deploy earthquake early warning systems, so as to minimize the loss of life and economic loss. In addition, growing demand for cloud-based deployment across enterprises is expected to trigger the expansion of the earthquake early warning system market.
- Over the forecast period, North America is anticipated to emerge as the leading earthquake early warning system market, followed by Europe and Asia Pacific
Increased Government Focus on Taking Preventive Steps to Prevent Earthquakes and Other Natural Disasters: A Key Driver
- Governments of many developing and developed countries across the globe are focusing on taking preventive steps to deal with natural disasters such as earthquakes and tsunamis. Major customers of real-time earthquake monitoring systems are governments and public organizations. Governments of multiple countries are installing real-time earthquake monitoring and warning systems to manage this environmental problem and to cope with and reduce the risk of loss.
- For instance, according to the United Nations, rising population in earthquake prone lands, climate change, deforestation, loss of wetlands, and rising sea levels is expected by 2050. An earthquake impacts people as well as economic condition of the country where resources are damaged due to natural disasters. Earthquake early monitoring systems help governments to take the necessary steps by installing warning systems, which indicate the chances of earthquake with the help of the sensor technology.
- Majorly, end users of earthquake monitoring and warning systems are governments, community groups, and other public groups who have the primary responsibility to deal with public issues. Thus, rising need to prevent earthquakes and take proper measures for earthquakes prior to their occurrence is increasing the demand for real-time earthquake monitoring and warning systems. The impact of this driver is projected to be high in the short term and medium term, as governments are rapidly increasing the installation of such systems to reduce the probable loss. The impact of this driver is projected to be high in the long term as disturbances in the environmental cycle could increase the number of natural disasters in the near future, consequently driving the demand for such systems in the upcoming years.
Key Challenges Faced by Earthquake Early Warning System Market Players
- Cloud security and network transmission issues may restrain the growth of the earthquake early warning system market, as earthquake early warning system models that rely heavily on cloud services are susceptible to service impairment or control loss, data leakage, and service loss, including service interruption or in worse cases, monetary loss, which, in turn, can hamper the growth of the earthquake early warning system market
Increasing Adoption of Earthquake Early Warning Systems across World
- An earthquake early warning system is a combined solution of sensors, seismometer, communication devices, computers, and alarm systems to detect and notify the earthquakes movement, in order to reduce the physical damage
- The earthquake early warning system is primarily used in highly seismic active regions. Governments are adopting the earthquake early warning system to notify geologists and commercial sectors about the power of the earthquake and epicenter points.
- Several solution providers are expected to develop advanced solutions such as virtual seismometers, finite-fault rupture detectors, and earthquake early warning displays to improve the performance and accuracy of the earthquake early warning system
- Furthermore, governments and manufacturing companies are adopting the earthquake early warning system to reduce the physical damage by providing prior warning about earthquakes. In addition, increasing demand for security in residential and commercial sectors is expected to drive the growth of the earthquake early warning (EEW) system market.
Earthquake Early Warning System Market: Competition Landscape
- Detailed profiles of providers of earthquake early warning systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global earthquake early warning system market are
- Early Warning Labs
- GeoSIG Ltd
- Güralp Systems Ltd.
- Kinemetrics, Inc.
- Nanometrics Inc.
- Reftek Systems Inc.
- San Lien
- Trimble Inc.
Earthquake Early Warning System Market: Key Developments
- Key providers of earthquake early warning systems, such as Jenlogix, Reftek Systems Inc., SkyAlert, and Trimble Inc., are focusing on the development of cost-effective earthquake early warning systems to attract more customers. Some key developments in the global earthquake early warning system market are highlighted below:
- In December 2019, GeoSIG Ltd introduced its new broadband seismometer, i.e. arolla, which is a highly precise and reliable seismic equipment. Furthermore, this equipment is easy to use, and a consistent quality sensor in the market.
- In September 2019, Jenlogix launched the new generation of crystal-based seismometers, i.e. Palert220 that can effectively measure an earthquake, which transmits vibrations from the ground up.
- In September 2018, Bridgefy, an offline messaging company based in Mexico, entered into a strategic partnership with emergency notification app SkyAlert. Bridgefy's software enables smartphones to communicate with each other in the absence of Internet or a wireless network, which would help SkyAlert to provide its services smoothly even at the time of no cellular data network.
- In the global earthquake early warning system market report, we have discussed individual strategies, followed by company profiles of providers of earthquake early warning systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global earthquake early warning system market.
Earthquake Early Warning System Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global earthquake early warning system market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the earthquake early warning system market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the earthquake early warning system market will progress during the forecast period, 2020 - 2030.
The report offers intricate dynamics about the different aspects of the earthquake early warning system market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the earthquake early warning system market during the forecast period. It also includes impact analysis of COVID-19 on the earthquake early warning system market. The global earthquake early warning system market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the earthquake early warning system market, along with key information and a competitive outlook. The report mentions the company profiles of key players currently dominating the earthquake early warning system market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Earthquake Early Warning System Market
The report provides detailed information about the earthquake early warning system market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the earthquake early warning system market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue out of the earthquake early warning system?
- What will be the Y-o-Y growth of the earthquake early warning system market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the earthquake early warning system market?
- What are the major drivers and restraints of the market?
- What will be the size of the earthquake early warning system market from 2020 to 2030?
- Which will be the fastest growing segment in the earthquake early warning system market?
- Which are the leading companies in the earthquake early warning system market?
- What are the strategies of companies operating in the market?
Research Methodology – Earthquake Early Warning System Market
The research methodology adopted by analysts to compile the earthquake early warning system market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the earthquake early warning system market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the earthquake early warning system market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the earthquake early warning system market.
Earthquake Early Warning System Market – Segmentation
TMR’s research study assesses the earthquake early warning system market on the basis of component, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the earthquake early warning system market.