Earthquake Early Warning System Market: Introduction
Transparency Market Research delivers key insights on the global earthquake early warning system market. In terms of revenue, the global earthquake early warning system market is estimated to expand at a CAGR of ~6% during the forecast period of 2024-2030, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global earthquake early warning system market.
The global earthquake early warning system market is broadly affected by several factors that includes convergence of digital devices and technologies with traditional business processes, and increasing frequency of natural disasters around the globe, which is gradually enhancing the demand for earthquake early warning systems, in turn accelerating the growth of the earthquake early warning system market across the world. The report analyzes the global earthquake early warning system market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
Earthquake Early Warning System Market: Market Dynamics
The number of natural disasters has increased over the past 20 years. Imbalance in the environmental cycle and rising global warming have increased seismic activity related natural disasters. Earthquakes are a common and major disaster, which results in huge economic as well as life loss. It also hampers civil and industrial activity & productivity as well as affects the people in the area where the earthquake has occurred. Earthquake-related disasters pose both direct influences (damage to infrastructure and buildings, and loss of life and property) and indirect influences (losses in livelihoods and productivity, increased investment risk, indebtedness and ground shaking, surface faulting, ground failure, and less commonly, and tsunamis).
According to the United Nations, in the year 2018 alone, approximately 60 million people was affected by extreme weather events round the world, thousands of lives were lost due to earthquakes, volcanic activities and tsunamis, and millions of people were evacuated due to drought, earthquakes, and storms. Such high volume loss has led to the rise in demand and need for earthquake early warning systems, which have the ability to suspect the threat of upcoming earthquakes, which could reduce direct as well as indirect loss.
The impact of this driver is likely to be high in short term and medium term, as losses, which have occurred in the past are high. Earthquake early warning systems are in high demand across the globe to reduce the risk of loss due to earthquakes. The impact is projected to be medium in the long term with the rise in number of installations of such systems.
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Key Challenges Faced by Earthquake Early Warning System Market Players
Improper functioning of sensors in dust layering & sudden shock may restrain the growth of the earthquake early warning system market, as sensors play a crucial role in detecting the magnitude of P-waves of the earth crust. This can hamper the growth of the earthquake early warning system market.
Earthquake Early Warning System Market: Prominent Regions
The global earthquake early warning system market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is a developed region and hence, innovation and new technologies are projected to be trends witnessed in the region over the next few years. North America held a prominent share of the global earthquake early warning system market in 2019 and is expected to retain supremacy in the market, due to the presence of prominent players and government funding for deploying earthquake early warning systems to detect shaking from a large earthquake and rapidly determine the location and magnitude.
The U.S. is estimated to hold a notable share of the earthquake early warning system market in North America, and the market in the country is projected to expand at a CAGR of 7.2% during the forecast period, as the U.S is one of the earthquake prone areas of North America. For the same reason, North America is expected to witness highest opportunity addition in the market globally, with Europe and Asia Pacific being the next closest regions. The earthquake early warning system market in Europe is projected to witness favorable growth during the forecast period, due to increasing awareness of earthquake early warning systems by advancing their research, technology, infrastructure, and communications, so as to enhance the early warning systems with GNSS (Global Navigation Satellite Systems) to reduce risks from anticipated hazards. India, Malaysia, Taiwan, etc.
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