Geotechnical Instrumentation and Monitoring Market by Offering (Hardware & Software, and Services), Technology (Wired, Wireless), Structure (Tunnels & Bridges, Buildings & Utilities, Dams), Application, End User, and Geography – Global Forecast to 2024
The overall geotechnical instrumentation and monitoring market (GTIM) is expected to grow from USD 3.3 billion in 2019 to USD 5.0 billion by 2024, growing at a CAGR of 9.0%. Factors propelling the demand for GTIM are the failure of geotechnical structures results in loss of lives and destruction of infrastructure, as well as financial losses; a significant rise in infrastructure investments across various countries; and stringent government regulations to make structures more sustainable and safer. Leading players adopt strategies such as product launches and developments, contracts, mergers and acquisitions, joint ventures, and expansions to consolidate their market position.
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In terms of offering, services will exhibit a higher CAGR in the Geotechnical Instrumentation and monitoring market. Several vital services related to real-time monitoring, designing and installation, data analysis, and mitigation will propel the growth of the industry across the world. APAC and the Americas will be the regions driving the growth of the services industry related to GTIM.
Based on technology, wireless GTIM instruments are likely to witness the highest CAGR during the forecast period. Major advantages of wireless geotechnical instruments such as durability, economical pricing, and precise sensing will fuel the growth of GTIM market. The key idea behind the efficient performance of wireless instruments in critical structures, such as mines, is to connect all monitoring instruments to wireless systems and technologies that enable data to be collected and processed centrally.
In terms of structures, GTIM tools will be significantly adopted for tunnels and bridges during the forecast period. This rapid growth will be due to the increase in the number of projects with respect to the construction of tunnels across the world. Several critical tests conducted during the construction of bridges and tunnels such as inconsistency of soil and bedrock will prompt the increased use of these instruments, thereby boosting the demand for GTIM instruments during the forecast period.
In terms of end users, building and infrastructure will be the fastest-growing segment in the GTIM market during the forecast period. The primary reason for the growth of the buildings and infrastructure segment is that this sector includes a few of the major critical structures, such as dams, tunnels, bridges, and buildings that need to be closely monitored regularly. Also, this segment was the early adopter of the geotechnical instrumentation and monitoring techniques; therefore, it is likely to continue to lead the GTIM market in the coming years.
The market for GTIM is growing steadily and presents several critical opportunities for leading players to grow. APAC countries are densely populated, and governments in these countries focus on infrastructural developments for their growth and sustainability. Market players from the Americas and Europe are actively meeting the geotechnical instrumentation and monitoring requirements of various projects in APAC. The resurgence of the oil & gas industry with the growing demand from developed countries will drive increased production. The use of GTIM instruments will be high in the coming years in these industries.