#geotechnical #geotechnicalinstrumentationandmonitoringmarket #construction #geotechnicalengineering
The 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 driving the demand for these instruments include a significant rise in infrastructure investments across various countries; stringent government regulations to make structures more sustainable and safer; failure of geotechnical structures results in loss of lives and destruction of infrastructure, as well as financial losses; and increased awareness about benefits of GTIM tools.
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Increased demand from Americas and APAC will boost market for services during forecast period
In the GTIM market, by offering, services will hold a larger market share during the forecast period. Services include structure monitoring, installation of GTIM systems, and consultation regarding the hardware and software that needs to be deployed according to the requirement. Most companies in the market are providing geotechnical instrumentation and monitoring services can be categorized as designing, consultation, and installation.
Wired technology will account for larger share of GTIM market, by networking technology, during forecast period
Wired technology is used to serve a geotechnical purpose by measuring the pore water pressure, slope and rock stability, and underground pressure. These applications are useful to efficiently monitor the structure and maintain its safety. Reduced attenuation of data while providing a high speed of operation is among the major factors that will drive the increased adoption of wired technology in the GTIM market during the forecast period.
By structure, bridges and tunnels will hold largest market share during forecast period
Geotechnical monitoring instruments play a vital role in monitoring the safety of tunnels and bridges. Increased investments in construction and maintenance of tunnels and bridges in the Americas and APAC will boost demand for GTIM tools. Critical applications such as measurement of rock/soil stress, monitoring of lateral deformation, and monitoring of vertical deformation will also contribute to the increased demand for GTIM tools and services during the forecast period.
APAC is expected to be fastest-growing market during forecast period
The GTIM market in Asia Pacific will grow at the highest rate due to the growing adoption of the geotechnical instrumentation and monitoring techniques for various projects in construction, energy & power, oil & gas, and mining verticals. Increased demand for GTIM tools and services from countries such as China, Japan, South Korea, and India will boost the GTIM market growth during the forecast period.
Key market players
Major vendors in the GTIM market include Fugro (Netherlands), Keller Group (UK), Nova Metrix LLC (US), Geokon Incorporated (US), and Geocomp Corporation (US), Sisgeo SRL (Italy), COWI A/S (Denmark), James Fisher and Sons (UK), Deep Excavation LLC (US).
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