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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Services to account for larger share of the GTIM market, by offering, due to the need for technical expertise
The services segment will lead the GTIM market, by offering, during the forecast period. The rapid rise in the number of instrumentation and monitoring service providers for designing, consultation, and installation will drive the growth of the market during the forecast period. During the forecast period, APAC and the Americas will be the regions where the demand for services will be high due to the high number of infrastructure projects undertaken.
APAC to exhibit fastest growth in GTIM market from 2019 to 2024
Asia Pacific (APAC) is expected to exhibit the highest CAGR during the forecast period. Major factors driving the growth of the GTIM market in APAC include the increased spending on infrastructure projects in developing countries such as China and India. Factors such as increased population and rapid urbanization have increased the use of structures such as bridges, buildings, highways, and tunnels. Countries such as China and South Korea have many skyscraper buildings. Moreover, India is increasingly adopting geotechnical instrumentation and monitoring solutions for projects related to geotechnical facilities such as tunnels, bridges, and dams. A few of the companies in APAC offering GTIM hardware components and services are Ryobi G (Singapore), Ace Instruments Co., Ltd. (Korea), Geotechnical Services Pty. Ltd. (Australia), Encardio-rite Electronics Pvt. Ltd. (India), Aimil Ltd. (India).
Fugro (Netherlands), Keller Group (UK), Nova Metrix LLC (US), Geokon Incorporated (US), and Geocomp Corporation (US) are among a few major players in the geotechnical instrumentation and monitoring (GTIM) market.
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