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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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.
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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.
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).
Wireless technology will grow at faster rate for GTIM during forecast period.
The GTIM market with wireless technology is expected to grow at a faster rate during the forecast period. Wireless technology provides options to connect traditional instruments, such as accelerometers, settlement monitors, and inclinometers, with a network in closed tight urban construction sites, without complex cable network. 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. Through this arrangement, risks, such as rock falls, collapses, and cave-ins, related to mines, can be avoided. These benefits will prompt the increased demand for wireless technology in the coming years.
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