According to the new market research report "Geotechnical Instrumentation and Monitoring Market with Covid-19 Impact Analysis by Offering (Hardware & Software, and Services), Networking Technology (Wired, Wireless), Structure, Application, End User, and Geography - Global Forecast to 2025", The GTIM market is projected to reach USD 4.5 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 9.2% from 2020 to 2025. Major drivers for the growth of the market are significant rise in infrastructure investments across various countries, use of geotechnical instrumentation to prevent failure of geotechnical structures and loss of lives, stringent government regulations to make structures more sustainable and safer, and growing awareness about benefits of GTIM tools. Opportunities in APAC and GCC countries, and investments in oil & gas and major energy projects is creating ample growth opportunities in the market.
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Driver:Significant rise in infrastructure investments across various countries
Developed infrastructure contributes to economic growth and improved productivity, as well as to the well-being of the people in different ways. Superior infrastructure can raise the productivity of public and private sectors and is important for regional development. Most countries across the world are focusing on developing infrastructures through heavy investments. For instance, in April 2019, US President Trump and Democrats agreed to pursue an investment of USD 2 trillion to upgrade the nation’s highways, railroads, bridges, and broadband. Similarly, in December 2016, the UK government’s Infrastructure and Projects Authority declared a massive public and private investment of more than USD 625 billion toward national infrastructure and construction projects. Along with these countries, several other countries invest in infrastructure projects.
Restraint: High installation and monitoring costs
The cost of geotechnical instrumentation rises with range, resolution, accuracy, precision, and repeatability. Though GTIM instruments save costs in the long term, the use of advanced sensors, software, and complex data acquisition systems increases the cost of GTIM solutions. Further, the cost of hardware and software used in GTIM solutions, as well as associated services, depends primarily on the complexity of structures. Highly complex structures require more sophisticated instruments and advanced machines, thereby increasing the overall costs.
Thus, the high cost of GTIM instruments acts as a restraining factor for market growth. The impact of this factor is high at present; however, it may reduce during the forecast period if the competition among service providers increases.
Impact of COVID-19 on GTIM Market:
Globally, the demand for GTIM tools has dropped due to COVID-19 as construction projects are closed due to lockdowns. Additionally, construction projects were put on hold owing to this outbreak. Therefore, the market for geotechnical instrumentation & monitoring is expected to decline in 2020. The manufacturers of components used in hardware are facing several issues related to order accomplishments and the timely delivery of products owing to supply chain disruptions caused by lockdowns imposed in a number of countries. Moreover, there are delays in receiving raw materials from suppliers, primarily located in China and other Southeast Asian countries. These issues are taking a toll on the manufacturers spread across the world.
Moreover, the spread of COVID-19 has led to a sharp contraction in the global demand for components owing to reduced fixed investments, minimal industrial activities, and declined consumption. Each component of the global aggregate demand including consumption, capital investments, and exports, has fallen and continues to fall as containment measures have caused a complete halt of manufacturing activities. A few countries, especially in Europe and APAC, are about to lift their lockdown, and projects are expected to resume.
The GTIM market in Americas projected to hold the largest share in 2025.
The GTIM market in the Americas is expected to grow at a significant rate owing to an increase in investments in infrastructural projects in the region. For instance, from 2009 to 2017, the US federal government and local government spent about USD 440 billion on infrastructure. In addition, countries such as the US and Canada are increasingly adopting geotechnical instrumentation and monitoring tools to ensure the safety and security of structures and their people.
Additionally, in the Americas, both government and private sectors are aggressively involved in large-scale infrastructure projects. For example, the Nevada Department of Transportation (NDOT) has constructed a 4-lane concrete interstate freeway between Silverline Road and Foothill Drive in Henderson. The government spent USD 83 million in this project. This is one of the many projects in the region. Such new infrastructure projects would upsurge the demand for geotechnical instrumentation and monitoring tools. Therefore, the rapid development of new infrastructures in the Americas is one of the major driving factors for the market growth in this region.
Fugro (Netherlands), Keller Group plc. (UK), Nova Metrix LLC (US), Geocomp Corporation (US), GEOKON (US), Sisgeo S.r.l (Italy), COWI A/S (Denmark), RST Instruments Ltd. (Canada), James Fisher and Sons plc (UK), and Deep Excavation LLC (US)are a few major players in the GTIM market.
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