According to a research report "Geotechnical Instrumentation and Monitoring Market with COVID-19 Impact Analysis by Offering, Networking Technology (Wired, Wireless), Structure (Bridges & Tunnels, Buildings & Utilities, Dams, Others), End User and Geography - Global Forecast to 2026" published by MarketsandMarkets, the global geotechnical instrumentation and monitoring market is expected to reach USD 5.1 billion by 2026 from USD 3.2 billion in 2021, at a CAGR of 9.6% during the 2021-2026 period.
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COVID-19 Impact on the Global Geotechnical Instrumentation and Monitoring Market
COVID-19 has led to severe health crisis across the world and several casualties. Supply chain disruptions were created due to lockdowns being imposed in several regions. Key manufacturers of geotechnical instruments and software providers were severely affected during the first two quarters of 2020 due to the outbreak of the pandemic. Due to lockdowns being imposed in many regions, an imbalance in the demand and supply was witnessed, leading to companies not manufacturing at their fullest capacity. The stoppage of many infrastructure projects had an adverse impact on service providers as well during this period. However, from the third quarter of 2020, with lockdowns being lifted in many regions, the market has witnessed a steady recovery. From the third quarter, many infrastructure projects have been resumed and with the growing number of new infrastructure projects, new growth opportunities will be created for the market players. However, small and medium-sized component manufacturers, software providers and service providers in the market are yet to pick up momentum and are expected to show significant recovery from 2021.
Opportunity: Growing opportunities in APAC and GCC countries
The dense population in APAC countries, such as India and China, has paved the way for rapid urbanization. There has been a significant rise in the development of geotechnical structures such as dams, bridges, and tunnels owing to growing infrastructure investments. An increasing number of geotechnical projects has led to the increased adoption of geotechnical instrumentation and monitoring in several developing countries, such as India and China. 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.
APAC countries, such as China, Japan, and Singapore, and GCC countries, such as the UAE, Saudi Arabia, and Qatar, present a huge potential for the geotechnical instrumentation and monitoring market, considering the growing infrastructural investments related to buildings, utilities, bridges, and tunnels in these countries.
Challenge: Lack of skilled operators for installation and calibration of geotechnical instruments
Every infrastructure project has a set of its own critical parameters, and operators of geotechnical instruments are responsible for the identification of the parameters and selecting the appropriate instruments to measure those parameters accordingly. The instrument types as well as their specification, resolution, precision, and range are critical and, hence, skilled operators are needed for handling those instruments. Moreover, the information required during construction and post-construction also changes based on the type of construction. Soil and rock behavior depends on several factors. In some cases, the monitoring of one parameter is sufficient, but in the case of complex structures, the monitoring of several parameters and a correlation between them are essential. To perform all these functions, highly skilled personnel is required. However, the shortage of skilled workforce in APAC and high labor costs in the Americas and Europe are impeding the market growth globally. The impact of this challenge is expected to reduce during the forecast period owing to the growing number of skilled geotechnical instrumentation and monitoring personnel globally.
Asia Pacific to register the highest growth in the geotechnical instrumentation and monitoring market during the forecast period
Asia Pacific is expected to register the highest growth in the geotechnical instrumentation and monitoring market during the forecast period. The major factors driving market growth include the increasing investments related to infrastructure and directives by governments for the compulsory use of geotechnical instrumentation and monitoring for various structures. The growing population in many Asia Pacific countries has led to rapid urbanization which has led to the commencement of several infrastructure projects, thereby, driving the market growth.
The report profiles key players such as Fugro (Netherlands), Keller Group (UK), Nova Metrix LLC (US), Geokon (US), Geocomp Corporation (US), Sisgeo S.r.l. (Italy), COWI A/S (Denmark), James Fisher and Sons (UK), Deep Excavation LLC (US), and RST Instruments (Canada).
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