The geotechnical instrumentation and monitoring
(GTIM) market 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.
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.
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.
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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