CHICAGO, July 10, 2019 /PRNewswire/ -- According to the new market research report "Geotechnical Instrumentation and Monitoring Market by Offering (Hardware & Software, and Services), Technology (Wired, Wireless), Structure (Tunnels & Bridges, Buildings & Utilities, Dams), Application, End User, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, 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, at a CAGR of 9.0%. Major factors fueling the demand for GTIM include the significant rise in infrastructure investments across various countries, stringent government regulations to make structures more sustainable and safe, increased awareness about benefits of GTIM tools, and failure of geotechnical structures results in loss of lives and destruction of infrastructure, as well as financial losses.
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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.
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).
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64 – Tables
39 – Figures
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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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