The global geotechnical instrumentation and monitoring market accounted for a value of USD 3.1 billion in 2019. The global geotechnical instrumentation and monitoring market is estimated to grow at a CAGR of 7.5% during the forecast period.
COVID-19 has impacted GTIM market. The demand for such tools has been declined as the construction activities are stopped by lockdown. In 2020 it is expected to show a significant decline due to virus outbreak. The supply chain and timely delivery is difficult to achieve due to this global pandemic. The raw material supply is also facing difficulties. The reduction in fixed income due to corona virus and lockdown is another factor contraction of GTIM market. It will showcase some growth after resuming all the halted construction projects.
For more details, visit: Global Geotechnical Instrumentation and Monitoring Market By Offering(Hardware, Software, Services), By Technology(Wired, Wireless), Application, By End-User(Mining, Energy, Building & Infrastructure), By Region–Forecast & Opportunities to 2026
Developed infrastructure has a vast contribution in economic growth and productivity improvement. Developed infrastructure is also responsible for well-being of people in different ways and for regional development. Most countries across the globe focus on developing infrastructure and they are investing a heavy amount on the same. This is increasing demand for GTIM tools and drives growth in this sector.
On the basis of offerings, the geotechnical instrumentation and monitoring market segmented into services and hardware & software. The service segment is projected to register growth at a highest CAGR during the forecast period. The major market players are dedicated to offer GTIM services and demand for service offerings is also increasing immensely. Thus drives growth in service offering in GTIM market.
On the basis of networking technology, the GTIM market is segmented into wired technology and wireless technology. The wired technology segment is estimated to register to growth at highest CAGR during the forecast period. The advantages of wired technology are reduction in attenuation of data, offers high bandwidth and provides high speed of operation. This technology serves a geotechnical purpose for measuring pore water pressure, underground pressure and slope & rock stability. All these factors are attributing growth in GTIM segment.
On the basis of end-user, the geotechnical instrumentation and monitoring is segmented into mining, oil & gas, energy & power and building & infrastructure. The building & infrastructure segment accounted for maximum market share in 2019. It is estimated to continue its dominance over the GTIM market. The awareness about geotechnical instrumentation and monitoring technique’s benefits such as accurate data and real-time monitoring across the world is responsible for growth of GTIM market in building & infrastructure. The critical structures projects such as dams, bridges, tunnels and buildings that need close monitoring demands GTIM tools. This sector is an early adopter of GTIM. All these factors contribute to growth in this segment.
Asia-Pacific region is estimated to register growth at highest CAGR during the forecast period. The rapid increase in industrialization is responsible for market growth in this region. The governments in many countries are also investing in developing the infrastructure. This is likely to boost building & infrastructure segment in coming years which drives growth for GTIM market in Asia-Pacific region. The adoption of GTIM tools is immensely increasing this region.
The key market players in GTIM market are Keller Group plc, Fugro, Nova Metrix, Geocomp Corp., Sisgeo S.r.l, GEOKON, RST Instruments Ltd., Deep Excavation, COWI A/S, James Fishr & Sons plc, Encardio-Rite Electronics, Geosense, Roctest Ltd., Eustis Engineering Llc and Wood Plc.
- What are the expected industry trends over the next three to five years?
- Which of the geotechnical instrumentation and monitoring technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?