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The global Geotechnical Instrumentation and Monitoring Market size is poised to reach $5.1 billion by 2026, growing at CAGR 8.5% during the forecast period 2021-2026. Geotechnical Instrumentation and Monitoring refers to all different types of instruments such as vibrating wire piezometer data interpretation, sensors and so on that are being used in offshore geotechnical engineering services. Globally increasing infrastructure investment across various countries is set to be the major driver for the growth of the market during the forecast period. Moreover, government stringent rules and regulations to make structure more safe and sustainable is also set to be one of the major growth factors assisting the market growth during the forecast period 2021-2026.
Geotechnical Instrumentation and Monitoring Market Segment Analysis- by Structure
Tunnels and Bridges held the highest segment of the Geotechnical Instrumentation and Monitoring Market with a value of 38.9% in 2020 and a similar trend is anticipated to continue during the forecast period 2021-2026, owing to increasing number of projects on tunnels and bridges construction worldwide. For instance in March 2021, Government of Delhi, India announced road infrastructure projects which includes East-West Corridor (tunnel road between Tikri and Anand Vihar), North-South Corridor (tunnel road from the Signature Bridge to the airport) and an outer road moving parallel to the Yamuna from the Signature Bridge to Sarai Kale Khan. Such road infrastructure projects can increase the demand for Geotechnical Instrumentation and Monitoring solutions which influence the market growth in the long run.
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Geotechnical Instrumentation and Monitoring Market Segment Analysis- by End-User
Based on end-user segmentation, Building and Infrastructures are analyzed to grow with the highest CAGR of around 9.5% in the global Geotechnical Instrumentation and Monitoring Market during the forecast period 2021-2026, owing to the growing number of infrastructure projects globally. Moreover, government initiatives in developing holistic infrastructure will create opportunities for the growth of the market. For instance, in August 2021, Government of India announced to launch Gati Shakti Project to boost economic growth by developing holistic infrastructure buildings and decided to allocate $1.35 trillion. Such initiatives can further influence the market growth of Geotechnical Instrumentation and monitoring in the long run. The benefits such as real-time monitoring as well as accurate data have been contributing to the growth of the building and infrastructure segment in this market. Dams, tunnels, bridges, and buildings are critical structures that need to be closely monitored regularly which results in adoption of geotechnical instruments.
Geotechnical Instrumentation and Monitoring Market Segment Analysis- by Geography
APAC held the highest Geotechnical Instrumentation and Monitoring Market share of around 33% in the global Geotechnical Instrumentation and Monitoring Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026, owing to surge in the use of Geotechnical Instrumentation and Monitoring technique in construction, mining oil and gas industry. The factors such as increasing construction activities, rapid industrialization and increasing investment in buildings and infrastructure projects have been contributing to the market growth across the APAC region in long run. Moreover, government investment in infrastructure projects will create opportunities for the growth of the Geotechnical Instrumentation and Monitoring market. For instance, Government of India planned to invest US$ 1.4 trillion on infrastructure till 2023 to have a sustainable development of the country. The Government of India also planned an investment of $ 750 billion for railways infrastructure from the year 2018-2030. Such investments can further influence the market growth of Geotechnical Instrumentation and monitoring in the long run. Furthermore, growing adoption of Geotechnical Instrumentation and Monitoring in renewable energy projects will boost the growth of the market in this region. In January 2021, FUGRO, global expertise in site investigation, and NYK partnered with OYO Corporation to provide comprehensive geotechnical investigation service for offshore wind energy in Japan through the combination of the joint operation of an offshore geotechnical investigation vessel. Such developments can further influence the market growth of Geotechnical Instrumentation and monitoring in the long run.
Geotechnical Instrumentation and Monitoring Market Drivers
Rise in adoption of Geotechnical Instrumentation and Monitoring Techniques in GCC countries
Increasing adoption of GIMT technique in GCC countries such as UAE, Saudi Arabia, Qatar and so on is set to be one of the factors that can drive the market forward during the forecast period 2021-2026, owing to massive infrastructure investment in high rise buildings, bridges and tunnels. Though oil and gas remains the dominating sector in Gulf countries, major shift towards infrastructure and development can be seen in almost every GCC countries. Infrastructure is crucial for country’s development. As per IndustryArc recent study, total value of infrastructure projects in GCC countries had reached to $1.14 trillion in 2019 among which road development constitutes hold the major share in investment.
Increasing infrastructure investment
Increasing infrastructure investment is set to be one of the factors that can drive the market forward during the forecast period 2021-2026. Investment in infrastructure can contribute to economic growth and increase the productivity of different sectors. It is also crucial for regional development. In April 2021, US Government planned to invest USD 2.25 trillion to modernize its infrastructure such as dams, levees, and roads. Such investments can increase the demand for Geotechnical Instrumentation and Monitoring solutions. Similarly, in March 2021, Government of China planned to invest USD 30 billion to ramp up the infrastructure in Tibet such as building new expressways and modernizing the present ones. Such developments can further influence the market growth of Geotechnical Instrumentation and monitoring in the long run.
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Geotechnical Instrumentation and Monitoring Market Challenges
High Installation Cost
High installation cost acts as a major challenge restraining the market growth of Geotechnical Instrumentation and Monitoring Market. The cost of advanced sensors, software, and complex data acquisition systems in Geotechnical Instrumentation and Monitoring system is quite expensive. Furthermore, demand for geotechnical instrumentation and monitoring solutions decreased due to outbreak of covid19. The outbreak of Covid19 disrupted supply chain due to the imposition of lockdown in almost every country to curb the spread of the virus. Travel restrictions have led to the temporarily shut-down or cancellation of construction projects due to less man power as well as lack of operational budget and lack of availability of resources. Owing to the above mentioned factors, demand for Geotechnical Instrumentation and Monitoring will be significantly impacted, thus hampering its market growth.
Geotechnical Instrumentation and Monitoring Market Landscape
Partnership, Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Geotechnical Instrumentation and Monitoring Market. The Geotechnical Instrumentation and Monitoring Market top 10 companies include:
Encardio-rite Group
Geokon
Geosense
Furgo
Nova Metrix LLC
Geocomp Corporation
James Fisher and Sons
Geodata Monitoring and Surveying Group
Amberg Technologies AG
Deep Excavation LLC.
Acquisitions/Technology Launches
In March 2020, Geosense became the first company in Europe to join Sensemetrics Alliance Program in which Geosense analog or digital sensor can be connected to Sensemetrics cloud based IIoT platform to enhance real time data visualization and intelligent platforms.
In December 2019, Nova Measurements LLC acquired Controls S.p.A, a global leader in the design, manufacture and supply of on-site precision testing equipment for the construction and civil engineering industries.
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Key Takeaways
Tunnels and Bridges held the highest segment of the Geotechnical Instrumentation and Monitoring Market.
Building and Infrastructures is the fastest-growing segment in the Geotechnical Instrumentation and Monitoring Market, owing to government initiatives in developing holistic infrastructure.
APAC region dominated the Geotechnical Instrumentation and Monitoring Market by a market share of 33% in 2020 owing to the rapid growth of the construction industry.
Relevant reports:
A. Geo Technical Market
https://www.industryarc.com/Report/18279/geo-technical-market.html
B. IoT Sensors Market
https://www.industryarc.com/Report/18893/iot-sensors-market
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