Status : Published Published On : Nov, 2021 Report Code : VRICT5154 Industry : ICT & Media Available Format : Page : 275

Global Geotechnical Instrumentation and Monitoring Market – Analysis and Forecast (2021-2027)

Industry Insight by Offering (Hardware, Software, and Services), by Networking Technology (Wired and Wireless), by Application (Dams, Bridges & Tunnels, Buildings & Utilities, and Others), by End-User (Building & Infrastructure, Energy & Power, Oil & Gas, Mining, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global geotechnical instrumentation and monitoring market is anticipated to grow from USD 3.1 billion in 2021 and is estimated to reach USD 5.5 billion by 2027, registering a CAGR of 9.7% during the forecast period 2021-2027. Geotechnical instrumentation and monitoring refer to the instrument that monitors the structure, process, and infrastructure during construction activity. It helps to validate the structural design and detects faults in advance to avoid risk. Thus, continuous monitoring and supervision of construction projects via geotechnical instrumentation and monitoring technology will improve the quality and accuracy of designed projects, provide safety, and protection. The increasing number of construction and engineering projects globally is the primary driver for the growth of the geotechnical instrumentation and monitoring market. The mounting investment in infrastructure, rising adoption of geotechnical instruments to avoid structural failures, regulations by the government for sustainable structures, increasing awareness regarding advantages associated with instrumentation and monitoring tools will accelerate the growth of the geotechnical instrumentation and monitoring market globally.

Geotechnical Instrumentation and Monitoring Market Highlights

The COVID-19 pandemic has led to disruption in the supply chain, imbalance in demand and supply, resulting in a severe impact on the manufacturers of geotechnical instruments and software providers during the first quarter of 2020. However, several infrastructure projects have been resumed and small and medium-sized component manufacturers, software providers, and service providers will show a substantial recovery after the crisis.

Market Segmentation

Insight by Offering

Based on offering, the geotechnical instrumentation and monitoring market is divided into hardware, software, and services. The services segment is anticipated to grow significantly owing to the rising demand for the monitoring of road/rail, metros & sewer tunnels, groundwater levels, soft soil, and nuclear power plants. Moreover, initiatives by the government led to the monitoring of critical structures in the energy & power sector leading to the growth of the service segment.

Insight by Networking Technology

Based on networking technology, the geotechnical instrumentation and monitoring (GIMT) market is bifurcated into wired and wireless. The wireless networking technology is expected to have a high CAGR during the forecast period 2021-2027 owing to the development of wireless technology leading to the advancement of devices like strain gauges, piezometers, inclinometers, linear voltage displacement transducers, and accelerometers which are attached to centralized data collection and analysis. The wired technology accounts for the largest share owing to the wide adoption of wired instruments owing to their reliability and low latency and are less prone to radio interference.

Insight by Application

Based on application, the global geotechnical instrumentation and monitoring market is categorized into dams, bridges & tunnels, buildings & utilities, and others.  The following things that should be taken into consideration for the construction of roads, railways, and bridges include strain, load, and pressure. Dam construction requires geotechnical equipment that takes into account various areas such as water leakage, deformation, uplift pressure, pore pressure, and seismic motion.

Insight by End-User

Based on end-user, the global geotechnical instrumentation and monitoring market is segregated into building & infrastructure, energy & power, oil & gas, mining, and others. Building & infrastructure dominates the geotechnical instrumentation and monitoring (GIMT) market owing to the rising awareness about the advantages associated with geotechnical instrumentation and monitoring (GIMT) and mandatory government regulations to have compulsory geotechnical monitoring of structures will fuel the growth in the market. There is a need to continuously monitor critical structures like dams, tunnels, bridges, and buildings, which will accelerate the market growth of the segment.

Industry Dynamics

Industry Trends

The mounting requirement for web data monitoring services (WDMS) and growing integration of the microelectromechanical system (MEMS) technology owing to the wide adoption of wireless and IoT are the trends impacting the growth of the geotechnical instrumentation and monitoring market.  

Growth Drivers

The key factor driving the growth of the geotechnical instrumentation and monitoring market is the growing infrastructure development globally. The global construction market is anticipated to reach USD 13.5 trillion by 2024 owing to major investment in countries like China, India, and the U.S. Moreover, geotechnical instruments are required in the planning phase of the development of skyscrapers, expansion of roads and rails for commutation facilities will drive the growth of the geotechnical instrumentation and monitoring market. In addition, substantial investment in infrastructure projects, mounting demand for non-critical construction projects like tunnels, slopes, excavations, robust technological development in the field of sensors will propel the growth of the geotechnical instrumentation and monitoring market as these instruments provide high quality, construction control, monitoring in-service performance, and design verification. Nevertheless, mandatory government regulations to make structures more sustainable and safer will drive the growth of the market.

Challenges

The increasing deployment cost of monitoring solutions, dearth of skilled labor, high installation costs will impede the growth of the geotechnical instrumentation and monitoring market.

Opportunities

The industry players have opportunities for growth in the geotechnical instrumentation and monitoring market with respect to oil & gas-related projects owing to the advantages offered by geotechnical instruments. Moreover, a substantial increase in the development of geotechnical structures such as dams, bridges, and tunnels owing to growing infrastructure investments in the APAC and GCC region will provide promising opportunities for growth in the geotechnical instrumentation and monitoring market.

Geographic Overview

Asia-Pacific is anticipated to be the fastest-growing region in the geotechnical instrumentation and monitoring market owing to the upsurging investment in infrastructure and directives issued by the government for mandatory adoption of geotechnical instrumentation and monitoring for various structures. The increasing population in many Asia Pacific countries has led to robust urbanization that has led to the commencement of several infrastructure projects, thereby, driving the market growth.

North America is anticipated to have substantial growth in the geotechnical instrumentation and monitoring market owing to the existence of stringent government regulations for infrastructure development, resulting in monitoring the structural health of buildings in the region.

Competitive Insight

The industry players in the geotechnical instrumentation and monitoring market are focusing on organic growth strategies like product launches and product approvals and inorganic strategies like acquisitions, and partnerships & collaborations. This has resulted in expanding their business horizon and customer base. In addition, key players are working towards reinforcing their geographical presence, capacity expansions, investing in R&D activities, and technological development to sustain themselves and provide a competitive edge in the market.

Fugro (Netherlands) was awarded a design, soil investigation, and monitoring contract for the Tiel-Waardenburg Dike reinforcement project by Mekante Diek. Fugro's scope of work majorly includes design services, consultancy, soil testing, and construction management.

Keller Group (UK) announced the acquisition of Recon Services (US), a geotechnical and industrial services company. This acquisition was not subjected to any regulatory approvals and was for an initial cash consideration of USD 23 million.

Some of the key players operating in the geotechnical instrumentation and monitoring market: Fugro, Keller Group plc, Nova Ventures, GEOKON, Geocomp Corporation, Deep Excavation LLC, Sisgeo S.r.l., James Fisher and Sons plc, Geotechnical Engineering Services, and RST Instruments Ltd.

Geotechnical Instrumentation and Monitoring Market Size and Market Analysis

Source: VynZ Research

Frequently Asked Questions

The global geotechnical instrumentation and monitoring market is anticipated to grow from USD 3.1 billion in 2021 and is estimated to reach USD 5.5 billion by 2027.
The projected growth rate of the global geotechnical instrumentation and monitoring market is 9.7%.
Factors attributing to the growth are increasing infrastructure investments in various countries, mandatory government regulations to make the structures more sustainable and safer, and an increase in awareness about the advantages of GTIM tools will drive the growth of the geotechnical instrumentation and monitoring market.
Asia-Pacific is anticipated to be the fastest-growing region in the geotechnical instrumentation and monitoring market
Some of the key players operating in the geotechnical instrumentation and monitoring market: Fugro, Keller Group plc, Nova Ventures, GEOKON, Geocomp Corporation, Deep Excavation LLC, Sisgeo S.r.l., James Fisher and Sons plc, Geotechnical Engineering Services, and RST Instruments Ltd.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Geotechnical Instrumentation and Monitoring Market