The geotechnical instrumentation and monitoring market is expected to witness a CAGR of 9.7% during the forecast period. The development of the construction sector globally, rising urbanization, initiatives by the government towards the development of sustainable infrastructure will propel the growth of the geotechnical instrumentation and monitoring market.
The rising number of geotechnical instrumentation and monitoring solution in various projects and favorable policies and initiatives by the government to implement the use of technology will drive the market growth. The rapid technological development in the field of sensors will create opportunities for growth in the geotechnical instrumentation and monitoring market. Nevertheless, the manufacturers are focusing on tie-ups with leading construction businesses and creating customized solutions to enhance their share in the market.
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The COVID-19 pandemic has substantially impacted the economy worldwide owing to strict lockdowns and halt in economic activities. The stagnation of the construction industry has reduced the adoption of geotechnical instrumentation and monitoring techniques. However, business operations are picking the pace, and the geotechnical instrumentation and monitoring market is anticipated to grow post-COVID-19 crisis.
By end-user, the building & infrastructure segment is projected to witness the largest market share during the forecast period.
Building & infrastructure is anticipated to hold the largest market share in the geotechnical instrumentation and monitoring market during the forecast period 2021-2027 owing to investment in infrastructures such as the construction of bridges, buildings, and tourist attractions. Moreover, increasing population has mounted the demand for accommodation and residential buildings, and increasing construction hazards resulted in the strict implementation of geotechnical instruments and monitors for the safety of buildings resulting in the growth of the geotechnical instrumentation and monitoring market. The main propellers for market growth are the countries such as the U.S, China, and India that will lead to construction market to grow and is anticipated to USD 15.5 trillion by 2030.
Asia-Pacific is anticipated to have significant growth during the forecast period owing to rapid urbanization and industrialization, modernization of infrastructure, and huge spending by the government. Moreover, increasing deployment in building tunnels and bridges, construction, energy & power, mining, and oil & gas industry will favor the growth of the geotechnical instrumentation and monitoring market in the region.
Some of the major players in the global geotechnical instrumentation and monitoring market include 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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