The report „Geotechnical Instrumentation and Monitoring Market by Offering (Hardware & Software, Services), Technology (Wired, Wireless), Structure (Tunnels & Bridges, Buildings & Utilities, Dams), End user, and Region – Global Forecast to 2022″ , is estimated to be valued at USD 4.64 Billion by 2022, and is projected to grow at a CAGR of 11.37% between 2017 and 2022. The growth of the geotechnical instrumentation and monitoring market can be attributed to the awareness about the benefits of geotechnical instrumentation and monitoring and stringent government regulations for its implementation. The rising number of infrastructure projects across the globe is driving the market growth, as geotechnical instrumentation and monitoring is planned to be implemented in almost every critical structure to adhere to safety regulations.
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Of all structural segments of geotechnical instrumentation and monitoring market, tunnels & bridges is the fastest-growing segment during the forecast period. Bridges and tunnels are important infrastructures and contribute majorly to the growth of a region. Geotechnical monitoring in tunnels is important due to the increased risks of cave-ins. Thus, it is necessary to monitor the safety of these structures with high precision.
The geotechnical instrumentation and monitoring market based on offering is classified into hardware & software and services. The services market is projected to grow at the highest rate between 2017 and 2022. The primary reason behind this growth is the demand for remote and real-time monitoring of critical structures, such as mines and tunnels & bridges.
Of all the regions, the Americas held the largest market share in 2016. The major reason for this large market share is the high number of projects that are implementing geotechnical instrumentation and monitoring solutions in the region. The Americas has always been the leader in implementing this technology and is very particular about the safety of its structures.
Some of the major restraining factors for the growth of the geotechnical instrumentation and monitoring market are the high installation cost and the slow adoption rate in emerging economies.
Major players in the geotechnical instrumentation and monitoring market are Fugro N.V. (Netherlands), Keller Group plc (U.K.), Geokon, Incorporated (U.S.), Durham Geo Slope Indicator, Inc. (U.S.), Nova Metrix LLC (U.S.), Geocomp Corporation (U.S.), and Sisgeo Srl (Italy). These players have adopted various strategies, such as new product developments, partnerships and contracts, and business expansions to cater to the needs of end users in the geotechnical instrumentation and monitoring market.
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