Geotechnical Instrumentation and Monitoring Market
NEW YORK, Jan. 30, 2020 /PRNewswire/ --
Geotechnical Instrumentation and Monitoring Market Research Report: By Component (Hardware, Software, Services), End-User (Energy & Power, Building & Infrastructure, Oil & Gas, Mining), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, Netherlands, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa) - Global Industry Size and Share Analysis and Growth Forecast to 2024
Read the full report: https://www.reportlinker.com/p05842924/?utm_source=PRN
Witnessing a CAGR of 11.8% during the forecast period (2019–2024), the global geotechnical instrumentation and monitoring market is predicted to generate a revenue of $6.1 billion by 2024. The major contributors of the market growth are the consistent growth in the construction sector and the rising number of government regulations for infrastructural development. Another factor supporting the market growth is the rising demand for geotechnical instrumentation in the oil & gas sector.
Taking geography into consideration, the geotechnical instrumentation and monitoring market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region during the forecast period. This can be attributed to the rising number of infrastructure projects in emerging economies, especially India and China. To counter the effects of economic slowdown, China is investing heavily in its infrastructure sector. With a total of $219.4 billion, the Chinese government has approved 27 projects since 2018. Therefore, the huge inflow of investments is indicative of the rising demand for geotechnical and monitoring services in the foreseeable future.
In the APAC region, the highest demand for these instruments and services is being generated from South Asia due to rapid industrialization. The major factors behind this are the presence of upskilled workforce and the availability of cheap labor in the region. The governments of many countries, such as Singapore, Malaysia, the Philippines, Indonesia, Vietnam, and Thailand are enthusiastically investing in the construction sector, further boosting industrialization.
Among various components, the fastest growth in demand in the geotechnical instrumentation and monitoring market during the forecast period is predicted to be witnessed by the services category. This can be mainly ascribed to the surging demand for these services for monitoring of critical structures in the energy & power sector. Additionally, the focus on old structures, such as dams, is rising, which is leading to the deployment of these instruments and services for monitoring purposes to establish the safety of humans and wildlife in the vicinity.
Read the full report: https://www.reportlinker.com/p05842924/?utm_source=PRN
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