Geotechnical Instrumentation and Monitoring Market worth $5.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 25, 2021 /PRNewswire/ -- According to a research report "Geotechnical Instrumentation and Monitoring Market with COVID-19 Impact Analysis by Offering, Networking Technology (Wired, Wireless), Structure (Bridges & Tunnels, Buildings & Utilities, Dams, Others), End User and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the global Geotechnical Instrumentation and Monitoring Market is expected to reach USD 5.1 billion by 2026 from USD 3.2 billion in 2021, at a CAGR of 9.6% during the 2021-2026 period.
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The rapid growth of the global geotechnical instrumentation and monitoring market is attributed to some of the driving factors such as rising infrastructure investments, increasing adoption of geotechnical instruments to prevent structural failures, government regulations for sustainable structures, and growing awareness about the benefits of instrumentation and monitoring tools.
Geotechnical instrumentation and monitoring services to hold the largest market share during the forecast period
The number of market players offering geotechnical instrumentation and monitoring services is more than the companies offering instruments and software. Different types of instruments needed for geotechnical monitoring include inclinometers, piezometers, extensometers, and sensors among others. The data collected from these instruments is provided to the software for analysis. These solutions help to identify structural damages at an early stage and enable a high degree of structural safety. Though the hardware and software solutions can be reused after purchase, many companies that purchase these solutions rent them to other companies, which is considered as a service, making the services segment accounting for a larger market share than the hardware & software segment.
Wireless networking technology to register the highest growth in the geotechnical instrumentation and monitoring market during the period 2021 and 2026
Technological advancements related to wireless technology have led to the development of products to which conventional instruments such as strain gauges, piezometers, inclinometers, linear voltage displacement transducers, and accelerometers can be attached for centralized data collection and analysis. The growing demand for wireless networking technologies for geotechnical instrumentation and monitoring is a major factor contributing to the high market growth for wireless networking technology. However, wired networking technology is expected to hold the largest share of the market owing to the large adoption of wired instruments for geotechnical monitoring.
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Asia Pacific to register the highest growth in the geotechnical instrumentation and monitoring market during the forecast period
Asia Pacific is expected to register the highest growth in the geotechnical instrumentation and monitoring market during the forecast period. The major factors driving market growth include the increasing investments related to infrastructure and directives by governments for the compulsory use of geotechnical instrumentation and monitoring for various structures. The growing population in many Asia Pacific countries has led to rapid urbanization which has led to the commencement of several infrastructure projects, thereby, driving the market growth.
The report profiles key players such as Fugro (Netherlands), Keller Group (UK), Nova Metrix LLC (US), Geokon (US), Geocomp Corporation (US), Sisgeo S.r.l. (Italy), COWI A/S (Denmark), James Fisher and Sons (UK), Deep Excavation LLC (US), and RST Instruments (Canada).
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