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.
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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.
Geotechnical Instrumentation and Monitoring Market Segmentation
Market Segmentation by Component
- Hardware
- Wired
- Wireless
- Software
- Services
Market Segmentation by End User
- Energy & Power
- Building & Infrastructure
- Oil & Gas
- Mining
- Others (Landfills and Disaster Response)
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