Press release
Geotechnical Instrumentation and Monitoring Market is estimated to touch USD 7.2 billion by 2029, registering 9.1% CAGR during 2022-2029 | Size & Analysis
Geotechnical Instrumentation and Monitoring Market
Geotechnical Instrumentation and Monitoring Market was valued at USD 3.6 billion in 2021 and is estimated to reach USD 7.2 billion in 2029, growing at a CAGR 9.1% during the forecast period.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/geotechnical-instrumentation-and-monitoring-market-analysis-industry-research/
The factors driving the growth of Geotechnical Instrumentation and Monitoring Market includes rising awareness amongst consumers about the benefits of geotechnical instrumentation and monitoring equipment, increase in the number of construction projects and technological innovations in the field of sensors. According to the report published by Statista, the Global Construction Market was calculated around USD 6.4 trillion in 2020 and is predicted to reach USD 14.4 trillion by the end of 2030, which will accelerate the Geotechnical Instrumentation and Monitoring Market size in the approaching years. Moreover, the increase in Government's expenditure on the infrastructure projects, rise in oil and gas exploration activities, increasing investments by major corporations on research and development, rapid urbanization, and growing population growth rates, are some of the additional factors supplementing the market growth. As per Housing.com, the Indian Government under its flagship program "PM Gati Shakti", which aims at building world-class, modern infrastructure and logistics and developing advanced multi modal network, is planning to invest INR 100 lakh crore, which will push the demand for geotechnical instrumentation and monitoring equipment in the coming years.
However, the growth of Geotechnical Instrumentation and Monitoring Market is hindered due to high installation cost of geotechnical instrumentation and monitoring equipment.
The prominent players operating in the Geotechnical Instrumentation and Monitoring Market are Geocomp Corporation., DST Consulting Engineers Inc, GEOTECHNICS LIMITED, Deep Excavation LLC,GaiaComm Ltd, Fugro, Monitoring Solution Providers Pte Ltd, S. W. Cole Engineering, Inc., Advanced Geophysics Instruments, Innovative Geotechnical Instrumentation, Coffey International., WJ Groundwater Limited and EKO Instruments, among others.
Based on Component, the Services segment is predicted to capture the largest market share during the forecast period
As per the Geotechnical Instrumentation and Monitoring Market Report, data transferred from inclinometers and piezometers geotechnical solutions to the software aids in identifying structural damage at early stage and enables high degree of structural safety, are some of the factors responsible for the segment's growth.
Based on Application, the Tunnels and Bridges segment is projected to dominate the market over the forecast period
Rise in Government' expenditure on the construction of infrastructure projects worldwide, is the propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rise in the number of infrastructure projects, rapid economic growth across India, China and South Korea, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments:
In 2021, Fugro has completed an environmental project to clean one of the most contaminated areas of Denmark, this project includes the installation of 800 injection wells, covering an area of 2000 m² through specialist direct push technology.
In 2021, Fugro has been received jumbo positioning contract for Deepwater Mero 1 Offshore in Brazil, to support the offshore installation on the Mero 1 Deepwater field located around 180 km off the coast of Rio de Janeiro in Brazil.
In 2021, Fugro has been awarded with Geo-data solutions contract by the Texas Department of Information Resources (DIR) for support the state's Strategic Mapping Program (StratMap). This project will help in meeting digital geo-data layers demand across the state for more effective governance.
Market Segmentation
Segmentation by Component
Services
Hardware
Software
Segmentation by Technology
Wired
Wireless
Segmentation by Application
Tunnels and Bridges
Buildings
Dams
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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