The geotechnical instrumentation and monitoring market is estimated to be worth USD 3.2 billion in 2021 and is projected to reach USD 5.1 billion by 2026, at a CAGR of 9.6%. 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 are some of the important factors contributing to the market growth globally.
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Increasing investments in oil & gas and major energy projects are creating new growth opportunities for market players. Government regulations for the adoption of geotechnical instrumentation and monitoring services for ensuring safety of structures in many regions is expected to drive the market growth in the coming years. The subsequent rise of infrastructure projects owing to the growing infrastructure investments globally has been creating ample growth opportunities for market players.
The geotechnical instrumentation and monitoring market in the APAC region is expected to witness higher growth compared to the other regions during the forecast period 2021 to 2026. Increasing investments related to infrastructure and the directives by governments for the compulsory use of geotechnical instrumentation and monitoring techniques for various structures are some of the important factors driving the market growth in this region. The increasing population in many APAC countries has led to rapid urbanization, which, in turn, is expected to create growth opportunities for the market players in the coming years as many construction projects are being sanctioned.
The number of companies offering geotechnical instrumentation and monitoring services is more than the companies offering instruments and software. Hardware components in geotechnical monitoring are used to measure parameters such as pressure, load, and strain affecting the soil, rock, and the structure. Different types of instruments that are needed for geotechnical monitoring include inclinometers, piezometers, extensometers, and sensors. The data collected from these instruments is provided to the software for analysis. These solutions help in controlling structural damage 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. Owing to rapid urbanization and the development of new structures, geotechnical instrumentation and monitoring hardware, software and service markets are expected to provide numerous growth opportunities to market players.
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Untapped potential in developing countries such as India, China, etc., the increasing investments in energy & power and oil & gas sectors and the growing advancements related to wireless instruments for geotechnical instrumentation and monitoring are expected to create new opportunities for market players.