Global Geotechnical Instrumentation and Monitoring Market to grow at 9.6% CAGR through 2027

January 12, 2022

According to the report titled ‘Global Geotechnical Instrumentation and Monitoring Market Size study, by Offering (Hardware & Software, Services), by Networking Technology (Wired, Wireless), by Structure (Bridges & Tunnels, Buildings & Utilities, Dams, Others), by End User (Buildings & Infrastructure, Energy & Power, Oil & Gas, Mining), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global geotechnical instrumentation and monitoring market was valued at USD 2.9 billion in 2020 and is expected to grow at a healthy rate of 9.6% over the next six years, thereby reaching a valuation of USD 5.5 billion by the year 2027.

Massive investments in infrastructure, greater spending in oil & gas and energy projects, coupled with government mandates for environment-friendly buildings are propelling the growth of global geotechnical instrumentation and monitoring market.

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For the uninitiated, geotechnical instruments are used to oversee geotechnical sites and structures, which is why they play an important role in the construction industry. They are used in the pre, during, post construction, and dilapidation stages of building projects.

Furthermore, inflowing investments and higher spending in the construction sector is poised to increase demand for geotechnical equipment and monitoring, thereby pushing the industry forward.

In this regard, Statista reported that global construction spending is set to rise from USD 9.5 trillion in 2014 to roughly USD 19.2 trillion by 2035.

Despite the optimistic outlook, high installation and monitoring expenses are likely to stifle worldwide geotechnical instrumentation and monitoring market growth in the coming years.

Based on offering scope, the industry is divided into services, and hardware & software. In terms of networking technology, the industry is categorized into wireless, and wired. Concerning structure, the business outlook is segregated into dams, buildings & utilities, bridges & tunnels, and others. By end-user scope, the market is classified into oil & gas, energy & power, buildings & infrastructure, and mining.

From a regional standpoint, Asia Pacific market is poised to account for the largest share in terms of revenue during the projected timeline, due to factors such as accelerated industrial growth, infrastructure transformation, enhanced government spending, and several infrastructure projects underway in the region.

The competitive landscape of global geotechnical instrumentation and monitoring market is defined by companies such as RST Instruments Ltd., Keller Group plc, Geokon Inc., COWI A/S, James Fisher and Sons plc, Geocomp Corporation, Deep Excavation LLC, Fugro, Sisgeo S.r.l., and Nova Metrix LLC among others.

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