“GTIM market to grow at significant rate from 2019 to 2024”
The geotechnical instrumentation and monitoring (GTIM) market is expected to grow from USD 3.3 billion in 2019 to USD 5.0 billion by 2024, growing at a CAGR of 9.0%. Key factors driving the growth of the GTIM market include a significant rise in infrastructure investments across various countries; stringent government regulations to make structures more sustainable and safer; failure of geotechnical structures results in loss of lives and destruction of infrastructure, as well as financial losses; and increased awareness about benefits of GTIM tools. Strategies such as product launches and developments, contracts, mergers and acquisitions, joint ventures, and expansions adopted by market players are fueling the growth of the GTIM market. However, generation of inaccurate results owing to errors in readings, and high installation and monitoring costs are restraining the growth of the market.
“Wired network technology to account for larger market size from 2019 to 2024”
Wired technology is the most commonly used networking technology in geotechnical instrumentation and monitoring applications. Wired technology is primarily used to measure the pore water pressure, slope and rock stability, and underground pressure. These applications are useful to efficiently monitor the structure and maintain its safety. The wired technology provides a host of benefits such as reduced attenuation of data during transfer and high speed of operations, and higher bandwidth for transmission, which are critical in geotechnical operations. All these factors will propel the growth of GTIM market during the forecast period.
“Americas to be largest market, and APAC to be fastest-growing market for GTIM from 2019 to 2024”
The Americas is expected to be the largest market for GTIM during the forecast period. The high growth in the region is attributed to an increase in investment in infrastructural projects in the region. In addition, countries such as the US and Canada are increasingly adopting geotechnical instrumentation and monitoring tools to ensure safety and security of structures and their people.
APAC is expected to register the highest growth in the GTIM market during the forecast period. Factors such as increased population and rapid urbanization have increased the use of structures such as bridges, buildings, highways, and tunnels. The adoption of geotechnical instrumentation and monitoring solutions in countries such as South Korea, Japan, and India for projects related to geotechnical facilities such as tunnels, bridges, and dams will also drive the growth of the market in the region.
The break-up of profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 - 55%, Tier 2 - 20%, and Tier 3 - 25%
- By Designation: C-Level Executives - 35%, Directors - 25%, and Managers - 40%
- By Region: Americas - 10%, Europe - 20%, APAC - 40%, and RoW - 30%
Fugro (Netherlands), Keller Group (UK), Nova Metrix LLC (US), Geokon Incorporate (US), and Geocomp Corporation (US) are among a few significant players in the GTIM market.
- The GTIM market, in this report, has been segmented by offering, networking technology, structure, application, end user, and region.
- The market based on offerings has been further classified into hardware and software, and services.
- The GTIM market by networking technology has been segmented into wired network technology and wireless network technology.
- The GTIM market based on structures has been classified into tunnels and bridges, building and utilities, dams, and others.
- The GTIM market by application has been further segmented into measurement of pore water pressure, measurement of rock/soil stress, monitoring of lateral deformation, and monitoring of vertical deformation.
- The GTIM market based on end users has been segmented into buildings and infrastructure, energy & power, oil & gas, and mining.
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market, offering, network technology, application, structure, end user, and region have been provided to give the overall view of the GTIM market.
- Major drivers, restraints, opportunities, and challenges pertaining to the GTIM market have been provided in the research report.
- The report includes a detailed competitive landscape and revenues of key players.