CHICAGO, Aug. 14, 2020 /PRNewswire/ -- According to the new market research report "Geotechnical Instrumentation and Monitoring Market with COVID-19 Impact Analysis by Offering (Hardware & Software, and Services), Networking Technology (Wired, Wireless), Structure, Application, End User, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the GTIM market is projected to reach USD 4.5 billion by 2025 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 9.2% from 2020 to 2025. Major drivers for the growth of the market are significant rise in infrastructure investments across various countries, use of geotechnical instrumentation to prevent failure of geotechnical structures and loss of lives, stringent government regulations to make structures more sustainable and safer, and growing awareness about benefits of GTIM tools. Opportunities in APAC and GCC countries, and investments in oil & gas and major energy projects is creating ample growth opportunities in the market.
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Service segment of the GTIM market projected to grow at a higher CAGR during the forecast period.
The service segment is expected to continue to hold a larger share of the geotechnical instrumentation & monitoring market during the forecast period. Across the world, maximum companies in the GTIM market are dedicated to offering instrumentation and monitoring services, and the manufacturers of hardware and software solutions required for GTIM engineering are comparatively fewer. Therefore, the services segment is expected to continue to lead the GTIM market during the forecast period.
Among all structures, the tunnels and bridges segment projected to hold the largest share of the GTIM market during the forecast period.
In 2020, tunnels and bridges collectively held the largest size of the GTIM market, and a similar trend is expected to continue during the forecast period. The major factor contributing to the leading position of tunnels and bridges is the growing number of projects with respect to the construction of tunnels across the world. For instance, the Follo Line tunnel project in Norway, Europe, is likely to be completed by 2021, and it will connect the Norwegian capital of Oslo with its southern suburb of Ski.
Wireless Networking technology segment to grow at a higher CAGR during the forecast period.
Wireless segment is expected to grow at a higher rate. The major advantages of geotechnical instruments are durability, economical pricing, and precise sensing. Wireless instruments have the great potential to expand their use in geotechnical engineering. The key idea behind the efficient performance of wireless instruments in critical structures, such as mines, is to connect all monitoring instruments to wireless systems and technologies that enable data to be collected and processed centrally.
The GTIM market in Americas projected to hold the largest share in 2025.
The GTIM market in the Americas is expected to grow at a significant rate owing to an increase in investments in infrastructural projects in the region. For instance, from 2009 to 2017, the US federal government and local government spent about USD 440 billion on infrastructure. In addition, countries such as the US and Canada are increasingly adopting geotechnical instrumentation and monitoring tools to ensure the safety and security of structures and their people.
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Additionally, in the Americas, both government and private sectors are aggressively involved in large-scale infrastructure projects. For example, the Nevada Department of Transportation (NDOT) has constructed a 4-lane concrete interstate freeway between Silverline Road and Foothill Drive in Henderson. The government spent USD 83 million in this project. This is one of the many projects in the region. Such new infrastructure projects would upsurge the demand for geotechnical instrumentation and monitoring tools. Therefore, the rapid development of new infrastructures in the Americas is one of the major driving factors for the market growth in this region.
Fugro (Netherlands), Keller Group plc. (UK), Nova Metrix LLC (US), Geocomp Corporation (US), GEOKON (US), Sisgeo S.r.l (Italy), COWI A/S (Denmark), RST Instruments Ltd. (Canada), James Fisher and Sons plc (UK), and Deep Excavation LLC (US) are a few major players in the GTIM market.
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