The Worldwide Geotechnical Instrumentation and Monitoring Industry is Expected to Reach $4.2 Billion by 2026
DUBLIN, June 9, 2021 /PRNewswire/ -- The "Geotechnical Instrumentation and Monitoring Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global geotechnical instrumentation and monitoring market is expected to grow at a compound annual growth rate of 8.62% over the analyzed period to reach a market size of US$4.227 billion in 2026 from US$2.370 billion in 2019.
Geotechnical, as the name suggests, is technology linked with earth. Geotechnical instruments are equipment that is used to monitor the earth, structures that are constructed over it, beneath it, and on it. The key idea is to monitor anything that is constructed and maintained on the surface of the Earth. Geotechnical monitors are the internal function of geotechnical instruments. These instruments and monitors are essential to survey the area before construction for knowing the feasibility of the land by noting the soil profile and groundwater level. An undesirable soil can erode, causing collusion of the building or mine, and loss of lives and economic losses.
Monetization continuous even after checking the profile and desirability, while construction is going on to ensure that the structure is made as per the plans and expectations. After finishing the construction of buildings or mines, these instruments facilitate the location of cracks and weak spots for reconstruction/ strengthening in order to avoid potential disaster chances. Hence, one can conclude that the prime factor surging the demand for geotechnical instrumentation and monitoring market is the booming construction industry around the world. However, these instruments require a skilled workforce for operation and interpretation of the results, whose unavailability may hinder the market growth.
Furthermore, surging construction hazards have gained concerns of authorities, which have now implemented a strict rule for monetization and safety of the building, increasing the market demand for geotechnical instruments and monitors. Cases of building collapses have surged in India owing to corruption and negligence. Minimum study regarding the land is also one of the prime reasons resulting in building collisions. These collapses cause loss of life and property, creating a huge economic impact. 1,830 buildings collapsed in India in 2015, causing 1,885 deaths. Rising cases resulted in the tightening of rules, supporting the market growth for geotechnical instruments and monitors.
The unavailability of a skilled workforce might constrain the market growth.
One of the prime factors that have the potential to constrain the market growth during the forecasted period is the unavailability of a skilled labor force. Geotechnical instruments and monitors are technical devices that require a skilled and educated operator to carry out the operation and interpret the results of the monitor. These instruments and monitors deliver the result of studies in codes, abbreviates, and complex maps that are hard to understand for a layman without technical knowledge and skills. Further, the cost of hiring these technicians is more than hiring an unskilled or low-skilled worker. Hence this may constrain the market growth. However, owing to high competitiveness and huge investments in research and development, companies are innovating and launching instruments that deliver easy to understand, convenient results for better understanding even by a low-skilled worker.
The Middle East and the Asian Pacific region will grow at the fastest rate during the forecasted period.
By geography, the market for geotechnical instrumentation and monitoring is segmented into the North American region, the South American region, the Middle East and African region, the European region, and the Asia Pacific region. The Middle East and the Asia Pacific region are predicted to grow at an exponential rate owing to robust infrastructure development undertaken by the countries in the region. The North American region, however, will dominate the market.
The coronavirus pandemic resulted in a nationwide lockdown and a halt in economic activities. A halt in the construction industry leads to a decrease in demand for geotechnical instruments and monitors. However, with resuming economic activities, the market is anticipated to grow significantly. However, migration and displacement of labor has decreased the workforce in the market, hindering the growth owing to unavailability of labor.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. Global Geotechnical Instrumentation and Monitoring Market, by Product
6. Global Geotechnical Instrumentation and Monitoring Market, by Application
6.2. Building and Infrastructure
6.3. Power Generation
7. Global Geotechnical Instrumentation and Monitoring Market, by Geography
8. Competitive Environment and Analysis
For more information about this report visit https://www.researchandmarkets.com/r/et7ci8
Research and Markets
SOURCE Research and Markets