Geotechnical and Structural Monitoring Devices Market Report Overview
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The global Geotechnical and Structural Monitoring Devices market size was USD 623.4 million in 2022. As per our research, the market is expected to reach USD 1,392.06 million by 2031, exhibiting a CAGR of 9.5% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with Geotechnical and Structural Monitoring Devices experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Geotechnical instrumentation refers to those tools that help engineers and construction workers by monitoring the infrastructure, processes, and buildings that are being built projects are successfully completed in part because of the ongoing oversight and monitoring that improves the accuracy and quality of the designed projects. The physical characteristics of the subsurface environment, such as the density, competency, and thickness of soil or sediment layers, can be learned using geotechnical and structural monitoring devices. Geotechnical and Structural Monitoring Devices can evaluate hydraulic conductivity, estimate the depth of groundwater, and offer stratigraphic information. To effectively assess a site, an investigator must be aware of the characteristics and structure of the soils and sediments because these factors will influence sample techniques and technology choices.
The geotechnical and structural monitoring devices consist of the sales of hardware and software used to monitor geotechnical structures and the environment by entities (organizations, sole proprietors, and partnerships). Monitoring pressure or stress on retaining walls, concrete structures, embankments, tunnel linings, and buildings is done with the help of geotechnical instrumentation and monitoring. This market includes strain gauges, survey markers, load cells, and piezometers. The numerous technologies encompass a variety of constructions, including tunnels, bridges, buildings, utilities, dams, and others, and incorporate wired and wireless networking.
COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth
The COVID-19 epidemic had a significant impact on the manufacturers of geotechnical equipment and software. Due to the widespread implementation of stringent lockdowns and stay-at-home orders, there was a significant disruption in supply and demand. Construction projects have temporarily been put on hold or canceled as a result of travel restrictions since there is not enough labor, there is not enough money for operations, and there are not enough resources available. During this period of the world pandemic, the suspension of numerous infrastructure projects hurt service providers. The geotechnical and structural monitoring devices market has progressively recovered, despite the various locations that lifted the stringent lockdown restrictions. Additionally, a lot of infrastructure projects have been restarted, and new infrastructure projects are anticipated to see significant growth opportunities in the years to come.
LATEST TRENDS
"Development of Real-Time Monitoring Inclinometers to Boost Market Growth"
An important development in the geotechnical and structural monitoring devices market is the advent of real-time monitoring inclinometers. To strengthen their position, major players in the geotechnical instrumentation and monitoring market are concentrating on the development of real-time monitoring inclinometers. For instance, the UK-based company Soil Instruments has introduced a product called "GEOSmart" that is of the highest caliber possible. By using MEMS (Micro-Electro-Mechanical Sensors) mounted on stainless steel tubing with a single cable running the length of the string, the "GEOSmart" in-place inclinometer reduces the number of cables sticking out of the top of the borehole. In geotechnical applications such as diaphragm walls, embankments, retaining walls, landslides, and probable slope failures, it allows real-time monitoring of displacement. Due to its lightweight, sturdy construction, GEOSmart is easily carried to the site and may be installed by one site technician.
Geotechnical and Structural Monitoring Devices Market Segmentation
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- By Type Analysis
As per the type, the market is classified as follows: Extensometers, Piezometers, Strain Gages, Thermometers, and Others. Extensometers holds the major share in the market of geotechnical and structural monitoring devices.
- By Application Analysis
Based on application, the market is segmented as follows Construction Industry and Mining Industry. In terms of application, the construction sector held the biggest geotechnical and structural monitoring devices market share and is expected to grow throughout the projection period.
DRIVING FACTORS
"Rise in Focus on Infrastructure to Facilitate Market Development"
During the projected period, a rise in infrastructure spending is anticipated to open up enormous prospects for geotechnical and structural monitoring devices market expansion across several nations. Infrastructure refers to building objects like sewage systems, bridges, and roadways. The process and structure of infrastructure are monitored during construction using geotechnical and structural monitoring devices. These geotechnical tools and monitoring also aid in lowering risk and spotting construction flaws. Therefore, the growth of the geotechnical and structural monitoring devices market will have a lot of potential because of the increase in infrastructure investments across many different nations.
"Rapid Product Launches and Other Developments to Promote Industry Progress"
Major market participants' rapid product launches and other developments will fuel the expansion of geotechnical and structural monitoring devices. For instance, in February 2021 Gooses unveiled its VWPHT-3600 series High-Temperature Piezometers. This brand-new item has been introduced for use in high-pressure and high-temperature situations. Applications for this product include geothermal heating and sophisticated oil recovery systems that use cyclic steam stimulation (CSS) and steam-aided gravity drainage (SAGD).
RESTRAINING FACTORS
"High Initial Capital Expenditures to Hinder Market Growth"
The geotechnical and structural monitoring devices market will face significant challenges due to a lack of experienced workers or professionals with the necessary training. The geotechnical and structural monitoring devices market's growth is significantly constrained by the high installation cost. High initial capital expenditures will also serve as a significant market limitation on the market's expansion. The technological application difficulties will also slow the geotechnical and structural monitoring devices market's rate of expansion. In the geotechnical instrumentation and monitoring system, the cost of cutting-edge sensors, sophisticated software, and intricate data-collecting systems is relatively high. The aforementioned reasons will have a substantial impact on the demand for geotechnical instrumentation, which will impede the geotechnical and structural monitoring devices market's expansion.
Geotechnical and Structural Monitoring Devices Market Regional Insights
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"Rise in Construction Activity to Propel Market Progress in Asia"
Due to the increased use of geotechnical instrumentation and monitoring techniques in the construction, mining, oil, and gas industries, Asia held the largest geotechnical and structural monitoring devices market share of approximately 33% in the global geotechnical and structural monitoring devices market in 2020. Long-term market expansion in the Asia area has been influenced by factors like rising construction activity, fast industrialization, and rising investment in construction and infrastructure projects. Additionally, government spending on infrastructure projects would open up chances for the geotechnical and structural monitoring devices market growth.
KEY MARKET PLAYERS
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Geokon (U.S.)
- Keller Group (U.K)
- Nova Metrix (U.S.)
- Roctest (Canada)
- Fugro (Netherlands)
- RST Instruments (Canada)
- Geosense (U.K)
- Opsens Solutions (Canada)
- Campbell Scientific (U.S.)
- SISGEO (U.K)
REPORT COVERAGE
The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 623.4 Million in 2022 |
Market Size Value By |
US$ 1 Million by 2031 |
Growth Rate |
CAGR of 9.5% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the geotechnical and structural monitoring devices market expected to touch by 2031?
Based on our research, the geotechnical and structural monitoring devices market is projected to touch USD 1,392.06 million by 2031.
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What CAGR is the geotechnical and structural monitoring devices market expected to exhibit by 2031?
The geotechnical and structural monitoring devices market is expected to exhibit a CAGR of 9.5% by 2031.
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What are the driving factors of the geotechnical and structural monitoring devices market?
The rise in focus on infrastructure Rapid Product Launches and Other Developments are the driving factors of the geotechnical and structural monitoring devices market.
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Which are the top companies operating in the geotechnical and structural monitoring devices market?
Geokon, Keller Grou, Nova Metrix, Roctest, Fugro, RST Instruments, Geosense, Opsens Solutions, Campbell Scientific, and SISGEO are the top companies operating in the geotechnical and structural monitoring devices market.