The GTIM market is projected to reach USD 5.14 billion by 2027 from USD 2.9 billion in 2020; it is expected to grow at a CAGR of 8.5 % from 2020 to 2027.. Geotechnical instrumentation is a fundamental component of surface and underground mining engineering. It helps in dealing with instruments which help in construction of a project by taking care of various aspects such as strain, pressure, load, stress, vibration, and other parameters, which can assure the optimal and safe construction of a project. Additionally, it helps in checking the ground feasibility for design purpose and design calculations of a project. The amount of geotechnical instrumentation needed in a project depends on the complexity of the project, as projects such as tunnels, dams, and excavations next to sensitive structures demand high level of geotechnical instrumentation. The primary aspects which are catered to while dealing with geotechnical instrumentation are structural and soil deformities, stresses acting on structural elements, and ground water pressure and inflows. Furthermore, a few factors which are to be considered while choosing the right set of geotechnical instruments include range, resolution, accuracy, precision, conformance, robustness, and reliability.
Increase in the number of construction and engineering projects around the globe is a major factor which is estimated to boost the geotechnical instrumentation market, as increased construction is anticipated to fuel the need for maintaining safety standards, which can be implemented successfully by appropriate usage of geotechnical instruments. Additionally, the construction and engineering market is likely to expand significantly during the forecast period. Furthermore, manufacturers of geotechnical instrumentation are expected to focus on Asia Pacific as the construction industry in the region is anticipated to witness significant growth as compared to other regions, which in turn is projected to make the region a key market for geotechnical instrumentation. Moreover, manufacturers are anticipated to focus on tie-ups with leading construction businesses in order to increase their share in the market. Manufacturers of geotechnical instrumentation are projected to focus more on compatibility with 3D printing construction firms and create customized solutions for them, as it is an emerging concept, which if focused on, is likely to boost the geotechnical instrumentation market during the forecast period.
The cost of geotechnical instrumentation rises with range, resolution, accuracy, precision, and repeatability. Though GTIM instruments save costs in the long term, the use of advanced sensors, software, and complex data acquisition systems increases the cost of GTIM solutions. Further, the cost of hardware and software used in GTIM solutions, as well as associated services, depends primarily on the complexity of structures. Highly complex structures require more sophisticated instruments and advanced machines, thereby increasing the overall costs.
Thus, the high cost of GTIM instruments acts as a restraining factor for market growth. The impact of this factor is high at present; however, it may reduce during the forecast period if the competition among service providers increases.
Some of the major players in global geotechnical instrumentation and monitoring market include Deep Excavation LLC (U.S.), Geocomp Corporation (U.S.), DST Consulting Engineers Inc (Canada), Fugro (Holland), Monitoring Solution Providers Pte Ltd (Singapore), S. W. Cole Engineering, Inc (U.S.), Coffey International (Australia), WJ Groundwater Limited (U.K), EKO Instruments (Japan), Geotechnics Limited (U.K), among other.
North America is expected to dominate the GTIM market due to rising investments in infrastructure projects in the region. For instance, in February 2019, the U.S. Environmental Protection Agency (EPA) issued seven WIFIA loans to help finance over USD 4 billion in water infrastructure projects. These investments are directed toward accelerating the investments in water infrastructure to support the President’s Infrastructure Initiative. The rapid urbanization in the region is enabling the development of new infrastructure facilities. The development of these facilities is cost-effective and incurs no damage, thereby surging the demand for geotechnical instruments.