NEW YORK, Oct. 01, 2019 (GLOBE NEWSWIRE) — According to the market research report published by P&S Intelligence, The global geotechnical instrumentation and monitoring market share is expected to reach $6.1 billion by 2024, advancing with a CAGR of 11.8% during the forecast period. The market is buoyed by increasing government regulations for infrastructural development coupled with steady growth in the construction sector. Furthermore, the growing demand for geotechnical instrumentation in the oil & gas sector is supporting the market growth.
Of various components, services are expected to witness the fastest growth in demand in the geotechnical instrumentation and monitoring market during the forecast period. This can be mainly attributed to the increasing demand for these services for the continuous monitoring of critical structures in the energy & power sector. Moreover, there has been an increased focus on the monitoring of old structures, such as dams, keeping in view the safety of humans and wildlife in the vicinity.
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Among the end users, oil & gas is expected to register the highest CAGR, amounting to 13.8%, in the geotechnical instrumentation and monitoring market during the forecast period, owing to the increasing demand for geotechnical solutions for the monitoring of oil and gas pipelines. Furthermore, with the expansion of oil and gas refineries in the Middle Eastern and African (MEA) region, the demand for geotechnical instruments and services is bound to increase.
Globally, the geotechnical instrumentation and monitoring market is expected to register the fastest growth in Asia-Pacific (APAC) during the forecast period, on account of the increasing infrastructure projects in developing countries of the region, such as China and India. China is heavily investing in its infrastructure to counter the effects of the economic slowdown. Since 2018, the Chinese government has approved 27 projects, with a total investment of $219.4 billion. Hence, with growing investments, the demand for geotechnical instrumentation and monitoring services is projected to increase.
Browse report overview with detailed TOC on “Geotechnical Instrumentation and Monitoring Market Research Report: By Component (Hardware, Software, Services), End-User (Energy & Power, Building & Infrastructure, Oil & Gas, Mining), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, Netherlands, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, U.A.E., Turkey, South Africa) – Global Industry Size and Share Analysis and Growth Forecast to 2024” at: https://www.psmarketresearch.com/market-analysis/geotechnical-instrumentation-and-monitoring-market
In the APAC region, Southeast Asia is generating a high demand for geotechnical instruments and services on account of rapid industrialization. Upskilled workforce, coupled with the availability of cheap labor, is a major factor contributing to the industrialization in the region. To support industrialization, governments of countries such as Malaysia, Singapore, Indonesia, Thailand, the Philippines, and Vietnam are investing in the construction sector, which is expected to boost the growth of the geotechnical instrumentation and monitoring market in the forecast period.
GCC countries are offering ample growth opportunities to the players operating in the geotechnical instrumentation and monitoring market. This can be mainly imputed to the increasing reliance of these countries on geotechnical engineering technology for the construction of various stadiums and hotels for upcoming events, including the World Expo 2020 in Dubai (U.A.E.) and the 2022 FIFA World Cup in Qatar. On account of the expected increase in tourism during these events, there is a growing focus on hotel construction to cater to the increased tourist footfall.
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Qatar’s hospitality sector is witnessing unprecedent growth, as the country is working toward the realization of the National Vision 2030 and preparing for the FIFA World Cup 2022. According to the Ministry of Development Planning and Statistics, in Qatar, about 106 hotels (including 4-star, 5-star, and 7-star) are under construction and expected to be completed by 2022.