The construction industry across the world is expanding swiftly owing to urbanization. In 2017, the total expenditure registered in the global construction market was $11 trillion and the value is projected to reach $13.5 trillion by the end of 2024.
The industry is primarily witnessing growth because of the increasing construction activities in countries such as India, China, and the U.S., where China is predicted to witness the fastest growth during 2019–2014.
Geotechnical instrumentation are instruments which are utilized for monitoring structures, such as bridges and buildings, and real-time changes, such as cracks, vibrations, and movements, that take place during the development and after the completion of structures. According to a research conducted by P&S Intelligence, the global geotechnical instrumentation and monitoring market generated a revenue of $3.1 billion in 2018 and is predicted to register a 11.8% CAGR in the near future.
Geotechnical instrumentation and monitoring solutions offer software, hardware, and service. Out of these, the largest demand during 2014–2018 was created for the services category and the situation is going to be the same in the coming years as well. This is because of the rising requirement for these services to monitor critical structures in the energy & power sector continuously.
The several end users of geotechnical instrumentation and monitoring solutions are building & infrastructure, mining, energy & power, oil & gas, and others (which include disaster response and landfills). Among all these, the largest demand for these solutions was created by the building & infrastructure sector during 2014–2018.
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In the coming years, the fastest growth in demand for geotechnical instrumentation and monitoring solutions is expected to be witnessed by the oil & gas sector. The sector makes use of these solutions for the development and monitoring of refineries, storage facilities, oil rigs, and pipelines.