One of the key factors fuelling the surge in the requirement of geotechnical instrumentation and monitoring solutions is the soaring construction and infrastructural development activities all around the world. “The total spending in the global construction industry was observed to be as much as $11 trillion in 2017”. According to many reports, “this number would rise to $13.5 trillion by the end of 2024”. This is mainly because of the surging infrastructural development projects such as those pertaining to the building of roadways and high-speed railway tracks in countries such as the U.S., India, and China.
Besides the increasing transportation infrastructure development projects, the rapid construction of skyscrapers is also powering the sales of geotechnical instrumentation and monitoring systems across the world. These systems are required during the initial planning phases of skyscrapers for determining the various necessary details related to the foundation of these structures. The main factors responsible for the rapid construction of these massive buildings are the rising migration of people from rural areas to cities and the increasing urbanization all over the world.
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As per many surveys, “the share of the people living in urban areas was found to be 55% of the total number of people across the world in 2018”. Furthermore, “this share is predicted to rise to 68% of the global population by 2030”. This sharp rise in the urban population would further boost the construction of various transportation systems such as railways and roadways throughout the world. The other major factor propelling the demand for geotechnical instrumentation devices is the growing usage of these systems in the oil and gas sector around the world.
Because of the above-mentioned reasons, the revenue generated from the worldwide sales of geotechnical monitoring and instrumentation systems is predicted to rise from $3.1 billion to $6.1 billion from 2018 to 2024. “The global geotechnical instrumentation and monitoring market is predicted to advance at a CAGR of 11.8% from 2019 to 2024”, as per the forecast of the market research firm, P&S Intelligence. “Software, hardware, and services are the main components of geotechnical instrumentation and monitoring solutions, out of which, the demand for services was observed to be the highest in the past”.