(I-BusinessNews.Com, April 22, 2022 ) The report "Structural Health Monitoring Market with COVID-19 Impact by Offering (Hardware, Software & Services), Technology (Wired, Wireless), End Use (Civil Infrastructure, Aerospace & Defense, Energy, Mining) and Geography - Global Forecast to 2027", is estimated to grow from USD 2.0 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 14.6% between 2022 and 2027.
The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring systems.
The civil infrastructure segment is expected to hold the largest share of the structural health monitoring market during the forecast period
Civil infrastructure consists of structures, such as bridges, dams, buildings & stadium, and tunnels. The development of new infrastructure ultimately results in the economic growth. Structures for transportation, such as bridges and tunnels, are essential as they reduce the cost of travel, save time, and facilitate regional trade. Hence, many regions such as the US, the UK, Germany, Japan, China, South Korea, India, Qatar, and Saudi Arabia are extensively investing in civil infrastructures to develop new infrastructure facilities and renovate the old infrastructures. The growing demand for new infrastructure globally, is expected to increase the need for regular monitoring of structures to reduce the risk of structural failure.
Structural health monitoring hardware to hold the largest market share during the forecast period
Hardware components play a crucial role in measuring the physical parameters, such as stress, cracks, temperature, vibration, and alignment, of structures that are being observed. The data gathered from hardware components helps technicians proactively take necessary or corrective measures to ensure the safety of structures. The increasing number of structural failures in recent years has led to a surge in demand for structural health monitoring systems, thereby driving the market growth for hardware offerings. However, the software & services market to register higher growth in structural health monitoring market during the forecast period. Software such as MATLAB and SCADA are used for early detection of damage and provide predictive analytics that helps determine the remaining lifetime of a structure and make timely decisions regarding the future maintenance of the structure. The increasing need for regular monitoring of structures is a key factor driving the demand for software and services.
Wireless technology to register the highest growth in the structural health monitoring market during the forecast period
The adoption of wireless technology significantly reduces monitoring costs as the need for installation and protection of cables is eliminated. Also, the wireless system offers greater flexibility. Various sensors used in the wireless structural health monitoring system are organized by wireless transmission, which makes updating, adding, moving, and replacing of sensors easy after the initial installation. Technological advancements related to wireless technology have led to the development of products to which instruments such as strain gauge sensors, tiltmeters, crack meters, inclinometers, linear voltage displacement transducers, and accelerometers can be integrated for centralized data collection and analysis. The growing demand for wireless technologies for structural health monitoring is a major factor contributing to the high market growth for wireless technology.
Asia Pacific to register the highest growth in the Structural health monitoring market during the forecast period
Asia Pacific is expected to register the highest growth in the structural health monitoring market during the forecast period. The major factors driving market growth include the increasing investments related to infrastructure and stringent regulations by governments for the compulsory use of structural health monitoring for various structure to reduce catastrophic failures. The growing population in many Asia Pacific countries has led to rapid urbanization and industrialization which has led to the commencement of several infrastructure projects, thereby, driving the market growth.
The report profiles key players such as Nova Metrix LLC (US), Geokon (US), Campbell Scientific (US), COWI (Denmark), Geocomp (US), Acellent Technologies (US), Sixense (France), Pure Technologies (Canada), Structural Monitoring Systems (Australia), SGS (Switzerland), and Digitexx (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: