The global structural health monitoring market size is estimated to reach USD 4.34 billion by 2025, according to a study conducted by Grand View Research, Inc., rising at a CAGR of 17.3% during the forecast period. Growing investments in infrastructural development and government regulations mandating implementation of sensors and data acquisition systems to monitor structure health are expected to augment the market. Increasing age of existing bridges and dams and rising focus on infrastructural advancements including construction of new bridges, dams, buildings, and stadiums are also providing a push to the market.
Superior
infrastructure is essential for regional development and it helps to increase
productivity of the private as well as public sectors. Therefore, rapid
infrastructural development across the globe is one of the primary growth
stimulants for the market. These systems help in reducing cost by removing need
for inspection staff and maintenance. Additionally, with ongoing advancements
in technology, these systems are being used in applications such as diagnosing
vessels and platforms in marine industries, aircraft frames in aerospace and
defense, and inspection of large machines.
North
America is projected to dominate the market throughout the forecast horizon
owing to surging demand from applications such as bridges & dams and
buildings & stadiums. However, Asia Pacific is poised to post the highest
CAGR of 18.9% during the same period. This is owing to increasing investments
in the civil infrastructure sector, along with industries such as aerospace,
defense, marine, and manufacturing. Moreover, in 2014, the Chinese government
laid down new regulations mandating use of SHM systems while building new
architectural structures and bridges. They have restricted replacement time
period for an embedded sensor to 20 years and three to five years for a sensor
placed on the surface of the bridge. Furthermore, expanding production of oil
sands and shale gas in regions such as Africa and Asia are anticipated to stir
up the demand for structural health monitoring systems.
Full Research Report On Structural Health Monitoring Market Visit Here:
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Further key
findings from the study suggest:
- The hardware
segment is likely to dominate the structural health monitoring market
throughout the forecast period owing to higher cost of sensors and data
acquisition systems as compared to that of software and services
- In terms of
application, the market for structural health monitoring is dominated by
bridges & dams and the trend is estimated to continue until 2025. This
is due to increasing investments in order to check for health of
structures, thus ensuring public safety
- Prominent
industry participants include National Instruments Corporation; Structural
Monitoring Systems; Digitexx Data Systems, Inc.; and Pure Technologies.
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Grand View Research has
segmented the global structural health monitoring market based on solution,
application, technology, and region:
Structural Health
Monitoring Solution Type (Revenue, USD Million, 2015 - 2025)
- Hardware
- Sensors
- Data Acquisition Systems
- Others
- Software & Services
Structural Health
Monitoring Application Type (Revenue, USD Million, 2015 - 2025)
- Bridges & Dams
- Building & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipment
Structural Health
Monitoring Technology Type (Revenue, USD Million, 2015 - 2025)
- Wired
- Wireless
Structural Health
Monitoring Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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