The structural health monitoring market is estimated to grow from USD
1.48 billion in 2018 to USD 3.38 billion by 2023, at a CAGR of 17.93%
between 2018 and 2023.
Based on technology, the market for structural health monitoring systems based on wireless technology is estimated to grow at a higher rate during the forecast period. In wireless technology, the use of wires is eliminated, thereby abolishing the need for installation and protection of cables due to which the cost of the wireless structural health monitoring system is reduced dramatically.
In terms of offerings, the hardware segment is expected to hold the largest market share by 2023 owing to the fact that hardware components are the integral elements of the structural health monitoring system, which measure physical properties of any structure under observation. On the basis of received data from various hardware instruments, decisions are made regarding the corrective actions pertaining to the structure.
In the vertical segment, civil infrastructure is expected to hold the largest market share during the forecast period. Civil infrastructure facilities include numerous critical structures such as bridges, dams, tunnels, highways, and buildings. At present, major countries in different regions such as the US, the UK, Germany, and Japan are heavily investing in building infrastructural facilities, thereby ultimately growing the economy of the country. Thus, the growing civil infrastructure would increase the demand for structural health monitoring systems to maintain and monitor the health of each civil infrastructure and to avoid catastrophic failure of these structures.
Market Dynamics
Drivers
- Catastrophic Failure of the Infrastructure Results in Loss of Lives and Incurs High Costs
- High Capital Investments for Structural Health Monitoring Across Various Countries Worldwide
- Stringent Government Regulations Pertaining to Sustainability of Structures
- Aging Infrastructure and Superior Benefits of Structural Health Monitoring
- Decreasing Cost of Sensors Results in Reducing the Structural Health Monitoring System Cost
Restraints
- High Installation and Monitoring Costs
- Inaccurate Results Due to Errors in Readings
- Slow Growth in Developing Countries
Opportunities
- Regional Opportunities in APAC and GCC Countries
- Public-Private Partnerships (P3S Or PPPS) for Infrastructural Growth
- Use of Advanced Sensor Technologies
- Integration Technology
Challenges
- Requirement of Skilled Labors/Operators for Installation and Calibration of Structural Health Monitoring Instruments
- Technical Challenges and Operational Factors
- Need for Large Amounts of Data Processing and Management
Companies Profiled
- Acellent
- AVT Reliability (Aesseal)
- Bridge Diagnostics
- Campbell Scientific
- Cowi
- Digitexx
- Feac Engineering
- First Sensor
- Geocomp
- Geokon
- Geomotion Singapore
- Hottinger Baldwin Messtechnik
- Infibra Technologies
- Kinemetrics
- Nova Metrix
- Pure Technologies
- RST Instruments
- Sensuron
- Set Point Technologies
- Sisgeo
- Sites-Afla
- Sixense
- Sodis Lab
- Strainstall UK (James Fisher & Sons PLC)
- Structural Monitoring Systems
- Yapidestek Engineering
For more information about this report visit https://www.researchandmarkets.com/research/npt227/worldwide?w=4
