Structural Health Monitoring Market Growth Expected to Propelled by Growing Demand for Advanced Sensors and Technologically Enhanced Hardware
Global structural health monitoring market is expected to flourish at a significant CAGR during the forecast period. Further, the global structural health monitoring market is expected to garner USD 3 Billion by the end of 2023. Increasing infrastructure development across the globe is anticipated to garner the growth of the global structural health monitoring market. Further, government initiatives to maintain aging structures are believed to impel the growth of the structural health monitoring market.
The global structural health monitoring market is segmented into component such as hardware, software and services. Among these segments, hardware segment is expected to occupy top position in overall structural health monitoring market during the forecast period. The hardware segment is anticipated to capture highest market share as large number of sensors are required to be installed on the infrastructure. Further, growing demand for advanced sensors and technologically enhanced hardware is anticipated to propel the growth of the hardware Structural Health Monitoring Market.
North America captured the largest market share in overall structural health monitoring market in 2016. Further, North America is expected to continue its dominance over the forecast period. Rapid aging infrastructures such as bridges are likely to drive the growth of the structural health monitoring market in the region. Asia Pacific is expected to showcase a tremendous growth over the forecast period i.e. 2017-2024. Further, government initiatives to ensure public safety are anticipated to strengthen the growth of the structural health monitoring market in the region.
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Use of SHM systems during the construction of an infrastructure helps to identifying the inadequacy in its construction and design. New government regulations towards the compulsory implementation of SHM systems in order to reduce loss of lives are likely to boost the SHM market in the coming 5-6 years. Moreover, governments across the globe are more concerned about the maintenance of heritage structure in order to boost the tourism revenue of their country. This factor is expected to fuel the growth of the structural Health Monitoring Market during the forecast period.
Global infrastructure development is increasing on a rapid pace mainly in developing countries such as India and China. Further, increasing infrastructure across the globe has resulted into strong need for smart health monitoring services to avoid loss of lives and money. This factor is anticipated to boost the demand for structural health monitoring services across the globe.
However, high cost of installation of structural health monitoring system and availability of alternative monitoring methods are some of the factors which might dampen the growth of structural health monitoring market during the forecast period.
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The report titled “Structural Health Monitoring Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global structural health monitoring market in terms of market segmentation by type, by component, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global structural health monitoring market which includes company profiling of Advitam, Inc., COWI A/S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik (HBM), Nova Metrix LLC, Sodis Lab and Strainstall Uk Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global structural health monitoring market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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