Structural Health Monitoring Market growing at a CAGR of 17.9% and Expected to Reach $3.4 Billion by 2023 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 24, 2019 /PRNewswire/ -- According to the new market research report "Structural Health Monitoring Market by Technology (Wired and Wireless), Offering (Hardware (Sensors, Data Acquisition Systems) and Software & Services), Vertical (Civil Infrastructure, Energy), Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Structural Health Monitoring Market is estimated to grow from USD 1.5 billion in 2018 to USD 3.4 billion by 2023, at a CAGR of 17.9% between 2018 and 2023. The major factors driving the growth of the structural health monitoring market include the catastrophic failure of the infrastructure that results in loss of lives and incurs higher costs, stringent government regulations pertaining to the sustainability of structures, and aging infrastructures and the superior benefits of structural health monitoring.

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Software and services segment for structural health monitoring expected to grow at a higher rate between 2018 and 2023

Structural health monitoring systems market are a combination of several key components and services. The basic approach of any structural health monitoring system is to continuously collect the data (over the longer period of time) about the overall condition of the structure from various installed sensors. This sensory data includes loading, stress, strain, acceleration, temperature, and video signal, among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. Software solutions aid to collect, assess, and assimilate data to continuously monitor progress and detect faults. These benefits of software will propel the demand for structural health monitoring systems during the forecast period.

Retrofitting of existing infrastructure with structural health monitoring systems is expected to drive the demand between 2018 and 2023

Retrofitting involves renovating/ altering existing and ageing infrastructure. Retrofitting allows users to renovate the space according to their business requirements at a reduced cost. The installation of SHM system in the existing infrastructure offers many benefits, including increased safety, early detection of safety-related risks, longer lifespan of infrastructure, and cost efficiency (reduced long- and short-term costs related to structural maintenance). Several countries like India, China, and Turkey are taking measures to retrofit existing buildings. Some examples of worldwide retrofit construction projects include the Urban Renewal Project (Turkey), which is a far-reaching plan to demolish some 7 million buildings and rebuild earthquake-resistant buildings in their place   which have a large number of ageing infrastructure.

Inspection and monitoring of civil infrastructure expected to hold the largest share of the structural health monitoring market by 2023

Civil infrastructure facilities such as bridges, dams, tunnels, highways, and buildings have a long service life, and they are very costly to maintain. The deterioration is mostly because of aging of materials (such as concrete, supporting metal wires, and steel used while construction), continuous use, overloading, aggressive exposure conditions, lack of sufficient maintenance, and inappropriate inspection methods. All these structures are directly related to the overall demographic and economic growth of any country. Therefore, many governments are taking initiatives to monitor the overall health of the structure. Countries such as Japan, China, and the US are situated in some of the most earthquake-prone areas, which could cause large-scale damage if the civil structures are structurally deficient and are not able to withstand the seismic forces. Also, at present, major countries in different regions such as US, UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economies. For such increasing infrastructure facilities, there would be growing opportunities for the structural health monitoring market players.

Demand for structural health monitoring in Americas expected to be the highest during the forecast period

In the Americas, both government and private sectors are aggressively involved in the large-scale new infrastructure projects. The governments of South and North American countries are taking initiatives to expedite the adoption of monitoring systems for different applications. The aging infrastructure in the US and fast-growing infrastructure facilities in Brazil and Canada are driving the market growth in this region.

Browse in-depth TOC on "Structural Health Monitoring Market"

69 – Tables

47 – Figures

171 – Pages

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A new major players in the structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent (US), Geocomp (US), Campbell Scientific (US), Nova Metrix (US), Geokon (US), SIXENSE (France), Digitexx (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore).

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