In a recent report by Transparency Market Research (TMR), the global structural health monitoring market is expected to witness tremendous growth with the development of the healthcare industry. There are several prominent players in the market who are focusing mainly for a greater share in the market as compared to their competitors. The leading players of the market are anticipated to put more concentration on developing products of the healthcare industry. There is tough competition and one move of a single player summons other players to respond strategically. Therefore the structural health monitoring market offers immense growth opportunities due to the rising development of the healthcare business field in the years to come.
Some of the leading players in the global structural health monitoring market are OSMOS Group, National Instruments Corporation, Digitexx Data Systems, ACELLENT TECHNOLOGIES, INC., and Nova Metrix LLC. The regional and local players of the market are presumed to be relying on strategic alliance formation so that they can sustain themselves in the health monitoring market.
As per the TMR reports, the global structural monitoring market is anticipated to display a 10.09% CAGR within the forecast period of 2017 to 2025. The valuation of the market during the aforementioned forecast period is of US$4.09 mn by 2025 which was earlier recorded at US$1.57 mn in 2016.
Asia Pacific to Witness Fast Growth with Substantial Development Projects
Owing to the boost of the structural health monitoring industry by the rapid pace of urbanization, that has surpassed all previous records, there is the necessity for reliable and strong infrastructure for all commercial, residential as well as industrial sectors. Therefore the market demand has mounted to new heights recently. A major role adding to the advantage of the global structural market is the developing industrial zones and well as town centers. There has been deployment in structural health monitoring systems which was necessitated by real estate industries in order to undergo fundamental changes. Therefore, the growth of the global structural health monitoring market is anticipated to depend on the recent advancements in the building and construction industry as well.
In terms of geography, North America is anticipated to be dominating the market. This is due to the age old infrastructure like power plants, tunnels and bridges that are in need of structural health monitoring. Following the trails of North America is Europe which may trim some of its revenue share and rather come down to the third position by the end of the forecast period.
Asia Pacific is however predicted to exceed all other regions in terms of the rate of growth. Structural health monitoring is obtaining more popularity due to substantial development of building projects like those of smart cities, power plants and bridges. Most of the revenue share to be contributed by Asia Pacific to the global market is from the developing nations of Japan and China.
Moreover, government is also taking efforts to improve the infrastructural standards of their construction industries all around the world. This would ensure safety of the newly constructed buildings for commercial, residential as well as healthcare purposes. Besides precautious measures in terms of new construction, the government of various regions is also anticipated to protect all historical monuments and ancient and cultural heritages. This is being done for enhancing the tourism industry along with the structural health monitoring market globally.
High Expenditure for Structural Monitoring Restricting Market Growth
Lack of technological expertise seems to act as a hindrance for new players to enter into the market because of inexperience.
Additionally, though various measures are taken in order to improve the structural health of buildings and centers around the world, there seems to be a heavy investment both in terms of labor and finance. The high expenditure investment for installment of sensors seems to be a major challenge for the growth and development of the structural health monitoring market in the years to come.
The information presented in this review is based on a TMR report, titled," Structural Health Monitoring Market (Solution - Software, Hardware, and Services; Connectivity - Wired and Wireless; Application - Civil (Brides, Dams, and Tunnels) and Aviation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".
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