Structural health monitoring market worth US$3.38 billion by 2023
25/10/2018
According to a new market research report, titled: ‘Structural health monitoring market by technology (wired and wireless), offering (hardware (sensors, data acquisition systems) and software and services), vertical (civil infrastructure, energy), application and geography – global forecast to 2023’, published by MarketsandMarkets™, the market is estimated to grow from US$1.48 billion (approximately £1.13 billion) in 2018 to US$3.38 billion (approximately £2.57 billion) by 2023, at a compound annual growth rate (CAGR) of 17.93% during this period.The major factors driving the growth of the structural health monitoring market include the catastrophic failure of infrastructure, which results in the loss of lives and incurs higher costs, stringent government regulations pertaining to the sustainability of structures, ageing infrastructure and the superior benefits of structural health monitoring.
The civil infrastructure segment is expected to hold the largest share of the structural health monitoring market by 2023.
Civil infrastructure facilities include numerous critical structures, such as bridges, dams, tunnels, highways and buildings. All of 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 structures. Also, at present, major countries in different regions such as the USA, the UK, Germany, Japan, China, India, Qatar and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economies. For increasing infrastructural facilities such as these, there will be growing opportunities for the structural health monitoring market players.
With the increasing importance of large civil projects and the frequent occurrence of structural failure, structural health monitoring systems are becoming increasingly crucial. The basic approach of any structural health monitoring system is to continuously collect data (over a long period of time) concerning the overall condition of a structure from various installed sensors. This sensory data includes loading, stress, strain, acceleration, temperature and video signal, among others. However, it is challenging for structural engineers to obtain, process, store and analyse such a large volume of data. To resolve this challenge, software platforms, customised software applications and software algorithms are being adopted. For example, software such as MATLAB and SCADA play a crucial role in early damage detection; they determine the damage at an early stage and facilitate the necessary repairs to maintain a high level of safety.
The increased use of monitoring systems in the USA is the key factor behind the market growth in the Americas. Governments in both South and North America are taking steps towards the adoption of monitoring systems in different applications. The ageing infrastructure in the USA and the fast-growing infrastructural facilities in Brazil and Canada are driving the market growth in this region.
A few major players in the structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (USA), Geocomp (USA), Campbell Scientific (USA), Nova Metrix (USA), Geokon (USA), SIXENSE (France), Digitexx (USA), Bridge Diagnostics (USA), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK) and Geomotion Singapore (Singapore).
