Structural Health Monitoring Market worth $3.4 billion by 2023 growing with a CAGR of 17.9%

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MarketsandMarkets Presents
Structural Health Monitoring Market worth 3.4
billion by 2023 growing with a CAGR of 17.9
The factors that are driving the structural
health monitoring market include the aging
infrastructure and the superior benefits of
structural health monitoring, a decrease in the
cost of sensors that results in reducing the
structural health monitoring system cost, and
stringent environmental regulations pertaining to
the sustainability of structures, among many
others.
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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 forecast period for
this report is considered between 2018 and
2023. Structural health monitoring systems 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 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). infrastructure.
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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.
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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. A few 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). ContactMarkets
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