SAN FRANCISCO, December 11, 2018
SAN FRANCISCO, December 11, 2018 /PRNewswire/ --
The global structural health monitoring market size is estimated to reach USD 4.34 billion by 2025, according to a study conducted by Grand View Research, Inc., rising at a CAGR of 17.3% during the forecast period. Growing investments in infrastructural development and government regulations mandating implementation of sensors and data acquisition systems to monitor structure health are expected to augment the market. Increasing age of existing bridges and dams and rising focus on infrastructural advancements including construction of new bridges, dams, buildings, and stadiums are also providing a push to the market.
Superior infrastructure is essential for regional development and it helps to increase productivity of the private as well as public sectors. Therefore, rapid infrastructural development across the globe is one of the primary growth stimulants for the market. These systems help in reducing cost by removing need for inspection staff and maintenance. Additionally, with ongoing advancements in technology, these systems are being used in applications such as diagnosing vessels and platforms in marine industries, aircraft frames in aerospace and defense, and inspection of large machines.
North America is projected to dominate the market throughout the forecast horizon owing to surging demand from applications such as bridges & dams and buildings & stadiums. However, Asia Pacific is poised to post the highest CAGR of 18.9% during the same period. This is owing to increasing investments in the civil infrastructure sector, along with industries such as aerospace, defense, marine, and manufacturing. Moreover, in 2014, the Chinese government laid down new regulations mandating use of SHM systems while building new architectural structures and bridges. They have restricted replacement time period for an embedded sensor to 20 years and three to five years for a sensor placed on the surface of the bridge. Furthermore, expanding production of oil sands and shale gas in regions such as Africa and Asia are anticipated to stir up the demand for structural health monitoring systems.
Browse full research report with TOC on "Structural Health Monitoring (SHM) Market By Solution, By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms), By Technology (Wired, Wireless), And Segment Forecasts, 2018 - 2025"at: https://www.grandviewresearch.com/industry-analysis/structural-health-monitoring-shm-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global structural health monitoring market based on solution, application, technology, and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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