CHICAGO, Sept. 2, 2020
CHICAGO, Sept. 2, 2020 /PRNewswire/ -- According to the new market research report "Structural Health Monitoring Market with COVID-19 Impact by Technology (Wired, Wireless), Offering (Sensors, Data Acquisition Systems, and Software & Services), Vertical (Civil Infrastructure, Energy, Aerospace), and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Structural Health Monitoring Market size is estimated to grow from USD 1.5 billion in 2020 to USD 2.9 billion by 2025, at a CAGR of 14.1% between 2020 and 2025. The major drivers for the market growth are automation and standardization in maintenance & repair of civil infrastructure in the post-COVID-19 period, loss of lives and capital due to catastrophic failure of infrastructure in recent years, increasing capital investments in structural health monitoring across various countries worldwide, stringent government regulations pertaining to the sustainability of structures, aging infrastructure and superior benefits associated with structural health monitoring, and declining cost of structural health monitoring systems.
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The civil infrastructure segment expected to hold the largest share of the structural health monitoring market by 2025
The estimates for the growth of the global construction industry have been revised from 3.2% to 0.5% in 2020. The companies in the long term have to face low demand as the governments across the world are witnessing a rising deficit and decline in GDP growth. The civil infrastructure is expected to witness a decline in demand for medium term; however, the rising unemployment in various countries is projected to compel the governments to develop the infrastructure to reduce the unemployment rate. Civil infrastructure facilities include numerous critical structures, such as bridges, dams, tunnels, highways, and buildings. 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
The market for software and services expected to grow at a higher rate between 2020 and 2025
As the data is being received from the sensors by the data acquisition systems, the software starts monitoring and analyzing the structure. Software provide the visual representation of the data pertaining to the structural behavior to the monitoring team so that the team can analyze this data, and early damage detection could be possible to safeguard the structure from any hazards.
With the increasing importance of large civil projects and frequent occurrences of structural failure, structural health monitoring systems are becoming more and more crucial. 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. To resolve this challenge, the software platform, customized software applications, and software algorithms are being adopted. For example, software such as MATLAB and SCADA play a crucial role in the early damage detection; they determine the damage at an early stage and facilitate necessary repair to maintain a high level of safety.
Wired type structural health monitoring systems to account for larger market share during the forecast period
Considering today's scenario, wired structural health monitoring systems are widely adopted for monitoring different types of structures as they offer reliable connectivity, and there is no limitation on long-distance data transfer. Additionally, wired minoring systems are already being used for the overall assessment of numerous structures such as bridges, buildings, and dams in various countries. The wired structural health monitoring system defines the communication technology between sensors, the data acquisition system (DAS), and other communication devices that are connected with the help of lead wires, co-axial cables, optical fibers, and other wired communication technologies. Wired techniques are widely used for the installation of structural health monitoring systems for decades. Presently, the wired monitoring system is extensively used as it offers certain advantages such as reduced data attenuation, high speed of operation, no limitation on a transmission range, and high system bandwidth. Moreover, this technique makes use of fiber optic sensors, smart sensors, and other sensors to sense the structure's condition.
Browse in-depth TOC on "Structural Health Monitoring Market"
133 – Tables
217 – Pages
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Americas expected to hold the largest share of the structural health monitoring market by 2025
The Americas dominated the structural health monitoring market with the largest share in the year 2019 and is expected to follow the trend during the forecast period. The large share of the Americas market is due to the rising focus of the government on the repair and maintenance of the civil infrastructure and aircraft. The market can see a downturn due to the outbreak of the COVID-19 pandemic, but a recovery is expected in 2021 attributed to easing up of lockdowns. The key driving factors for the market growth in the Americas include the aging infrastructure, support from various governments in the region, and increasing need for effective solutions for the maintenance of infrastructures. Furthermore, according to the Federal Highway Administration (FHWA) in the US, more than 30% of the structures, such as bridges and tunnels, have exceeded their 50 years of design life. So, to increase public safety and improve the structural lifespan, the implementation of a structural health monitoring system is a must. Such factors would further contribute to the growth of the market in the Americas.
A few of the major players in the structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (US), Geocomp Corporation (US), Campbell Scientific (US), Nova Metrix (US), Geokon, Incorporated (US), SIXENSE Systems (France), Digitexx Data Systems (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore).
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