March 31, 2020

Structural Health Monitoring Market: During the forecast period, the hardware segment will hold a significant share-based on offer

The global structural health monitoring market worldwide was estimated at $1.7 billion in 2018 and is expected to grow by 19.0% over the forecast period. Cost reduction due to the structural health system’s technological advancement will drive the structural health monitoring market during the forecast period. Structural health monitoring includes a wide range of sensing technologies to analyze vast quantities of real-time data. The system helps examine and maintain structure health such as structures, bridges, dams, wind turbines, sports ground and heavy machinery. Furthermore, the rapid expansion of infrastructure sector has raised the demand for structural monitoring systems worldwide. During the forecast period, the various structural health monitoring system assistances will mark remarkable growth for the structural health monitoring market.

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During the forecast period, the hardware segment will hold a significant share-based on offer. Hardware is particularly important for the structural health monitoring system. It helps measure the physical properties of any observed structure. Then, based on the data recorded, decisions are made based on structure-related corrections. Furthermore, the hardware segment includes sensors, data acquisition, cabling, cabinets, etc. For the past few years, demand for these has risen due to the low cost. We expect the hardware segment to be the largest segment throughout the forecast period.

Civil infrastructure facilities like bridges, dams, tunnels, highways and buildings have a long service life and are very expensive to maintain. The deterioration is mainly due to aging materials (such as concrete, supporting metal wires and steel used during construction), continuous use, overloading, aggressive exposure conditions, insufficient maintenance, and inappropriate inspection methods. All these structures directly relate to any country’s overall demographics and economic growth. Therefore, many governments take initiatives to monitor structure of overall health. Countries like Japan, China, and the US are located in some of the most earthquake-prone areas that could cause major damage if civil structures are structurally deficient and unable to withstand seismic forces. Moreover, major countries in various regions such as the U.S., UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are currently investing heavily in building new infrastructure facilities, ultimately growing their economies. For such increasing infrastructure facilities, the structural health monitoring market players would have growth opportunities.

The report includes Advitam, Inc., COWI A / S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik, Nova Metrix LLC, Sodis Lab, Starinstall Uk Ltd. among others.

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