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Structural Health Monitoring Market worth 3407.7 Million USD by 2022
According to the new market research report, “Structural Health Monitoring Market by Solutions (Hardware: Sensors, Data Acquisition System; Software & Services), Technology (Wired and Wireless), End Users and Geography - Global Forecast to 2022”, is expected to grow from USD 701.4 Million in 2015 to USD 3407.7 Million by 2022, at a CAGR of 24.99% between 2016 and 2022. The rapidly aging infrastructure in North America and Europe has promoted the adoption of structural health monitoring solutions for civil infrastructure such as bridges, dams and tunnels. The increasing usage of composites in manufacturing of aircraft airframe structures, and inability of current non-destructive testing (NDT) techniques in monitoring hazardous and inaccessible areas within structures such as nuclear power plants and offshore wind farms are the factors driving the growth of structural health monitoring market.
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“Sensors to hold the largest share of the structural health monitoring market for hardware solutions during the forecast period”
Hardware solutions used in structural health monitoring are expected to hold the largest share and dominate the structural health monitoring market between 2016 and 2022. Sensors are expected to hold the largest share of the structural health monitoring market for hardware solutions between 2016 and 2022 since these components are required to be installed in large numbers to cover the structures such as bridges, dams and airframes.
“Wireless technology is expected to exhibit a high growth rate in the structural health monitoring market”
Wireless technology is expected to exhibit a very high growth rate between 2016 and 2022. There is a growing demand for wireless technology in the structural health monitoring market. Wireless structural health monitoring has emerged as a technology that would significantly influence the field of infrastructure asset management and structural monitoring.
“Structural health monitoring market in APAC to grow at the highest rate between 2016 and 2022”
The structural health monitoring market in Asia-Pacific (APAC) is expected to grow at the highest rate between 2016 and 2022. This market growth could be attributed to rapid infrastructural development in the APAC region. Major driving factors include government regulatory bodies enacting strict laws for construction and maintenance of structures, large number of infrastructure construction projects such as hydroelectric (hydel) dams and power plants, and natural calamities which create the need for structural health monitoring.
The structural health monitoring market ecosystem includes sensor and data acquisition systems (DAS) providers such as Nova Metrix LLC (U.S.), Geokon, Inc. (U.S.), and National Instruments (U.S.); system integrators and technology providers such Acellant Technologies Inc., Geocomp (U.S.), Geosig Ltd. (Switzerland), and Digitexx Data Systems, Inc. (U.S.); and analytical software and services providers such as Advitam Group (France) and COWI A/S (Denmark).
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