San Francisco, 17 December 2018, Structural Health Monitoring (SHM) Market By
Solution, By Application (Bridges & Dams, Buildings & Stadiums, Vessels
& Platforms), By Technology (Wired, Wireless), And Segment Forecasts, 2018
- 2025
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.
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Report On Structural Health Monitoring
Market Analysis:
Further key findings from the study suggest:
·
The hardware segment is likely
to dominate the structural health monitoring market throughout the forecast
period owing to higher cost of sensors and data acquisition systems as compared
to that of software and services
·
In terms of application, the
market for structural health monitoring is dominated by bridges & dams and
the trend is estimated to continue until 2025. This is due to increasing
investments in order to check for health of structures, thus ensuring public
safety
·
Prominent industry participants
include National Instruments Corporation; Structural Monitoring Systems;
Digitexx Data Systems, Inc.; and Pure Technologies.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
Grand View Research has segmented the
global structural health monitoring market based on solution, application,
technology, and region:
Structural Health Monitoring
Solution Type (Revenue, USD Million, 2015 - 2025)
·
Hardware
o
Sensors
o
Data Acquisition Systems
o
Others
·
Software & Services
Structural Health Monitoring
Application Type (Revenue, USD Million, 2015 - 2025)
·
Bridges & Dams
·
Building & Stadiums
·
Vessels & Platforms
·
Airframes & Wind Turbines
·
Large Machines & Equipment
Structural Health Monitoring
Technology Type (Revenue, USD Million, 2015 - 2025)
·
Wired
·
Wireless
Structural Health Monitoring
Regional Outlook (Revenue, USD Million, 2015 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
Japan
o
India
·
South America
o
Brazil
·
Middle East & Africa
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-structural-health-monitoring-shm-market
www.grandviewresearch.com/press-release/global-structural-health-monitoring-shm-market
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.
For more information: www.grandviewresearch.com/
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