DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The overall structural health monitoring market is expected to grow from USD 1,748 million in 2019 to USD 2,878 million 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.
Wireless structural health monitoring technology expected to grow at the highest CAGR between 2020 and 2025
The market for wireless structural health monitoring systems is expected to grow at the highest CAGR during the forecast period. Wireless sensors used in the structural health monitoring system are autonomous data acquisition nodes to which traditional structural sensors, such as strain gauges, accelerometers, linear voltage displacement transducers, and inclinometers, could be attached. A wireless sensor network provides numerous advantages over the wired sensor network in terms of deployment, management, and cost. Wireless sensors could be used to identify the defects within bridges, buildings, dams, tunnels, aeronautics, and wind energy solutions.
The aerospace & defense vertical is most impacted sector during COVID-19 in 2020 however expected to grow at the highest rate as compared to other verticals during the forecast period.
The monitoring system, which is equipped with various sensors, provides a detailed picture of the condition of an aircraft. Monitoring systems monitor and analyze the integrity of structures and capture aircraft component positioning feedback through continuously monitoring various parameters such as strain, temperature, stress, and loads. A large number of aircraft remain in service beyond their actual operational life. Aging aircraft are subject to cracks because of fatigue and corrosive environment. With the help of structural health monitoring, it is easy to determine if any structural damage has occurred, the timing of occurrence, and the place of damage. On the basis of such critical data, decisions regarding the structures are made.
The structural health monitoring market in APAC expected to grow at the highest rate between 2020 and 2025
The structural health monitoring market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2020 and 2025. This growth can be attributed to the rapid infrastructure building activities being undertaken in APAC, mainly China, India, and Japan, where structural health monitoring paves the way for the modernization of infrastructure. The massive expansion of the civil infrastructure is another reason for the higher growth of structural health monitoring technology in the region. The wireless structural health monitoring technology is also expected to witness a high growth rate owing to the increasing adoption of smart sensors with remote monitoring capabilities, thereby reducing human intervention and costs.
Market Dynamics
Drivers
- Automation and Standardization in Maintenance & Repair of Civil Infrastructure in 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
- Declining Cost of Structural Health Monitoring Systems
Restraints
- High Installation and Monitoring Costs
- High Chances of Inaccurate Results Due to Errors in Readings
- Slow Response to the Structural Health Monitoring in Developing Countries
Opportunities
- Integration of Technologically Advanced Solutions for Structural Health Monitoring During Post-COVID-19 Period
- Regional Opportunities and High Growth Prospects in APAC and GCC Countries
- Public-Private Partnerships (PPPs) for Infrastructure Development
- Advancements in the Field of Sensor Technology
Challenges
- Requirement of Skilled Operators for Installation and Calibration of Structural Health Monitoring Instruments
- Technical Challenges and Operational Factors
- Need for Large Volumes of Data Processing and Management
Company Profiles
- Nova Metrix
- Geokon
- Campbell Scientific
- Cowi
- Geocomp
- Acellent Technologies
- Sixense
- Pure Technologies (A Subsidiary of Xylem)
- Structural Monitoring Systems
- SGS
- Digitexx
- First Sensor
- Bridge Diagnostics
- Sisgeo
- Rst Instruments
- Avt Reliability (Aesseal)
- Geomotion Singapore
- Strainstall UK (James Fisher & Sons plc)
- Hottinger Baldwin Messtechnik
- Kinemetrics
- Feac Engineering
- Yapidestek Engineering
- Sites-Afla
- Sensuron
- Infibra Technologies
- Sodis Lab
- Set Point Technologies
For more information about this report visit https://www.researchandmarkets.com/r/h1fodm
