Structural Health Monitoring Market Projected to reach 3.38 billion USD by 2023 | Key players include COWI, Pure Technologies, Acellent and Structural Monitoring Systems
Browse 69 market data Tables and 47 Figures spread through 171 Pages and in-depth TOC on "Structural Health Monitoring Market - Global Forecast to 2023"
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The civil infrastructure segment expected to hold the largest share of the structural health monitoring market by 2023
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. Also, at present, major countries in different regions such as the US, the UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economy of the country. For such increasing infrastructure facilities, there would be growing opportunities for the structural health monitoring market players.
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The market for software and services expected to grow at a higher rate between 2018 and 2023
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.
Americas expected to hold the largest share of the structural health monitoring market by 2023
The increased use of monitoring systems in the US is the key factor behind the market growth in the Americas. The governments of South and North American countries are taking initiatives toward the adoption of monitoring systems in different applications. The aging infrastructure in the US and fast-growing infrastructure facilities in Brazil and Canada are driving the market growth in this region.
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A few major players in the structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent (US), Geocomp (US), Campbell Scientific (US), Nova Metrix (US), Geokon (US), SIXENSE (France), Digitexx (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore).
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