Structural Health Monitoring Market and its key opportunities and challenges

The Structural Health Monitoring Market is expected to reach $3.4 billion USD by 2023 from $1.5 billion USD in 2018, at a CAGR of 17.9% as per a report by MarketsandMarkets.

Why APAC and GCC countries could be new regional opportunities?

The rate of adoption of structural health monitoring methodology is increasing day by day in major countries of APAC, such as India and China. The countries of APAC are densely populated, thereby focusing highly on infrastructural developments for their growth and sustainability. Thus, the governments of major countries are now opting for structural health monitoring solutions for new as well as existing infrastructures. Market players from the Americas and Europe are actively meeting the structural health monitoring requirements of various projects in APAC.

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The adoption of structural health monitoring is rising at the global level, keeping the US and Europe at the leading position. The US and several European countries such as the UK, Germany, and France are aggressively and systematically deploying structural health monitoring systems for the prevention of any kind of structural or life hazard and monetary losses. APAC countries such as China, Japan, Singapore, and GCC countries such as the UAE, Saudi Arabia, and Qatar create huge opportunities for the structural health monitoring market players in the coming years considering the infrastructural investments by these countries in buildings, utilities, bridges, and tunnels.

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Will need for large amounts of data processing and management remain a major challenge?

Data processing and management is a major issue for structural health monitoring systems. Sensors are strategically placed in the infrastructure to measure and record environmental as well as response data; therefore, any decision on the maintenance of structures depends on the sensor’s (incorporated in the structure) data, which is collected at the base station through a wired or wireless communication network. Sensors, such as strain gauge sensors, accelerometer sensors, and displacement sensors, capture the essential data related to the structure and transfer it to the base center for further processes.

These sensors generate a huge amount of data every day. Analyzing and maintaining this data is a challenging task. With the proliferation of the Internet and ubiquitous computing, advanced technologies can be deployed for data management and processing. Various research institutes are working on different methods to overcome this challenge while maintaining data reliability. It is expected that this challenge can be overcome by adopting a new approach toward identifying and extracting useful information from a large database and use of certain data analytic tools.

The demand from Americas will drive the structural health monitoring market during the forecast period

The growth of the structural health monitoring market in the Americas is likely to be propelled by the driving factors such as the aging infrastructure, support from various governments in the region, and need for effective solutions for the maintenance of infrastructure facilities. Furthermore, according to the Federal Highway Administration (FHWA) in the US, more than 30% of the structures, such as bridges and tunnels, have exceeded their 50 years of design life. So, to enhance the public safety and improve the structural lifespan, the implementation of the structural health monitoring system is a must. Such factors would further contribute to the growth of the market in the Americas. However, high installation and monitoring costs, inaccurate results due to errors in readings, and slow growth in developing countries are a few major restraining factors for the growth of the structural health monitoring market.

Civil infrastructure will be the largest vertical for structural health monitoring during the forecast period

In the vertical segment, civil infrastructure is expected to hold the largest market share during the forecast period. Civil infrastructure facilities include numerous critical structures such as bridges, dams, tunnels, highways, and buildings. At present, major countries in different regions such as US, UK, Germany, and Japan are heavily investing in building infrastructural facilities, thereby ultimately growing the economy of the country. Thus, the growing civil infrastructure would increase the demand for structural health monitoring systems to maintain and monitor the health of each civil infrastructure.

Mr. Shelly Singh
MarketsandMarkets™ INC.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.