Structural Health Monitoring Market Countermeasures of Economic Impact and Marketing Channels To 2017 - 2025

Structural Health Monitoring Market: Snapshot

To surge ahead of their competitors, keen players in the global structural health monitoring market are resorting to different strategies. For example, they are pouring money into development of innovative products powered with sophisticated technologies. Major companies in the civil engineering domain are entering into carefully-considered mergers and acquisitions in order to bolster their operations and expand their outreach. All of the aforementioned have had a positive impact on the market.

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Apart from that, rapid pace of infrastructural development worldwide and focus of governments on their safety is also serving to drive the global structural health monitoring market. Widespread interest of governments and autonomous bodies to protect heritage structures too is positively influencing the market. However, the high cost of installing the sensors is posing a major challenge to the market.

According to a report by Transparency Market Research, the global structural health monitoring market will likely rise at a steady CAGR of 10.09% from 2017 to 2025 to become worth US$4.09 mn by 2025-end from US$1.57 mn in 2016.

Industries Drive Demand for Services Segment

Depending upon solution, the global structural health monitoring market has been broadly categorized into software, hardware, and services. Among them, the segment of services generated maximum revenue in 2016 on the back of growing demand for installation and maintenance of the structural health monitoring systems by various industries, worldwide. In terms of growth rate, the services segment is predicted to clock maximum CAGR of 10.26% during the period between 2017 and 2025.

Connectivity-wise again, the market can be broadly split into wired and wireless. Currently, the wireless segment contributes the most to the revenue due to the availability of low cost wireless sensors and increased adoption of wireless sensors in structural health monitoring systems by industries across the globe. In the years ahead too, the segment is expected to retain its leading share by surpassing the wired segment with a CAGR of 10.24% over the forecast period.

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Aging Infrastructure Catapults North America Market to Fore

From a geographical standpoint, North America holds a dominant share in the global structural health monitoring market. By rising at a 10.49% CAGR from 2017 to 2025, the market is expected to grow its leading share in the next couple of years as well. The TMR report predicts the market to become worth US$1.31 bn by 2025. The market in the region is being majorly boosted by the aging infrastructure such as bridges, tunnels, and power plants that need structural health monitoring. Europe trails North America in terms of market size. However, by clocking 9.50% CAGR over the course of the forecast period, it is predicted to trim some of its share to come in the third position by 2025.

The second position in the global structural health monitoring market will be taken by Asia Pacific by 2025 by surpassing all other regions in terms of growth rate. The market in the region is anticipated to rise at a 11.38% CAGR from 2017 to 2025. The structural health monitoring is gaining popularity in Asia Pacific, because of considerable development of the infrastructure projects such as bridges, power plants, and smart cities. The market in the region is being powered primarily by China and Japan.

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Prospering Construction Sector to Bring Immense Growth Prospects for Structural Health Monitoring Market

The structural health monitoring market is expected to gain immensely on the back of the rising need for testing and monitoring of airframes, turbines, and other structures like bridges, stadiums, dams, and buildings. The forecast period of 2017-2025 will be a stable one in terms of the growth of the structural health monitoring market.

The booming construction sector is a prominent factor regarding the growth of the structural health monitoring market. The rapid infrastructural development and the rising urbanization around the world may prove to be vital growth multipliers for the structural health monitoring market. Governments of various countries are also paying attention to the protection of heritage sites and structures. This factor will bring tremendous growth prospects for the structural health monitoring market during the assessment period of 2017-2025.
Technological advancements are playing a crucial role in the growth of the structural health monitoring market. Many players in the structural health monitoring market are adopting technologies like wireless sensors for imparting extensive convenience to the end-ser. Hence, these factors will have a great influence on the growth of the structural health monitoring market.

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