ALBANY, New York, October 24, 2017 /PRNewswire/ --
In order to steal a march over their competitors, success-hungryplayers in the global structural health monitoring market are seen expending money on product development. They are also resorting to mergers and acquisitions to grow their shares. This is making the market consolidated.
Some of the prominent
As per 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. At this pace, the market which was worth US$1.57 mn in 2016 is expected to reach a value of US$4.09 mn by the end of the forecast period.
Solution-wise, the global structural health monitoring market can be divided into software, hardware, and services. The services segment of them grossed maximum revenue in 2016 owing to the rising demand for installation and maintenance of the structural health monitoring systems by various industries, worldwide. The services segment is predicted to clock maximum CAGR of 10.26% during the period between 2017 and 2025.
Geographically, the key segments of the global structural health monitoring market are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of them, Asia Pacific leads the market vis-à-vis growth rate. The market in the region is anticipated to rise at an 11.38% CAGR from 2017 to 2025 on the back of rapid development of infrastructure projects such as bridges, power plants, and smart cities. The nations of China and Japan are at the forefront of driving growth in Asia Pacific.
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Surging Infrastructural Works Boost Demand
Fuelling growth in the global structural health monitoring market is the thrust on infrastructural works worldwide. Government mandates regarding construction standards and safety of structures is leading to uptake of structural health monitoring. Thrust of governments worldwide on proper protection of heritage structures so as to boost tourism, is also proving beneficial to the market.
Technologically Superior Sensors Benefit Market
The global structural health monitoring market is also being driven by the technological progress in the sensors space, which has led to availability of low cost wireless sensors and their increased adoption in structural health monitoring systems.
Construction, aviation, power and other allied industries are at the forefront of driving growth in the market. Nations such as Indonesia and Japan which are in quake prone areas and the U.S. with a rapidly aging infrastructure are also boosting the market.
High Installation Cost of Sensors, Dampens Growth
Posing a roadblock to the market, on the other hand, is the high installation cost of the sensors and structural health monitoring equipment. However, emergence of various innovative and technologically advanced products in the next few years will likely help overcome the challenge.
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This review is based on the findings of a TMR report, titled, "Structural Health Monitoring Market (Solution - Software, Hardware, and Services; Connectivity - Wired and Wireless; Application - Civil (Brides, Dams, and Tunnels) and Aviation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025."
The Global Structural Health Monitoring Market is segmented as below:
Global Structural Health Monitoring Market, by Solution
Global Structural Health Monitoring Market, by Connectivity
Global Structural Health Monitoring Market, by Application
Global Structural Health Monitoring Market, By Geography
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