The structural health monitoring market is estimated to grow from USD 1.48 billion in 2018 to USD 3.38 billion by 2023, at a CAGR of 17.93% between 2018 and 2023
NEW YORK, July 30, 2018 /PRNewswire/ -- Structural health monitoring market expected to grow at a CAGR of 17.93% between 2018 and 2023
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The structural health monitoring market is estimated to grow from USD 1.48 billion in 2018 to USD 3.38 billion by 2023, at a CAGR of 17.93% between 2018 and 2023. Major factors driving the growth of the structural health monitoring market include the catastrophic failure of the infrastructure that results in loss of lives and incurs higher costs, stringent environmental regulations pertaining to the sustainability of structures, and aging infrastructure and the superior benefits of structural health monitoring. However, high installation and monitoring costs, inaccurate results due to errors in readings, slow growth of developing countries are the major restraining factors for the growth of the structural health monitoring market.
Wired structural health monitoring technology expected to hold a larger market share by 2023
Considering today's scenario, wired structural health monitoring systems are widely adopted for monitoring different types of structures as they offer reliable connectivity, and there is no limitation on long-distance data transfer. Additionally, wired minoring systems are already being used for the overall assessment of numerous structures such as bridges, buildings, and dams in various countries.
Structural health monitoring market in APAC expected to grow at the highest rate between 2018 and 2023
This growth can be due to the rapid infrastructure building activities being undertaken in APAC, mainly in China, India, and Japan where structural health monitoring paves the way for the modernization of infrastructure. Further, investments from the government sector are also increasing to enhance the infrastructure facilities in the region.
In the process of determining and verifying the market size for several segments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
-- By Company Type: Tier 1 = 20%, Tier 2 = 45%, and Tier 3 = 35%
-- By Designation: C-Level Executives = 35%, Directors = 25%, and Others=40%
-- By Region: Americas = 45%, Europe = 25%, APAC = 20%, and RoW = 10%
The report profiles the top players in the structural health monitoring market, along with providing their respective market ranking. Prominent players in the market include 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).
Research Coverage:
-- The structural health monitoring market based on technology has been segmented into wired and wireless.
-- The structural health monitoring market based on offering covers hardware, and software and services.
-- The structural health monitoring market based on vertical comprises civil infrastructure, aerospace & defense, energy, mining, and others (including industrial machinery, automotive, transportation, and marine structures).
-- The geographic analysis has been done with regard to the Americas, Europe, APAC, and RoW.
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis--market ranking of top players, value chain analysis, company profiles that provide the overview on the competitive landscape, emerging and high-growth segments of the structural health monitoring market, high-growth regions, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
-- Market development: Comprehensive information about lucrative emerging markets and analysis of the structural health monitoring market across regions
-- Market diversification: Exhaustive information about new products, untapped geographic regions, and recent developments in the overall structural health monitoring market
-- Competitive assessment: In-depth assessment of ranking, strategies, products of the leading players in the structural health monitoring market
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