Structural Health Monitoring Market Projected to Reach US$ 3.38 billion by 2023
The structural health monitoring market based on technology has been segmented into wired and wireless.
July 31, 2018 /MarketersMedia/ —
Global Structural Health Monitoring Market: Current Trends, Business Opportunities, Market Challenges & Global Industry Analysis By 2018-2023. The structural health monitoring market is estimated to grow from USD 1.48 billion in 2018to USD 3.38 billion by 2023, at a CAGR of 17.93% between 2018 and 2023.
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Key Target Audience
• Aircraft Engines Manufacturers
• Engines Parts Manufacturers
• MRO Service Providers and Engine Distributors
Prominent players in the Structural Health Monitoring 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).
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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.
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“Wired structural health monitoring technology expected to hold a larger market share by2023”
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%
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