The structural health monitoring market is estimated to grow from USD 1. 5 billion in 2020 to USD 2. 9 billion by 2025, at a CAGR of 14. 1% between 2020 and 2025. The major drivers for the market growth are automation and standardization in maintenance & repair of civil infrastructure in the post-COVID-19 period, loss of lives and capital due to catastrophic failure of infrastructure in recent years, increasing capital investments in structural health monitoring across various countries worldwide, stringent government regulations pertaining to the sustainability of structures, aging infrastructure and superior benefits associated with structural health monitoring, and declining cost of structural health monitoring systems.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Structural Health Monitoring Market with COVID-19 Impact by Technology, Offering, Vertical And Geography - Global Forecast to 2025" - https://www.reportlinker.com/p04603859/?utm_source=GNW
Wireless structural health monitoring technology expected to grow at highest CAGR between 2020 and 2025
The market for wireless structural health monitoring systems is expected to grow at the highest CAGR during the forecast period.Wireless sensors used in the structural health monitoring system are autonomous data acquisition nodes to which traditional structural sensors, such as strain gauges, accelerometers, linear voltage displacement transducers, and inclinometers, could be attached.
A wireless sensor network provides numerous advantages over the wired sensor network in terms of deployment, management, and cost. Wireless sensors could be used to identify the defects within bridges, buildings, dams, tunnels, aeronautics, and wind energy solutions.
The aerospace & defense vertical is most impacted sector during COVID-19 in 2020 however expected to grow at the highest rate as compared to other verticals during the forecast period.
The monitoring system, which is equipped with various sensors, provides a detailed picture of the condition of an aircraft.Monitoring systems monitor and analyze the integrity of structures and capture aircraft component positioning feedback through continuously monitoring various parameters such as strain, temperature, stress, and loads.
A large number of aircraft remain in service beyond their actual operational life.Aging aircraft are subject to cracks because of fatigue and corrosive environment.
With the help of structural health monitoring, it is easy to determine if any structural damage has occurred, the timing of occurrence, and the place of damage. On the basis of such critical data, decisions regarding the structures are made.
Structural health monitoring market in APAC expected to grow at the highest rate between 2020 and 2025
The structural health monitoring market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2020 and 2025.This growth can be attributed to the rapid infrastructure building activities being undertaken in APAC, mainly China, India, and Japan, where structural health monitoring paves the way for the modernization of infrastructure.
The massive expansion of the civil infrastructure is another reason for the higher growth of structural health monitoring technology in the region. The wireless structural health monitoring technology is also expected to witness a high growth rate owing to the increasing adoption of smart sensors with remote monitoring capabilities, thereby reducing human intervention and costs.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 35 %, Tier 2 – 40%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: Americas– 40%, Europe – 30%, APAC – 20%, and RoW – 10%
The report segments the structural health monitoring market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), offering (hardware, and software & services), technology (wired, wireless), and vertical (civil infrastructure, energy, aerospace & defence, metals & mining, and others )
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the structural health monitoring market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying This Report
• This report includes the market statistics pertaining to offering, technology, verticals, and region.
• An in-depth value chain analysis has been done to provide deep insight into the structural health monitoring market.
• Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
• 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
• The report includes an in-depth analysis and market share of key players.
Read the full report: https://www.reportlinker.com/p04603859/?utm_source=GNW
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