Structural Health Monitoring Market size is projected to grow at a modest rate during 2021 to 2027 owing to the increasing demand for continuous and real-time monitoring in various structures such as bridges, tunnels, wind energy plants, gas & oil plants, and railway tracks. These structures experience several internal & external forces, which can cause a malfunction in the system & infrastructure and result in damage and deterioration. Structural health monitoring will help in damage detection & resolving at an early stage, reduce cost & save time, and rise the life span by continuous observation.
Rising initiatives by the governments to adopt structural health monitoring systems will majorly drive demand for condition-based maintenance, lack of quality control, rise in natural & accidental damages, and incorrect construction processes. In December 2019, the Government of India integrated structural health monitoring systems with ancient infrastructures that was over 60 years of age. The integration will prevent damages and risks with the help of real-time monitoring and control. Furthermore, damage prevention, increased safety of people, improved quality assurance, revealing hidden resources, and affordability are the factors propelling the market growth.
The increasing adoption of customized solutions including sensors, measuring amplifiers, data acquisition systems, and communication modules to eradicate complexities and provide efficient monitoring of structure technicalities will impel the market expansion. Rising integration of technology to monitor, collect, and analyze data in industries, such as civil & infrastructure and automation, among others, will foster growth opportunities for the market. Accurate output, cost-efficient system, and easy integration with magnetic, thermal, electrical, chemical & other sensor technologies will further influence the market value.
The COVID-19 pandemic has adversely affected the structural health monitoring market due to halt in the operations of various industries including mining, construction, manufacturing plants, etc. A decline in maintenance, repair, and overhaul activities led by restrictions imposed by several countries is a major factor responsible for restraining the market revenue. Unstable economies of several countries have impacted the trading of hardware components, such as sensors and reading unite, and created a disruption in the supply chain. However, the disruption has not affected the use of software-assisted components that are used for monitoring structural health.
The hardware segment is expected to witness a significant market share over the coming years. The hardware segment comprises data acquisition systems, reading units, and sensors. These hardware components are incorporated to measure physical attributes, such as deformation, strain, and others, thus effectively monitoring and analyzing data to take corrective measures. These factors are further fueling the demand for hardware SHM components in industries such as civil and infrastructure, among others.
The wired segment in the structural health monitoring market is likely to register a significant growth till 2027. The availability of high bandwidth, reduced attenuation, better speed, fast output, no transmission range issue, and others are the factors spurring the segment growth. Communication between data acquisition systems, sensors, and other modules established with the help of co-axial cables, wires, optical fibers, and others will contribute to the market demand.
The civil infrastructure segment is poised to showcase a major growth through 2027. Major governments including China, India, the UK, the U.S., and others, have launched initiatives and projects to develop civil infrastructure. The Government of China accepted 26 infrastructure projects with a total investment of USD 149.52 billion such as the 2019 Beijing Urban Rail Transit Project, Xian Urban Rail Transit Project, and others. The Government of India proposed several infrastructure projects that will be launched in 2020 such as the Sagarmala Project, Bharatmala Project, Mumbai Trans Harbor Link, Arunachal Pradesh Rail Map, and others.
North America structural health monitoring market is predicted to observe highest market growth during the forecast timespan on account of the continuous monitoring, repair, and maintenance of civil infrastructure and aviation. The demand is primarily led by increased focus on structural health monitoring due to several factors such as obsolete aircraft, obsolete infrastructure, uncertain & frequent occurrences of natural calamities in the region, and reduced costs. Aging infrastructure and increasing need to maintain these infrastructures are other factors driving the North America market. Several government initiatives have been implemented, driving the acceptance of structural health monitoring devices.
Some of the prominent players operating in the market are James Fisher and Sons plc, COWI, NATIONAL INSTRUMENTS CORP., Geocomp Corporation, GEOKON, HBK, Kinemetrix, Acellent Technologies, Inc.., Digitex, Campbell Scientific, Inc.., Nova Ventures., among others. Globally, leaders have adopted expansion, acquisition, collaboration, and other strategies to strengthen their position in the market.
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