Structural Health Monitoring Market worth $3.4 billion by 2023 growing with a CAGR of 17.9%Construction EngineersUpdated on Jun 21, 2019 View more like this | Visit United States Minor Outlying Islands, UN | Contact patricia holloway |
The structural health monitoring market is estimated to grow from USD 1.5 billion in 2018 to USD 3.4 billion by 2023, at a CAGR of 17.9% between 2018 and 2023. The forecast period for this report is considered between 2018 and 2023. The factors that are driving the structural health monitoring market include the aging infrastructure and the superior benefits of structural health monitoring, a decrease in the cost of sensors that results in reducing the structural health monitoring system cost, and stringent environmental regulations pertaining to the sustainability of structures, among many others.
Software and services segment for structural health monitoring expected to grow at a higher rate between 2018 and 2023
Structural health monitoring systems market are a combination of several key components and services. The basic approach of any structural health monitoring system is to continuously collect the data (over the longer period of time) about the overall condition of the structure from various installed sensors. This sensory data includes loading, stress, strain, acceleration, temperature, and video signal, among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. Software solutions aid to collect, assess, and assimilate data to continuously monitor progress and detect faults. These benefits of software will propel the demand for structural health monitoring systems during the forecast period.
Retrofitting of existing infrastructure with structural health monitoring systems is expected to drive the demand between 2018 and 2023
Retrofitting involves renovating/ altering existing and ageing infrastructure. Retrofitting allows users to renovate the space according to their business requirements at a reduced cost. The installation of SHM system in the existing infrastructure offers many benefits, including increased safety, early detection of safety-related risks, longer lifespan of infrastructure, and cost efficiency (reduced long- and short-term costs related to structural maintenance). Several countries like India, China, and Turkey are taking measures to retrofit existing buildings. Some examples of worldwide retrofit construction projects include the Urban Renewal Project (Turkey), which is a far-reaching plan to demolish some 7 million buildings and rebuild earthquake-resistant buildings in their place which have a large number of ageing infrastructure.
Inspection and monitoring of civil infrastructure expected to hold the largest share of the structural health monitoring market by 2023
Civil infrastructure facilities such as bridges, dams, tunnels, highways, and buildings have a long service life, and they are very costly to maintain. The deterioration is mostly because of aging of materials (such as concrete, supporting metal wires, and steel used while construction), continuous use, overloading, aggressive exposure conditions, lack of sufficient maintenance, and inappropriate inspection methods. All these structures are directly related to the overall demographic and economic growth of any country. Therefore, many governments are taking initiatives to monitor the overall health of the structure. Countries such as Japan, China, and the US are situated in some of the most earthquake-prone areas, which could cause large-scale damage if the civil structures are structurally deficient and are not able to withstand the seismic forces. Also, at present, major countries in different regions such as US, UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economies. For such increasing infrastructure facilities, there would be growing opportunities for the structural health monitoring market players.
Software and services segment for structural health monitoring expected to grow at a higher rate between 2018 and 2023
Structural health monitoring systems market are a combination of several key components and services. The basic approach of any structural health monitoring system is to continuously collect the data (over the longer period of time) about the overall condition of the structure from various installed sensors. This sensory data includes loading, stress, strain, acceleration, temperature, and video signal, among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. Software solutions aid to collect, assess, and assimilate data to continuously monitor progress and detect faults. These benefits of software will propel the demand for structural health monitoring systems during the forecast period.
Retrofitting of existing infrastructure with structural health monitoring systems is expected to drive the demand between 2018 and 2023
Retrofitting involves renovating/ altering existing and ageing infrastructure. Retrofitting allows users to renovate the space according to their business requirements at a reduced cost. The installation of SHM system in the existing infrastructure offers many benefits, including increased safety, early detection of safety-related risks, longer lifespan of infrastructure, and cost efficiency (reduced long- and short-term costs related to structural maintenance). Several countries like India, China, and Turkey are taking measures to retrofit existing buildings. Some examples of worldwide retrofit construction projects include the Urban Renewal Project (Turkey), which is a far-reaching plan to demolish some 7 million buildings and rebuild earthquake-resistant buildings in their place which have a large number of ageing infrastructure.
Inspection and monitoring of civil infrastructure expected to hold the largest share of the structural health monitoring market by 2023
Civil infrastructure facilities such as bridges, dams, tunnels, highways, and buildings have a long service life, and they are very costly to maintain. The deterioration is mostly because of aging of materials (such as concrete, supporting metal wires, and steel used while construction), continuous use, overloading, aggressive exposure conditions, lack of sufficient maintenance, and inappropriate inspection methods. All these structures are directly related to the overall demographic and economic growth of any country. Therefore, many governments are taking initiatives to monitor the overall health of the structure. Countries such as Japan, China, and the US are situated in some of the most earthquake-prone areas, which could cause large-scale damage if the civil structures are structurally deficient and are not able to withstand the seismic forces. Also, at present, major countries in different regions such as US, UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economies. For such increasing infrastructure facilities, there would be growing opportunities for the structural health monitoring market players.
