Northrook, IL -- (SBWire) -- 02/03/2020 --The structural health monitoring market to grow from USD 1.5 billion in 2018 to USD 3.4 billion by 2023, at a CAGR of 17.9% during the forecast period. Monitoring of structural health is very critical as the catastrophic failure of the infrastructure can results in loss of lives and also incurs high costs. This is one of the major factors driving the growth of the structural health monitoring market.
Stringent government regulations pertaining to the sustainability of structures, and aging infrastructures and the superior benefits of structural health monitoring are other key factors driving the growth of structural health monitoring market. The objective of the report is to define, describe, and forecast the structural health monitoring market size based on technology, offering, vertical, and region.
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By technology, wireless structural health monitoring segment is expected to grow at highest CAGR during forecast period
The market for wireless structural health monitoring is expected to witness highest growth during the forecast period. In wireless technology, the use of wires is eliminated, thereby abolishing the need for installation and protection of cables. Therefore, the cost of the wireless structural health monitoring system is reduced dramatically. Also, the wireless system is flexible in nature. In other words, sensors equipped with wireless communication can be organized into an autonomous network, which makes updating, adding, moving, and replacing of sensors easy after the initial installation.
By vertical, civil infrastructure segment to account for largest market share during forecast period
In this report, the structural health monitoring market, by vertical, has been segmented into civil infrastructure, aerospace & defense, energy, mining, and others. Among these verticals, civil infrastructure segment is expected to hold a largest share of the market throughout the forecast period. Civil infrastructure facilities include numerous critical structures, such as bridges, dams, tunnels, highways, and buildings. 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. Also, at present, major countries in different regions such as the US, the UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing their economy of the country. For such increasing infrastructure facilities, there would be growing opportunities for the structural health monitoring market players.
The main purpose of the structural health monitoring system is to support regular visual examinations or inspections using advanced sensor technologies. These systems find their applications in various markets including damage detection market, crack detection market, impact monitoring market, corrosion monitoring market, strain monitoring market, hotspot monitoring market, and others.
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APAC to witness highest growth rate during forecast period
APAC is expected to witness highest CAGR in the structural health monitoring market during the forecast period. China, Japan, and India are some of the major countries driving the growth of the structural health monitoring market in APAC. Americas is expected to account for the largest share of structural health monitoring market during the forecast period. The market in this region is also expected to witness significant growth during the forecast period.
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Key Developments in Structural Health Monitoring Market
By technology, wireless structural health monitoring segment is expected to grow at highest CAGR during forecast period