Robust infrastructural development all over the globe, arrival of advanced sensor technology and introduction of favorable government policies to ensure public safety has led to vast improvements in structural health monitoring systems used in commercial buildings, monuments, sports complexes and other structures. Higher credibility and efficiency of structural health monitoring system are also boosting the prospects of its global market. According to a study conducted by Future Market Insights the global market for structural health monitoring is set to increase at a compound annual growth rate of more than 13% between 2016 and 2026 to reach valuation in excess of US$ 5,771 Mn. This market stood at around US$ 1,405.2 Mn in 2015.
Currently, popularity of wired structural health monitoring systems is significantly high as compared to wireless based systems, however the latter is expected to gain healthy traction over the next couple of years. Sales of hardware components of structural health monitoring is systems is estimated to remain strong owing development of massive commercial and private complexes across the globe. Installation of structural health monitoring in infrastructures such Bridges, Dams and Stadiums is increasing rising as to avoid any structural collapse that may lead to a major catastrophe. On the other hand, technological hurdles in installation of structural health monitoring systems in massive structures as well as lack of skilled technicians remain major impediments. Meanwhile, development of advanced structural health monitoring technology using distributed optic fibre and greater emphases on introduction of cost-effective and energy saving monitoring systems are anticipated to encourage higher adoption in the near future. This, in turn, is expected to further drive the global market for structural health monitoring.
North America the Most Lucrative Market for Structural Health Monitoring
In 2016, the structural health monitoring market in North America is accounted for around 26% value share of the global market. The market in Asia Pacific Excluding Japan (APEJ) held a value share of over 16% during the same. Demand for structural health monitoring solutions is expected to remain strong in both the regions. Owing to growing industrialization in a number of emerging economies including China and India, the APEJ region is likely to register an impressive growth of the market. Meanwhile, the market in Western Europe was valued at valued at over US$ 343 Mn in 2016.
Leading players in the market are actively focusing on launching mobile-based monitoring systems and testing platforms in to maintain a competitive edge. Some of the prominent players operating in the global market for structural health monitoring include Advitam Inc. (Vinci SA), Acellent Technologies, Inc., Nova Metrix LLC, Geocomp Corporation, Kinemetrics Inc.,National Instruments Corporation, Digitexx Data Systems, Inc., Strainstall UK Limited (James Fisher & Sons PLC), COWI A/S, and Hottinger Baldwin Messtechnik GmbH. Many of these companies are going into partnerships with software and hardware vendors to enhance product quality. Leading players are also ramping up investments to boost up production capacity as well as increase their market presence through collaborations, mergers and acquisitions.
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