Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Structural Health Monitoring Market Overview
Structural health monitoring (SHM) is an important gadget for engineers to improve the safety and maintainability of various civil infrastructures. Structural health monitoring system comprises a wide range of sensing technologies to analyze a vast amount of real-time-data. The common parameters which are measured to analyze the sustainability of a structure include vibration and strains that are measured by various sensors, data analyzing systems, and hardware and software solutions. The system is designed to analyze and maintain the health of structure such as buildings, bridges, dams, wind turbines, stadiums, and large machineries.
Market Size & Forecast
Structural health monitoring market is anticipated to project an exponential growth over the forecast period; the market is estimated to reach US$ 3 billion by 2023 witnessing a compound annual growth rate of 30% over the period 2016-2023. Bridges and Dams segment was valued at 0.48 billion US$ in 2015 and is anticipated to reach 0.55 billion US$ by the end of 2016 witnessing a compound annual growth rate of 15% over the forecast period. Bridges and Dam segment is anticipated to dominate the global SHM market over the forecast period followed by Buildings and Stadium segment as the calamities through theses infrastructure causes huge loss of lives and capitol.
North-America is anticipated to contribute highest share in terms of revenue in the global SHM market followed by Asia-Pacific due to the developed infrastructure industry across the region. North America region is anticipated to account for 30% share of the global SHM market by the end of 2016 while Asia-Pacific is anticipated to contribute 20.2% to the global SHM market in 2016.
Structural health monitoring can be classified into portable testing systems and continuous monitoring systems. The portable testing systems are temporarily installed to analyze current condition of a structure whereas continuous monitoring systems collects the real time data regarding the health of an infrastructure to identify the early detection of damage to save lives as well as money. Rapid expansion of the infrastructure sector has fuelled the demand of structural monitoring systems across the globe. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Market Segmentation
Demand Analysis By Type
Depending upon the technology used to analyze the current parameters associated with the health of an infrastructure, structural health monitoring market is segmented into following categories:-
Analysis By Component
On the basis of components used in structural monitoring systems, the market can be segmented into following categories:-
Growth Analysis By Application
Structural monitoring systems are designed to analyze various structures, on the basis of application the market is further segmented into following categories:-
Demand Analysis By Region
Global Structural Health Monitoring Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Wide availability of low-cost sensors being used in structural health monitoring systems, growing infrastructural development across the globe, increasing awareness of governments towards the maintenance of heritage structure in order to boost the tourism revenue of their country, government regulations to reduce the loss of lives through regular maintenance of public infrastructure are the main factors driving the structural health monitoring systems market across the globe. Use of SHM systems during the construction of an infrastructure will help in identifying the inadequacy in its construction and design, new government regulations towards the compulsory implementation of SHM systems in order to reduce loss of lives as well as cost will boost the SHM system market in the coming 5-6 years.
In conventional SHM systems, data is collected manually through implementing of sensors on the infrastructure, now the high-tech systems consists automation systems which reduces the cost of maintenance. Non-destructive monitoring, non-contact vibration measurement systems are some new trends improving the SHM accuracy. Cost-reduction due to the technological advancement of the SHM systems is anticipated to be the key factor driving the SHM market over the forecast period i.e. 2016-2023. High-cost, inaccuracies in the measurement, lack of expertise, alternate methods of monitoring are some factors restraining the market growth over the globe.
Key Players
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