Sanjose, CA USA, Feb 03, 2020 (Wired Release) – Credence Research – The global structural health monitoring market was valued at US$ 1.7 billion in 2018 and is set to grow with a CAGR of 19.0 percent over the forecast period. Cost reduction due to the technological advancement of the structural health system throughout the forecast period is driven by the structural health monitoring market. Structural health monitoring includes a wide range of sensing technologies for the analysis of a vast amount of real-time data. The system helps to analyze and maintain structural health, such as structures, bridges, dams, wind turbines, sports ground and heavy machinery. Furthermore, the rapid expansion of the infrastructure sector has increased the demand for structural monitoring systems throughout the world. The various structural health monitoring aids will mark a significant increase in the market for structural health monitoring throughout the forecast period.
On the basis of the offer, the hardware segment will hold a significant share during the forecast period. In general, hardware has an important part to play in the structural health monitoring system. It helps to measure the physical properties of any structure under observation. Based on the data recorded, decisions are taken on the basis of the structural corrective action. The hardware segment also includes sensors, data acquisition systems, cabling, cabinets, etc. The demand for these products has been rising over the last few years due to low costs. We therefore expect the hardware segment to be the largest segment in the forecast period.
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In major APAC countries, such as India and China, the rate of adoption of structural health surveillance methodology is increasing day by day. The APAC countries are densely populated, thereby highly focusing on their growth and sustainability for infrastructural developments. Thus, major countries ‘ governments are now opting for structural health monitoring solutions for both new and existing infrastructures. Market players from the Americas and Europe are actively meeting the requirements for structural health monitoring of various projects in APAC.
Adoption of structural health monitoring is rising globally, keeping the US and Europe at the forefront. The US and several European countries such as the UK, Germany, and France are deploying structural health monitoring systems aggressively and systematically to prevent any kind of structural or life-threatening and monetary losses. APAC countries such as China, Japan, Singapore, and GCC countries such as the UAE, Saudi Arabia, and Qatar are creating enormous opportunities for market players in structural health monitoring in the coming years, considering the infrastructural investments in buildings, utilities, bridges, and tunnels by those countries.
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Geographic Coverage
North America Structural Health Monitoring Market Revenue and Forecast
Europe Structural Health Monitoring Market Revenue and Forecast
Asia Pacific Structural Health Monitoring Market Revenue and Forecast
Latin America Structural Health Monitoring Market Revenue and Forecast
Middle East and Africa Structural Health Monitoring Market Revenue and Forecast
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List of Companies Covered:
Advitam, Inc., COWI A/S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik, Nova Metrix LLC, Sodis Lab, Starinstall Uk ltd. among others.
Key questions answered in this report
– What was the market size of structural health monitoring in 2018 and forecast up to 2027?
– Which is the largest regional market for structural health monitoring?
– What are the major trends followed in overall structural health monitoring across different regions?
– Who are the key structural health monitoring companies leading the market?
– What are the key strategies adopted by the leading structural health monitoring companies in market?
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Research methodology devised for this study:
Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global Structural Health Monitoring market specific to key segments, and regional segmentation.
A. Secondary Research
Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global Structural Health Monitoring market. Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical markets and market penetration of various products/services. In addition, paid databases were referred to collect information useful for extensive commercial study of the key players operating in Structural Health Monitoring market. In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for Structural Health Monitoring market study.
B. Primary Research
The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with the leading industry experts.
The participants tracked for primary interviews include:
Vice President/ CEOs
Marketing/product managers
Market intelligence managers
National sales managers
Purchasing managers
Distributors
Other stakeholders
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