Owing to stringent Government regulations pertaining to the sustainability of structures and increasing capital investments in Structural Health Monitoring to thrive the Market exponentially.
The Structural Health Monitoring Market is estimated to have steep growth in the near future over the forecast period. Structural Health Monitoring (SHM) for civil structures, is gaining a special attraction and cementing its position in the field of construction management and maintenance. Structural health monitoring decreases the research time as well as inspection cost and allows to better understand the behavior of structures under dynamic loads, in real or near real-time data information, and seismic protection. These are also useful in ensuring better management for post-earthquake scenarios, which helps in the rescue operations.
Moreover, the rapid pace of urbanization and industrialization is expected to drive the market over the forecast period. The demand for smart cities is increasing. Thus, the construction activities such as the construction of roads, railway tracks, and others are also increasing. Moreover, residential construction is also increasing owing to the increase in population. Consequently, increasing the demand for structural health monitoring is further propelling the market growth over the forecast period of 2022-2028.
What Will Be the Market By 2028?
Our report on the Structural Health Monitoring market has covered the study of the latest development and investment in the market. Furthermore, the report covers the value chain analysis, regulatory analysis, market attractiveness analysis, and Porter’s five forces analysis, for the structural health monitoring market. Besides, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, historical & descriptive analysis, and forecasts & predictive analysis.
The global structural health monitoring market is expected to reach over USD 3,955 mllion in 2028 at a CAGR of 15.3%.
Some of the key players in the Structural Health Monitoring market include, Pure Technologies, Structural Monitoring Systems (Australia), Geocomp Corporation (US), Nova Metrix (US), Campbell Scientific (US), Geokon, Incorporated (US), Digitexx Data Systems (US), SIXENSE Systems (France), Bridge Diagnostics (US), RST Instruments (Canada), Sisgeo (Italy), and Geomotion Singapore (Singapore)..
North America is estimated to dominate the structural health monitoring market over the forecast period of 2022-2028. Market growth in the region is attributed to the increasing focus of the government on the repair and maintenance of civil infrastructure and aircraft. Also, the Asia Pacific region is anticipated to grow at the fastest CAGR for the structural health monitoring market over the forecast period. China is expected to dominate the region owing to increasing investment in infrastructural development.