The structural health monitoring market size will reach USD 6.19 billion in 2030

Vancouver, British ColumbiaAnd the January 2, 2023 /PRNewswire/ – Structural Health Monitoring Market Size Reached 1.87 billion US dollars in 2021 and is expected to record a compound annual growth rate of 14.3% during the forecast period, according to its latest analysis Emergen Research. Increase in the number of infrastructure projects due to increased investments, and increased vigilance on existing civil infrastructure to prevent accidents are major factors driving market revenue growth.

There has been a huge rise in infrastructure projects globally which has led to an increased demand for Structural Health Monitoring Systems. According to a recent World Bank report, India You will need to make a total investment 840 billion US dollars over the next fifteen years. Developing country government like India They invest heavily in large scale infrastructure projects. currently in India Only 5% of the infrastructure requirements of Indian cities are funded from private sources and more than 75% of municipal infrastructure is currently funded by the federal and state governments, with urban local bodies (ULBs) contributing the remaining 15% of the cost from their surplus funds. The Structural Health Monitoring (SHM) system has been used frequently in recent years and refers to a variety of systems installed on large-scale civil infrastructures that assist and inform operators on the suitability of structures under gradual or abrupt changes in their condition, or loading and response mechanisms. This is expected to lead to revenue growth in the market.

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Drivers:

Increasing the number of accidents related to buildings and other infrastructure and increasing vigilance on existing civil infrastructure to prevent accidents, thus, driving market revenue growth. Homes and buildings were responsible for the majority of deaths from structural failure of all structural collapses, including damaged bridges, dams, and homes and buildings. This is expected to drive demand for structural health monitoring systems and hence is expected to drive revenue growth in the market.

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Limitations:

The high cost of sensor installation and monitoring, in addition to issues of accessibility and environmental conditions when sensors are placed, is limiting the growth of the market in terms of revenue. In addition, the slow adoption of structural health monitoring systems is a significant constraint to the growth of market revenue.

Growth forecast:

The structural health monitoring market is expected to register a CAGR of 14.3% during the forecast period and revenue is expected to increase from 1.87 USD billion in 2021 to 6.19 billion US dollars In 2030. The increasing number of accidents related to buildings and other infrastructure is expected to drive demand for structural monitoring systems, thereby supporting the growth of market revenue.

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Current trends and innovations:

The increase in the number of accidents associated with buildings and other infrastructure has led to the introduction of innovative monitoring systems for structures. It is necessary to establish advanced early warning systems (EWS), structural health monitoring (SHM), and structural health monitoring and promotion (SHMR) systems in order to stop the occurrence of potentially hazardous events in engineering projects, in structures, and in the environment. Through the use of new sensor technology, which enables ubiquitous and affordable monitoring with higher spatial and temporal resolution, its effectiveness can be increased. This has resulted in an increased demand for structural monitoring thus driving the revenue growth of the market.

Strategic initiatives:

The major companies included in the market report are Nova Ventures, Geokon, and Campbell Scientific, Inc. and Structural Monitoring Systems plc. and CGG SA and Acellent Technologies, Inc. and Sixense and Xylem Inc. and SGS SA and Digitexx Data Systems, Inc.

• employment April 30, 2020Campbell Scientific has developed the GRANITE Series which is a modular DAQ that can be centralized and guaranteed to operate for years reducing the total cost of ownership and operation. Campbell Scientific’s new GRANITE Series delivers the latest and greatest in technology without compromising its renowned reliability.

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Emergen Research has segmented the structural health monitoring market On the basis of supply, technology, end use and region:

• View Forecast (Revenue, Billion USD, 2019-2030)

• Technology Outlook (Revenue, Billion US$, 2019-2030)

• End Use Forecast (Revenue, Billion USD, 2019-2030)

• Regional Outlook (Revenues, Billion US$, 2019-2030)

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