Structural Health Monitoring Market to Hit US$4.09 Mn by 2025

Albany, New York: The vendor landscape of the global structural health monitoring market is highly competitive in nature, notes Transparency Market Research. The quest for growth among predominant players has intensified the competition within the market. Owing to this the market endows a tremendous growth opportunity. The global structural health monitoring market consists of several prominent players. Some of the key players in the global structural health monitoring market are Kinemetrics, COWI A/S, Wiss, CTL Group, OSMOS Group, and Elstner Associates.

A market study conducted by Transparency Market Research (TMR) forecasts the growth pattern of the global market for structural health monitoring between 2017 and 2025. The report states that global structural health monitoring market will touch a valuation of US$4.09 mn by 2025- end rising at a whooping CAGR of 10.09%. The market was noted at US$1.57 mn in 2016.

On the basis of geographical standpoint, North America is anticipated to dominate the global structural health monitoring market during the forecast period. The structural health monitoring market in the region is likely to rise at a 10.49% CAGR from 2017 to 2025. Aging infrastructure such as bridges, tunnels, and power plants are key drivers of the market. On the basis of connectivity, the global structural market can be segmented as wired and wireless. At present, wireless segment contributes the most to the revenue. This is mainly because of the low cost of wireless sensors.

Ongoing Construction Activity across Globe Fuels Growth

The construction industry across the globe is growing at a fast speed. The urbanization rate has broken all previous records. It has increased the demand of health monitoring systems. This is a good sign of growth in the global structural health monitoring devices. Apart from this, the rising demand of robust and reliable infrastructure has bolstered growth in the global structural health monitoring market. Moreover, structural health monitoring systems have become a necessity for residential, industrial, and commercial sectors. Owing to this, the structural health monitoring market is expected to rise on an account of a large number of constructional advancements across the globe.

Growing Tourism Industry to Uptake Growth

The construction regulatory bodies across the globe are taking concrete efforts to effectuate the safety of new buildings in their respective regions. This mandates the use of health monitoring systems in the constructional industry. The global structural health monitoring device is projected to rise on the count of mandate government policy. Furthermore, the increase demand to protect historical monuments and heritage across the globe is giving a push to the global structural health monitoring market. This is mainly due to growing tourism industry and a rise in the disposable income of people across the globe.