The structural health monitoring market is estimated to grow from USD 2.0 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 14.6% between 2022 and 2027.
The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring systems.
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Increased adoption of wireless technology significantly reduces monitoring costs as the need for installation and protection of cables is eliminated. Also, the wireless system is flexible in nature. In other words, various sensors used in the wireless structural health monitoring system are organized by wireless transmission, which makes updating, adding, moving, and replacing of sensors easy after the initial installation. Technological advancements related to wireless technology have led to the development of products to which instruments such as strain gauge sensors, tiltmeter, crack meter, inclinometers, linear voltage displacement transducers, and accelerometers can be integrated for centralized data collection and analysis. Furthermore, the wireless monitoring system is highly efficient and reliable. The hardware of the wireless system is highly integrated, and there are no additional supporting components such as long cables, signal analyzers, and data memory storage solutions, reducing the complexity of the overall system.
With the increasing importance of large civil projects and frequent occurrences of structural failures, structural health monitoring systems are becoming more and more crucial. The basic approach of any structural health monitoring system is to continuously collect data about the overall condition of the structure from various sensors installed at several locations on the structure. This data collected from sensors provides information about various parameters such as loading, stress, strain, acceleration, and temperature among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. To resolve this challenge, software platforms, customized software applications, and software algorithms are being adopted.
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The structural health monitoring market in Asia Pacific (APAC) is estimated to grow at the highest rate during the forecast period. The structural health monitoring market in the Asia Pacific is expected to witness higher growth compared to the other regions during the forecast period. Increasing investments related to infrastructure and stringent regulations by governments for the use of structural health monitoring techniques for various structures to ensure safety are some of the important factors driving the market growth in this region. The increasing population in many Asia Pacific countries has led to rapid urbanization, which, in turn, is expected to create growth opportunities for the market players in the coming years as many construction projects are being sanctioned.