by The global structural health monitoring market is set to experience significant growth in the coming years, according to preliminary research by Fairfield Market Research. Structural health monitoring systems are increasingly being embraced across various sectors, particularly in the energy industry, leading to a promising outlook for the market.
Rapidly Increasing Use in Energy Sector
Structural health monitoring systems offer remote maintenance advantages for both onshore and offshore systems. For instance, cloud computing solutions now enable continuous data collection and assessment for preventive maintenance in wind turbines. The U.S. governments massive infrastructure revitalization plan, with a budget of USD 2 trillion launched in 2021, is expected to boost the demand for structural health monitoring in the nation, particularly for highway and bridge reconstruction projects. Moreover, these technologies facilitate extensive inventory and predictive maintenance, resulting in substantial cost savings through early diagnosis.
Nuclear Industry Embracing Structural Health Monitoring
In the nuclear energy sector, non-invasive structural monitoring is becoming a priority. As over 67 nuclear reactors worldwide are expected to reach an operational age of over 40 in the next four years, the need for maintenance becomes paramount. Structural health monitoring is poised to unlock numerous opportunities in this sector.
Wired Monitoring Systems Preferred
Wired monitoring systems, employing technologies like lead wires, co-axial cables, and optical fibers, are widely used to assess various structures such as bridges, buildings, and dams. Wired systems offer benefits such as minimal data attenuation, high operation speed, unlimited range, and increased system bandwidth. Their reliable connectivity makes them a preferred choice for ongoing monitoring of diverse structures globally.
Asia Pacific Leads the Market
The Asia Pacific region is the largest consumer of structural health monitoring systems and is expected to witness the fastest growth in the forecast period. Rapid expansion in end-use industries, including nuclear power, aerospace, and defense, is driving demand for these systems. For instance, China is predicted to have the most significant expansion in atomic generation, leading to increased maintenance requirements and further boosting the market.
Smart City Initiatives Foster Growth
The global shift toward smart city initiatives is also contributing to the growth of the structural health monitoring market. Initiatives like Indias Smart City Mission, with a budget of USD 35.7 billion, provide new opportunities for structural monitoring systems. The availability of compact and affordable sensors for vibration, temperature, and load monitoring is expected to reduce installation costs, driving market expansion.
Competitive Landscape
Key players in the global structural health monitoring market include Campbell Scientific (US), SGS (Switzerland), Nova Metrix LLC (US), COWI (Denmark), Geodonn (US), Sixense (France), Geocomp (US), Acellent Technologies (US), Structural Monitoring Systems (Australia), Pure Technologies (Canada), and Digitexx (US).
The structural health monitoring market is on an upward trajectory, driven by the energy sectors increasing adoption, growing opportunities in nuclear power, preference for wired monitoring systems, and the expansion of smart city initiatives. As technology continues to advance and costs decrease, the market is poised for remarkable growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/structural-health-monitoring-market
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This press release first seen on Brilad
COMTEX_442320007/2840/2023-10-23T08:21:04
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.