Structural Health Monitoring Market Surge Valuation Of USD 4.34 Billion By 2025Posted by Neha Bora on February 3rd, 2020 San Francisco, 3 February 2020: The Report Structural Health Monitoring (SHM) Market By Solution, By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms), By Technology (Wired, Wireless), And Segment Forecasts, 2018 – 2025 The global structural health monitoring market size is estimated to reach USD 4.34 billion by 2025, according to a study conducted by Grand View Research, Inc., rising at a CAGR of 17.3% during the forecast period. Growing investments in infrastructural development and government regulations mandating implementation of sensors and data acquisition systems to monitor structure health are expected to augment the market. Increasing age of existing bridges and dams and rising focus on infrastructural advancements including construction of new bridges, dams, buildings, and stadiums are also providing a push to the market. Superior infrastructure is essential for regional development and it helps to increase productivity of the private as well as public sectors. Therefore, rapid infrastructural development across the globe is one of the primary growth stimulants for the market. These systems help in reducing cost by removing need for inspection staff and maintenance. Additionally, with ongoing advancements in technology, these systems are being used in applications such as diagnosing vessels and platforms in marine industries, aircraft frames in aerospace and defense, and inspection of large machines. North America is projected to dominate the market throughout the forecast horizon owing to surging demand from applications such as bridges & dams and buildings & stadiums. However, Asia Pacific is poised to post the highest CAGR of 18.9% during the same period. This is owing to increasing investments in the civil infrastructure sector, along with industries such as aerospace, defense, marine, and manufacturing. Moreover, in 2014, the Chinese government laid down new regulations mandating use of SHM systems while building new architectural structures and bridges. They have restricted replacement time period for an embedded sensor to 20 years and three to five years for a sensor placed on the surface of the bridge. Furthermore, expanding production of oil sands and shale gas in regions such as Africa and Asia are anticipated to stir up the demand for structural health monitoring systems. Access Research Report of Structural Health Monitoring (SHM) Market @ https://www.grandviewresearch.com/industry-analysis/structural-health-monitoring-shm-market Further key findings from the study suggest:
Grand View Research has segmented the global structural health monitoring market based on solution, application, technology, and region: Structural Health Monitoring Solution Type (Revenue, USD Million, 2015 - 2025)
Structural Health Monitoring Application Type (Revenue, USD Million, 2015 - 2025)
Structural Health Monitoring Technology Type (Revenue, USD Million, 2015 - 2025)
Structural Health Monitoring Regional Outlook (Revenue, USD Million, 2015 - 2025)
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