NEW YORK, Jan. 10, 2017 /PRNewswire/ -- "The rapidly aging infrastructure in North America and Europe is expected to drive the structural health monitoring market."
The structural health monitoring market is expected to grow from USD 701.4 million in 2015 to USD 3407.7 million by 2022, at a CAGR of 24.99% between 2016 and 2022. Structural health monitoring solutions improve the performance of the structures such as commercial and residential buildings, dams, power plants by providing real-time data about the parameters such as strain, structural damage in various structures. Effective monitoring of civil structure helps in prolonging the life of a structure as the data received helps in taking remedial action and providing maintenance whenever a significant structural damage is noticed. The civil infrastructure in the U.S. has been rapidly aging and there is a growing need to monitor the structural damage for maintenance and reconstruction which is a major driver for the growth of the structural health monitoring market. The growing usage of composites in construction of structures is major driver for the growth of structural health monitoring market in the aerospace industry. The high cost of the installation of sensors and other hardware in large structures such as bridges and dams could prove to be a major restraining factor for the growth of structural health monitoring market. However, the advancement in sensor technologies, growing usage of smart structures and smart materials with embedded sensors are some of the key future opportunities for growth of structural health monitoring market.
"The structural health monitoring market for aerospace industry is expected to grow at a high rate owing to high maintenance, repair and overhaul (MRO) costs."
The structural health monitoring market for the aerospace industry is expected to grow at the highest rate between 2016 and 2022. The aerospace industry, particularly commercial aviation is highly cost sensitive, and MRO activities constitute significant overhead costs. This necessitates the use of enhanced solutions such as structural health monitoring to effectively reduce the down time because of MRO activities. The growing usage of structural health monitoring also results in improving the overall safety and security through real-time analysis on the condition of airframe structurtes.
"The structural health monitoring market in Asia-Pacific (APAC) is likely to grow at the highest rate between 2016 and 2022."
The structural health monitoring market in APAC is expected to grow at the highest rate between 2016 and 2022. The rapid urbanization, and frequent occurences of natural calamities such as earthquakes are the major growth drivers for structural health monitoring market in this region. North America is expected to hold the largest share of the structural health monitroing market between 2016 and 2022. The rapidly aging infrastructure in the U.S., commercialization of structural health monitoring systems in the aerospace industry are some of the major factors driving the growth of the structural health monitoring market in North America.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people. The break-up of profile of primary participants has been given below:
- By Company Type: Tier 1 – 25%, Tier 2 – 45%, and Tier 3 – 30%
- By Designation: C-Level Executives – 45% , Directors – 35%, and Others – 20%
- By Region: North America – 35%, Europe – 30%, APAC – 25%, and RoW – 10%
Several companies have adopted the strategy of marketing of new products to increase their market share. Research and development (R&D) is increasingly conducted to provide comprehensive monitoring solutions, ranging from sensors to software support, to customers. A number of companies have attempted to strengthen their market position by collaborating with various other participants in the value chain. Apart from these dominant strategies, some players have adopted the approach of mergers and acquisitions to expand their business in the structural health monitoring market.
The key players in the structural health monitoring market profiled in this report are:
1. Advitam Group
2. COWI A/S
3. Geocomp Corp.
4. Geokon, Inc.
5. Hottinger Baldwin Messtechnik GmbH (HBM)
6. Nova Metrix LLC
7. Sodis Lab
8. Strainstall UK Ltd.
9. Digitexx Data Systems, Inc.
10. Geosig Ltd.
11. National Instruments
12. Kinemetrics, Inc.
13. Acellent Technologies, Inc.
The structural health monitoring market on the basis of geography has been segmented into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Based on solutions, the structural health monitoring market has been classified into hardware and software and services. The structural health monitoring market on the basis of end users covers civil infrastructure, aerospace, defense, energy, mining, and others. The structural health monitroing market has been segmented on the basis of technology into wired and wireless structural health monitoring technology.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in the structural health monitoring market in the following ways:
1. This report segments the structural health monitoring market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different applications and regions.
2. This report would help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to understand their competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions in the structural health monitoring market.
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