Increasing need for infrastructure maintenance and safety and expansion of smart cities is boosting the Structural Health Monitoring Market into USD 1.99 Bn sector |Forecast for 2023-2027|Technavio
Increase in smart city development and the growing requirement for infrastructure safety and maintenance are expected to fuel a steady increase in the structural health monitoring market. By 2027, the market is projected to have grown by USD 1.99 billion at a compound annual growth rate of 14.1%.
Real-time information on the state of infrastructure is provided by structural health monitoring systems, which aid in the early detection and resolution of such issues before they become costly or dangerous.
Leading market players supporting this market development are Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH,James Fisher and Sons Plc, LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc.,etc.
Snapshot of Structural Health Monitoring Market Analysis
However, rise in budgetary constraints and highly saturated market are expected to hinder the growth of the market. However, advent of IoT in structural health monitoring and rising focus on big data analytics will have a positive impact on the structural health monitoring market during the forecast period.
Technavio’s analysis of the Structural Health Monitoring Market also includes: