07-Sep-2021 | Zion Market Research
Major companies in Structural Health Monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (US), Geocomp Corporation (US), Campbell Scientific (US), Nova Metrix (US), Geokon, Incorporated (US), amongst others. These players are set to bolster the development of Structural Health Monitoring market.
According to analysts at Zion Market Research, the Structural Health Monitoring market accounted for more than USD 1.4 Billion in 2020 and is expected to reach more than USD 4.1 Billion by 2028, growing at a CAGR of 14.9% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Structural Health Monitoring Market By Component (Hardware, Services and Software), By Type (Wired and Wireless), By Industry (Civil Infrastructure, Oil and Gas, Energy and Power, Aerospace & Defence, Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Low cost sensors, Infrastructural Development to Spur Growth
Structural health monitoring for common designs is acquiring prevalence around the world in the field of development and growth. SHM reduces the monitoring costs and research time, and promotes all the structural behavior of designs under huge loads, earthquake security, in genuine or close to ongoing information data. SHM of common designs guarantees better administration in post-earthquake tremor situations, and back up activities. Nonetheless, the underlying checking of static and dynamic pressure of dams has acquired critical consideration during the years because of the adverse consequences of primary reactions. These points are major growth factors for SHM in the coming years.
In the most reasonable situation, the structural health monitoring business sector is relied upon to witness ~16% growth in 2020 as significant organizations working in this market have been affected contrarily during the initial quarter of 2020, and request is additionally expected to be decrease in the coming quarters. Before the end of 2020, the interest for structural health monitoring gadgets and gear is relied upon to observe gradual increase from the primary portion of 2021 while start at the regularity by later 50% of 2021.
Global- Structural Health Monitoring -Market
With the presence of a large pool of participants, the Structural Health Monitoring market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). COWI, GEOCOMP and CAMPBELL are some of the key vendors of structural health monitoring across the world. These players across Structural Health Monitoring market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the Structural Health Monitoring market study.
Citing an instance, Cowi acquired Arkitema Architects. Through this acquisition, Cowi aimed at expanding itself making it the largest player in Denmark for the building segment.
Presence of Big Players In The Region Support North American Dominance
The largest share in the market is dominated by North America. However, the APAC region is anticipated to grow at an unprecedented rate. The factors can be attributed to the large population, awareness about structural health monitoring systems, and increased spending from the government to improve structural health. Owing to these reasons the APAC region will witness the highest growth contributing to the overall growth of global structural health monitoring systems.
Browse the full “Structural Health Monitoring Market By Type (Wired And Wireless), By Component (Hardware, Software And Services), By Industrial Use (Aerospace And Defence, Oil And Gas, Civil Infrastructure, Energy And Power And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/structural-health-monitoring-market
The Structural Health Monitoring market is segmented as follows:
By Device Type
By Industry Type
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