Infrastructure Monitoring Market worth 3.38 Bn USD by 2023
Monday 29 January 2018, Amsterdam
The report "Infrastructure Monitoring Market by Technology (Wired and Wireless), Offering (Hardware: Sensors, Data Acquisition Systems; Software & Services), Vertical (Civil infrastructure, Energy), Application, and Geography - Global Forecast to 2023", The infrastructure monitoring market is estimated to grow from USD 1.48 Billion in 2018 to USD 3.38 Billion by 2023, at a CAGR of 17.93% between 2018 and 2023. The major factors driving the growth of the infrastructure monitoring market include catastrophic failure of the infrastructure that results in loss of lives and incurs higher costs, stringent government regulations pertaining to the sustainability of structures, and aging infrastructures and the superior benefits of infrastructure monitoring.
The civil infrastructure segment expected to hold the largest share of the infrastructure monitoring market by 2023
The civil infrastructure facilities include numerous critical structures such as bridges, dams, tunnels, highways, and buildings. All these structures are directly related to the overall demographic and economic growth of any country. Therefore, many governments are taking initiatives to monitor the overall health of the structure. Also, at present, major countries in different regions such as the US, the UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing the economy of the country. For such increasing infrastructure facilities, there would be growing opportunities for the infrastructure monitoring market players.
The market for software and services expected to grow at a higher rate between 2018 and 2023
With the increasing importance of large civil projects and frequent occurrences of structural failure, infrastructure monitoring systems are becoming more and more crucial. The basic approach of any infrastructure monitoring system is to continuously collect the data (over the longer period of time) about the overall condition of the structure from various installed sensors. This sensory data includes loading, stress, strain, acceleration, temperature, and video signal, among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. To resolve this challenge, the software platform, customized software application, and software algorithm are being adopted. For example, software such as MATLAB and SCADA play a crucial role in early damage detection; they determine the damages at an early stage and facilitate necessary repair to maintain a high level of safety.
Americas expected to hold the largest share of the infrastructure monitoring market by 2023
The increased use of monitoring systems in the US is a key factor behind the market growth in the Americas. The governments of the South and North American countries are taking initiatives for the adoption of monitoring systems for different applications. Aging infrastructure in the US and fast-growing infrastructure facilities in Brazil and Canada are driving the market in this region.