With increasing infrastructural development being globally amalgamated with refurbishment processes, the demand for effective monitoring and data-driven insights for hassle-free maintenance operations and timely detection of unplanned downtime, resource saturation, and network intrusion in infrastructures is witnessing an unprecedented growth. Severe demand for utmost efficient and innovative technology for energy conservation and optimum utility to be installed smart cities and automated buildings is also surfacing in the modern infrastructural developments. The global infrastructure monitoring system market size is gaining substantial traction owing to its efficient delivery of operations such as capacity management, service level management, availability, and security. According to a report by IndustryARC, the global market size was evaluated to be $1.88 billion in 2018. With the integration of advanced technologies such as IoT and wireless, and lower cost of sensors, opportunities in the market are estimated to be progressing at a global CAGR of 16.31% during the forecast period.
The report titled, “Infrastructure Monitoring System Market: By Technology (Wired Type, Wireless), By Component (Hardware, Sensors, DAS & Communication System), By Application, & By region – Forecast (2019 - 2025)”,integrates a comprehensive assessment of the competitive landscape, market trends, product developments, and strategic analysis to assist companies in planning future endeavors. At the same time,an unbiased topography is maintained throughout the report with inclusion and identification of key challenges and strategies to overcome them.
Infrastructure Monitoring System Market- Leading Segments:
Owing to increasing industrialization and strengthening economy, developed countries in recent years have been witnessing exuberant growth of infrastructure such as roadways, highways, bridges, industrial warehouses, energy plants and mining areas. Hence, after a regional analysis of the global infrastructure monitoring system market, North America was seen to be generating 31.84% share of the global market demand in 2018.
In terms of end-user verticals of the global infrastructure monitoring system market, energy and civil infrastructure are evaluated to be the fastest-growing segments. Both these verticals are progressing with a combined CAGR of 19.66% going through 2025.According to the International Energy Agency (IEA), there are about 8,652 power plants in the U.S. The advent of renewable energy and its extensive adoption across the region is leading to construction of novel infrastructures for power generation. For instance, by 2018, nuclear energy provides about 19% while renewables account for 20% of U.S electricity.
Infrastructure Monitoring System MarketGrowth Drivers and Trends:
• Smart cities require smarter monitoring-
Infrastructure monitoring system market is leveraging the ongoing mega-trend of smart cities, which is a major factor influencing the global market size. As the concept of smart and automated cities and infrastructure are witnessing dynamic adoption, infrastructure monitoring systems loaded with efficient communication systems software such as MATLAB and SCADA,and sensors are observing healthy growth.
• Wireless reducing expenditure on hardware-
Integration of wireless technology into infrastructure monitoring systems is a major factor disrupting the market. As wired systems are prone toweathering and corrosion, they tend to amplifyoverall maintenance costs due to the extent of hardwarecomponents employed, thereby restraining its market growth. Hence, wireless systems loaded with sensors and controlled by software are being increasingly adapted by end-users due to the ease of installation and economic efficiency.
• Accumulation of data for prolonged benefits-
Data as a service (DaaS) is a trend being adapted globally, which is also positively impacting the proceedings of infrastructure monitoring system market. To make use of the gathered data for accurate estimations and plan current actions, market players are investing on innovating and providing end users with effective software services. For instance, in October 2017, the U.S.-based Campbell Scientific launched the CR310 data acquisition system, and in 2016, the U.S.-basedAcellent launched ScanGenie III, a data collection hardware and SHM Pro Software Suite that fulfills the requirements of data processing and analysis.
Infrastructure Monitoring System Market – Competitive Landscape:
Some of the key players operating in the market are COWI A/S., Advitam Group, Acellent Technologies, Geocomp Corporation., Nova Metrix LLC, Geokon, Inc., Avt Reliability, Pure Technologies Ltd., Strainstall UK Ltd, and Softelnet S.A.
Several companies are expanding geographically to gain ground over competitors and to expand their reach. For instance, in 2017, Denmark-basedCOWI acquired Projektbyrån, a Swedish company providing project management services. This acquisition is anticipated to benefit COWI which can now use Projektbyrån’s key proficiencies in various intricate ventures.
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