With rising number of infrastructures projects globally, along with refurbishment processes, the demand for effective infrastructure monitoring is gaining momentum. Similarly, implementation of 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. At the same time 'smart cities' or 'connected cities' is a major trend in the global information and communication technology sector globally. As per the Consumer Technology Association, more than 66% of the global population will move towards cities by 2050. With such an influx of traffic, existing blueprint of cities demand a smarter execution in its processes and undertakings. Developed economies including United Sates and Europe to developing economies such as India and Thailand, are leveraging IoT and Big Data services for real-time monitoring of infrastructures in their cities. Consequently, severe demand for efficient and innovative monitoring technology to be employed in smart cities, and automated buildings for energy conservation and optimum utility is also emerging in the modern construction sector. Hence, global Infrastructure Monitoring System Market size is gaining substantial traction, due to deliverance of efficient operations such as capacity management, service level management, availability, and security. According to a recent business intelligence report by IndustryARC, global market size is evaluated as $1.88 billion in 2018. With integration of advanced technology such as IoT and wireless with infrastructure monitoring systems, and declining cost of sensors, the market is estimated to grow at a CAGR of 16.31%, during the forecast period 2019-2025. The flourishing aviation sector is also adding impetus to the global infrastructure monitoring systems market demand. As the number of airports are increasing globally, the demand for systems to monitor such infrastructures is gaining momentum. For example, according to the World Economic Forum, China is building 8 new airports each year, with a set target to maximize the number up to 260 by 2020.
Infrastructure Monitoring System Market- Leading Segments:
Owing to positive influence of industrialization and strengthening economy, developed countries in the recent years have been witnessing exuberant growth in their fleet of infrastructures such as roadways, highways, bridges, industrial warehouses, energy plants and mining areas. Hence, after regional analysis of global infrastructure monitoring system market, North America is reckoned to be encompassing 31.84% of the global market share in 2018. Moreover, the global smart cities market size was evaluated to be $950.28 billion in 2018, and North America had 40.21% share in global revenue. Some other factors influencing North America infrastructure monitoring market are:
· Fixing America’s Surface Transportation (FAST) Act has authorized $305 billion over FY 2016 through FY 2020 with an emphasis on highway safety and structural highway programs for infrastructural planning.
· In 2014, according to the U.S. Department of Transportation (DOT), more than 61,000 bridges across the country were structurally deficient, which needed significant monitoring and inspection for maintenance and repair work.
On the basis of end-user verticals, and owing to their participation in the global infrastructure monitoring system market, energy and civil infrastructures are evaluated as fastest growing segments. Both verticals are progressing with a CAGR of 19.66%, during the forecast period. As per the International Energy Agency, there were about 8,652 power plants in the U.S in 2017. Similarly, with the advent of renewable energy and its extensive adoption across the region, new power generation infrastructures are being constructed. For instance, in 2018, nuclear energy provided about 19% and renewables accounted for 20% of U.S electricity.
Infrastructure Monitoring System Market Growth Drivers and Trends:
· Smart cities require smarter monitoring systems-
Infrastructure monitoring system market is leveraging mega-trend of smart cities, which is a major factor influencing the market size globally. The concept of smart and automated cities, and infrastructures are witnessing dynamic adoption. Consequently, the infrastructure monitoring system market with efficient communication systems, software such as MATLAB and SCADA, and sensors is observing exuberant growth.
· Wireless reducing hardware expenditures-
Integration of wireless technology into infrastructure monitoring systems is a major factor disrupting the market growth. The wired systems are prone towards wearing and corrosion, and they tend to amplify overall maintenance expenses due to the extent of wires employed. Hence, wireless systems loaded with sensors and controlled by software are being widely adopted by end-users, due to ease of installation and economic efficiency.
· Accumulation of data for prolonged benefits-
· Data as a Service (DaaS) is a trend adopted globally and also impacting the growth of the infrastructure monitoring system market. To capitalize over gathered data for accurate estimations of infrastructure health, market players are investing in innovations to provide end-users with effective software services. For instance, in October 2017, Campbell Scientific (U.S.) had launched CR310 data acquisition system, and in 2016, Acellent (U.S.) launched ScanGenie III, a data collection hardware and SHM Pro Software Suite that fulfills the requirement 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 Corp., Nova Metrix LLC, Geokon, Inc., Avt Reliability, Pure Technologies, Strainstall UK Ltd., and Softelnet.
Several companies are expanding geographically to gain ground over their competitors and expand their reach. For instance, in 2017, COWI (Denmark) acquired Projektbyrån, a Swedish company specialized in project management services. This acquisition is anticipated to benefit COWI to develop further, using Projektbyrån’s key proficiencies in various intricate ventures.
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