As the construction of modern infrastructures such as bridges, dams, highways, tunnels, manufactories and power plants are bourgeoning to cater the rampantly developing economy and human civilization, amalgamated with imperative refurbishments processes at regular intervals for safety and security purposes, the demand for well-organized monitoring of infrastructures is surfacing over the construction sector. Effective monitoring necessitates data-driven insights for hassle-free maintenance operations and timely detection of unplanned downtime, resource saturation, and network intrusion in infrastructures. As a consequence demand in structural health monitoring (SHM) market equipped with data acquisition and transmission systems and software such as MATLAB and SCADA for supervisory management, and various types of structural health monitoring sensors is witnessing an unprecedented growth. SHM systems as innovative technology are also readily employed in smart cities and automated buildings for energy conservation and optimum utility of resources and spaces. Hence, with deliverance of efficient operations via SHM sensing systems such as traffic monitoring, pressure monitoring, leakage detection, deflection monitoring, strain & hotspot monitoring, fire detection, multi-modal sensing and load rating, opportunities in the market is gaining substantial traction. By the end of 2018, the global Structural Health Monitoring Market size had swell up to $ 1.67 billion and with integration of advanced technology such as IoT and wireless, and reducing cost of sensors the prospects are projected to prosper at a hefty CAGR of 12.2% during the forecast period of 2019 to 2025.
List of Global Developments Delivering an Array of Opportunities in Structural Health Monitoring Market:
Fundamental operations executed by SHM systems consist of analysis and monitoring of efficiency and condition of large machines, airframes, turbines, and structures such as buildings, bridges, dams, and stadiums. Here is a list of modern developments and circumstances that are positively influencing global structural health monitoring market growth:
Lucrative Opportunities in Aviation Sector for Application of SHM Systems:
According to the findings by the World Economic Forum, China is building 8 new airports each year, with a set target to maximize the number of fleet up to 260 by 2020. Similarly, aviation sector is witnessing an unprecedented growth in the western economy with the number of airports exceeding 13,513 in the United States. Owing to bourgeoning number of air travelers globally due to improving economy and depleting tariffs, aviation sector is on the threshold of improvising its existing infrastructures and craft newer ones in order to capitalize the escalating traffic. Such developments are evident cause of adding substantial impetus in global structural health monitoring market demand with increasing number infrastructures in aviation sector calling for consistent monitoring. Along with airports, SHM systems are also being employed to monitor health of aircrafts concerning its performance and safety features. Hence, the increasing fleet of commercial aircrafts globally in the civil aviation sector that is estimated to reach 31,000 globally is also delivering rampant scope of application in the market for SHM.
Global Transition towards Alternative Energy –Construction of Newer Power Plants Compels Adoption of SHM Systems:
To counter the demanding security requirements for ensuring safe operation of power plants and to efficiently handle plant lifetime extension (PLEX) related issues, application of structural health monitoring are vital in power plants. Currently, nuclear power is responsible to source a substantial 11% of global electricity supply, whereas 12 countries are already using nuclear power for 30% of their supply as by the International Atomic Energy Agency (IAEA). Further analysis by IAEA stated that there are 449 operational nuclear power reactors globally, with 56 others under construction in 15 countries. Bourgeoning developments in the nuclear energy sector has embarked an array of opportunities with load rating being the prime operation for SHM systems in power plants along with pressure monitoring, leakage detection and fire detection deemed to be of utmost importance in such hazardous settings. Environmental repercussion is listed as paramount by IAEA, as numerous initial projects went unregulated in the yesteryears having adverse ecological effects. To achieve this, the agency aids its member countries in the employment of advanced and adequate infrastructure and provisions for its monitoring to prevent hazards. Such efforts by IAEA is foreseen as the primary driver of the structural health monitoring market demand from nuclear energy sector.
Energy and Power Generation Sector – Most Lucrative Market Place for Structural Health Monitoring Systems:
After an acute analysis of various end-user verticals including civil infrastructures, aerospace, defense, power utilities and mining, along with their respective contribution towards global structural health monitoring system market demand, energy and power sector is evaluated to be fastest growing segment. With global demand of energy escalating YoY amalgamated with construction of newer power plants globally, power sector is progressing with an application CAGR of 15.4% going through to 2025.
Advancements in the Renewable Energy Sector:
According to International Energy Agency, energy demand escalated by 2.3% in 2018, with global energy-related CO2 emissions rose by 1.7% to 33 Gigatonnes (Gt). Abundant emphasis on renewable form of energy is yet to encounter dominance, as its untapped market is clearly depicted by fossil fuels still sourcing nearly 70% of the energy growth for the second year consecutively.
With the renewable’s sector displaying tremendous growth prospects towards decreasing the dependency on depleting fossil fuels, countries and energy companies have boarded towards majestic clean energy projects of all kinds and demonstrate their true potential. As a consequence, there is an extensive array of projects under pipeline in renewable’s sector that is foreseen to be adding impetus in global structural health monitoring demand. Some of the biggest planned renewable energy projects in the world are Asian Renewable Energy Hub (AREH) – 6,000 MW solar/wind – Australia, The TuNur project- 4,000 MW solar – Tunisia, Asian Renewable Energy Hub (AREH) – 6,000 MW solar/wind – Australia, Grand Inga Hydroelectric Project- 40,000 MW hydro – DR Congo, Tidal Lagoon Cardiff- 3,400 MW tidal – Wales, UK, and Gansu Wind Farm Project- 10,000 MW wind – China. With such undertakings globally, demand for infrastructures catering the power and energy sector is cumulative, eventually creating demand for structural health monitoring systems to be employed.
39% of Electricity in the United States is generated from Nuclear and Renewables:
Owing to positive influence of industrialization and strengthening economy, developed countries in the recent years have been witnessing exuberant growth in their convoy of infrastructures such as roadways, highways, bridges, industrial warehouses, energy plants and mining areas. Hence, after regional analysis of global structural health monitoring market, North America is reckoned to be encompassing a hefty 31.84% share of the global market demand in 2018. Some facts supporting the sheer affluence of North America-
· According to Federal Highway Administration (FHWA), in the U.S., more than 30.0% of structures, including bridges and dams, have surpassed their 50 years of infrastructure design life. Hence, to sustain the monuments and provide adequate safety measures, employment of SHM systems are gaining utmost traction.
· 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.
· As per the International Energy Agency, there are about 8,652 power plants in the United States. Similarly, with the advent of renewable energy and its extensive adoption across the region, novel infrastructures for power generation are being constructed. For instance, by 2018, nuclear energy provides about 19% and renewables account for 20% of U.S electricity.
Structural Health Monitoring Market Growth Drivers:
· Smart cities require smarter monitoring-
Structural health monitoring market is leveraging the ongoing mega-trend of smart cities, which is major factor influencing the market size globally. As the concept of smart and automated cities and infrastructures are witnessing dynamic adoption, SHM market loaded 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. As wired systems are prone towards wearing and corrosion, they tend to amplify overall maintenance costs due to the extent of hardware employed, restraining the market. Hence, wireless systems loaded with sensors and controlled by software are being well acknowledged and adapted 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 adapted globally and is also impacting the proceedings of SHM systems market. To capitalize over the gathered data for accurate estimations and plan current actions, market players are investing into innovations to provide end users with effective software services. For instance, in October 2017, Campbell Scientific (US) had launched the CR310 data acquisition system and in 2016 Acellent (US) launched ScanGenie III, a data collection hardware and SHM Pro Software Suite that fulfills the requirement of data processing and analysis.
Structural Health Monitoring Market Companies:
Some of the key players operating in the Structural Health Monitoring Market are National Instrument Corporation, Digitexx Data Systems, Inc., Accelent Technologies, Inc., Advitam, Inc., Geokon ALS, Geocomp Corporation, and Pure Technologies.
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