The Asia Pacific Structural Health Monitoring Market would witness market growth of 15.2% CAGR during the forecast period (2021-2027).
Nowadays, safety concerns about engineering structures and essential infrastructure are an inescapable issue, since damage to the latter has a large financial impact on both live people and property. As a result, worries for damage protection are one of the primary drivers driving the structural health monitoring market's revenue. The decrease in the cost critical to the maintenance of engineering structures, as well as the protection of life and property, are some of the significant drivers driving the entire structural health monitoring market.
Bridges, water, wind energy plants, gas, and oil pipelines, oil rigs, tunnels, pavements, tracks, and other structures, as well as ships, aircraft, trains, and other vehicles, are all exposed to internal and external elements that might cause wear and malfunction. This can occur as a result of degradation, an erroneous building procedure, a lack of quality control, or a severe circumstance caused by an accident or an ecological load. The establishment of a damage detection system is critical for being able to detect such changes in the material and respond appropriately before major damage occurs. The ability to detect abnormalities in structural behavior in real time allows maintenance and repair operations to be carried out more effectively, resulting in a direct decrease in operating costs.
With the onset of globalization, APAC countries are investing heavily in the public sector, while other nations like China have been financing the country. The spending capacity of emerging countries would improve as a result of these funds, which will contribute to the overall growth of the worldwide structural health monitoring market throughout the projected period through different infrastructure projects. A new infrastructure must include structural health monitoring since it can assure the structure's safety by monitoring aspects such as damage detection, fracture detection, impact monitoring and corrosion monitoring. These variables aid in early issue discovery and lower repair and maintenance expenses.
The structural health monitoring market is growing due to rapidly ageing infrastructure and rising population in these regions. Furthermore, as awareness of the benefits of SHM has grown in the Asia-Pacific area, several governments have expanded their attention on the topic of structural health monitoring.
The China market dominated the Asia Pacific Structural Health Monitoring Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $356.2 million by 2027. The Japan market is anticipated to grow at a CAGR of 14.5% during (2021 - 2027). Additionally, The India market would expect a CAGR of 16% during (2021 - 2027).
Based on Technology, the market is segmented into Wired and Wireless. Based on End Use, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Others. Based on Offering, the market is segmented into Hardware and Software & Services. Based on Hardware Type, the market is segmented into Sensors, Data Acquisition Systems (DAS) & Communication Systems and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Structural Health Monitoring Market is Projected to reach USD 3.8 Billion by 2027, at a CAGR of 13.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A, Campbell Scientific, Inc., COWI A/S, GEOKON, and Geocomp Corporation.
By Technology
By End Use
By Offering
By Hardware Type
By Country
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