Infrastructure Monitoring System Market - Forecast(2022 - 2027)

 According to the findings by the World Economic Forum, China is building eight new airports each year, with a target to have 260 airports by 2020. Along with the aerospace sector, there is rampant growth of infrastructure in the civil, mining, energy, and aviation sectors, owing to the cumulative demand for enhancing output globally. This is leading to unprecedented growth in the demand for effective monitoring and data-driven insights for hassle-free maintenance operations, timely detection of unplanned downtime, resource saturation, and network intrusion in infrastructure. The global infrastructure monitoring system market size was valued at $1.88 billion in 2018, owing to the industry’s ability to provide efficient operations for capacity management, service level management, availability and security check. Through integration of advanced technologies such as IoT and wireless, and the reducing cost of sensors, opportunities in the market is estimated to be progressing at a CAGR of 16.31% during the forecast period of 2019-2025.

Infrastructure Monitoring System Market Outlook:

Owing to the positive influence of industrialization and strengthening economy, developed countries in the recent years have been witnessing exuberant growth in their convoy of civil infrastructures such as roadways, highways, bridges, industrial warehouses, energy plants and mining areas. North America was estimated to be generating a majority share of the global market demand, and accounted for 31.84% in 2018. Some facts supporting the affluence of North America-

· Fixing America’s Surface Transportation (FAST) Act has authorized $305 billion over FY 2016 through FY 2020, with an emphasis on ensuring highway safety and structural highway programs.

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· As per the International Energy Agency (IEA), there are about 8,652 power plants in the U.S. With the advent of renewable energy and its extensive adoption across the region, novel infrastructure for power generation are being constructed. For instance, by 2018, nuclear energy provided about 19% while renewables accounted for 20% of electricity generated in the U.S.

For the global infrastructure monitoring system market, energy and civil infrastructure are evaluated to be the fastest growing segments, in terms of application. Both these verticals are progressing at a combined CAGR of 19.66% going through 2025. Global evolution towards alternative energy is the major factor assisting this segment's growth, as an array of sustainable energy generating infrastructures are being constructed worldwide. For example, according to the Greenpeace Organization, China is installing one wind turbine an hour and has already surpassed it goals set for 2020 in the spectrum of solar energy. All these developments require sustainable infrastructure and an adequate monitoring systems to counter down time and losses.  

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Infrastructure Monitoring System Market Growth Drivers and Trends:

·  Smart cities require smarter monitoring-

Globally, the infrastructure monitoring system market is leveraging the ongoing mega-trend of smart cities. With the concept of smart and automated cities and infrastructure witnessing dynamic adoption, infrastructure monitoring systems equipped with efficient communication systems, software such as MATLAB and SCADA, and sensors are being increasingly employed.

· Reduced expenditure on hardware due to wireless systems-

Integration of wireless technology into infrastructure monitoring systems is a major factor disrupting the market. As wired systems are more prone to wearing and corrosion, they tend to amplify overall maintenance costs due to the extent of hardware employed, thereby restraining the market. Hence, wireless systems loaded with sensors and controlled by software are being well acknowledged and adapted by end-users due to the ease of installation and economic efficiency they offer.

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· Accumulation of data for prolonged benefits-

Data as a Service (DaaS) is a trend being adapted globally, and is also impacting the infrastructure monitoring system market. To derive accurate estimations and plan current actions on the basis of the collected data, market players are innovating in order to provide end users with effective software services. For instance, in 2017, U.S.-based Campbell Scientific launched the CR310 data acquisition system, and in 2016, U.S.-based Acellent launched ScanGenie III, a data collection hardware and SHM Pro Software Suite that covers the necessity of data processing and analysis.

Infrastructure Monitoring System Market Companies:

Some of the key players operating in the infrastructure monitoring system 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 S.A.

Several companies are expanding geographically in order to gain ground over competitors and expand their market share. For instance, in 2017, Denmark-based COWI acquired Projektbyrån, a Swedish company which offers project management services. This acquisition is anticipated to benefit COWI to develop further using Projektbyrån’s key proficiencies across various intricate ventures.

Infrastructure Monitoring System Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Infrastructure Monitoring System Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Infrastructure Monitoring System Market, and their specific advantages to the market.

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