Infrastructure Monitoring Market: An In-depth Study and Research Insights
The global infrastructure monitoring market is experiencing rapid growth, driven by the expanding adoption of cutting-edge sensor technologies and the falling cost of sensors. Additionally, the rising demand for preventive maintenance and increased capital expenditures to ensure better maintenance of critical infrastructure across various industries further fuels the market's expansion. A key factor propelling this industry is the growing preference for predictive maintenance, which aims to reduce life cycle maintenance costs. Predictive condition monitoring of structures, manufacturing systems, and vehicles extensively utilizes MEMS inertial sensors. The growth of the Internet of Things (IoT) and sophisticated analytics continues to enhance the functionality of such systems.
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Aerospace and Defense Sector Collaboration
In April 2021, several South African aerospace and defense businesses collaborated as part of an Aerospace and Defense Masterplan. The alliance's goal is to double the local production of certain items by the end of 2024 compared to baseline levels. Prominent participants in this strategic collaboration include the Council for Scientific and Industrial Research, GEW, Hensoldt Optronics, African NDT Centre, Damen Shipyards Cape Town, and Paramount Group (CSIR).
Ground-Penetrating Radar (GPR) Gaining Significance
The significance of ground-penetrating radar (GPR) is on the rise due to its lower cost and versatile applications. It is increasingly used to check the condition of bridges and tunnels, investigate roads, and ensure adequate compaction of roads' asphalt. Notably, the Kentucky Transportation Center used GPR technology to locate large voids in the Cumberland Gap Tunnel, leading to significant cost savings in repair costs.
Impact of COVID-19 on the Infrastructure Monitoring Market
The COVID-19 pandemic has impacted businesses in the infrastructure monitoring market, with temporary operational issues arising from restricted site access and disruptions in the
supply chain. However, the market is expected to rebound strongly as industries like aerospace & defense, energy, mining, and civil infrastructure continue to drive demand for infrastructure monitoring technology.
Lucrative Opportunities in the Energy Sector
The energy sector is rapidly expanding, creating a need for security, routine data monitoring, and knowledge of infrastructure health. In the Asia-Pacific region, nuclear power generation is experiencing significant growth, leading to an increased demand for infrastructure monitoring in power plants. Moreover, infrastructure monitoring systems are proving to be valuable for remote maintenance in onshore and offshore sectors, such as wind turbine centers transmitting design parameter information.
Technological Advancements and Smart Infrastructure Growth
Technological advancements, including IoT and sensor systems, are driving smart infrastructure growth, providing new opportunities for infrastructure monitoring systems. Countries like China and India are making substantial investments in smart city projects, further driving the adoption of cutting-edge monitoring technologies.
Challenges and Opportunities
The rising installation costs and cybersecurity concerns pose challenges to the growth of the infrastructure monitoring market. However, addressing these issues presents opportunities for further expansion. Companies in the market, such as Bureau Veritas, have reported significant increases in demand for remote inspection services, showcasing the potential for growth even during challenging times.
Dominance of the Energy Segment
The energy segment is expected to gain significant traction in the infrastructure monitoring market due to the increasing demand for energy efficiency and predictive maintenance for assets. Structural health monitoring systems are proving to be valuable for both onshore and offshore systems, leading to cost savings through early detection and preventive maintenance.
Asia Pacific Leads Market Growth
Asia Pacific is at the forefront of market growth, driven by the rapid expansion of end-user industries and the adoption of structural health monitoring systems in the region. The
energy sector and smart city initiatives are significant contributors to the market's expansion.
Competitive Landscape
The global infrastructure monitoring market features active competition among players. Notable companies in the market include Acellent Technologies, Avt Reliability, Bridge Diagnostics, Campbell Scientific, Digitexx, Geokon, Nova Metrix, First Sensor, Geomotion Singapore, Feac Engineering, Geocomp, Hottinger Baldwin Messtechnik, Infibra Technologies, and Pure Technologies.
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