Infrastructure Monitoring Market by Technology Wired and Wireless - 2023
The infrastructure monitoring market is estimated to grow from USD 1.48 Billion in 2018 to USD 3.38 Billion by 2023, at a CAGR of 17.93% between 2018 and 2023. The major factors driving the growth of the infrastructure monitoring market include catastrophic failure of the infrastructure that results in loss of lives and incurs higher costs, stringent government regulations pertaining to the sustainability of structures, and aging infrastructures and the superior benefits of infrastructure monitoring.
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Some of the major players in the infrastructure monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent (US), Geocomp (US), Campbell Scientific (US), Nova Metrix (US), Geokon (US), SIXENSE (France), Digitexx (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore).
The civil infrastructure segment expected to hold the largest share of the infrastructure monitoring market by 2023
The civil infrastructure facilities include numerous critical structures such as bridges, dams, tunnels, highways, and buildings. All these structures are directly related to the overall demographic and economic growth of any country. Therefore, many governments are taking initiatives to monitor the overall health of the structure. Also, at present, major countries in different regions such as the US, the UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are heavily investing in building new infrastructural facilities, thereby ultimately growing the economy of the country. For such increasing infrastructure facilities, there would be growing opportunities for the infrastructure monitoring market players.
The market for software and services expected to grow at a higher rate between 2018 and 2023
With the increasing importance of large civil projects and frequent occurrences of structural failure, infrastructure monitoring systems are becoming more and more crucial.