Infrastructure Monitoring Market Thrives on Rising Demand for Predictive Maintenance
Fairfield Market Research, a leading market research firm, has unveiled a promising growth outlook for the global infrastructure monitoring market over the coming years. The market is experiencing significant expansion driven by various factors, including the adoption of advanced sensor technologies, decreasing sensor costs, the demand for preventive maintenance, and increased capital expenditure to ensure the upkeep of vital infrastructure across diverse industries.
Rising Demand for Predictive Maintenance Drives Growth
A key driver propelling the infrastructure monitoring industry is the growing need for predictive maintenance to reduce lifecycle maintenance costs. Predictive condition monitoring relies heavily on MEMS inertial sensors, with the Internet of Things (IoT) and advanced analytics further enhancing system functionality. Notably, a collaborative effort in South African aerospace and defense businesses is set to double local production by the end of 2024 as part of an Aerospace and Defense Masterplan.
Ground-Penetrating Radar Gains Significance
Ground-penetrating radar (GPR) is gaining prominence due to its cost-effectiveness, particularly in assessing the condition of bridges, tunnels, roads, and asphalt compaction. The technology played a crucial role in identifying voids in the Cumberland Gap Tunnel, leading to substantial cost savings in repairs.
COVID-19 Impact and Recovery
The COVID-19 pandemic temporarily disrupted operations in the infrastructure monitoring market due to supply chain disruptions and restrictions on workforce presence. However, the post-pandemic period is expected to witness market growth, driven by the technology’s applications in aerospace and defense, energy, mining, civil infrastructure, and more.
Energy Sector Fuels Opportunities
The energy sector’s rapid expansion, especially in the Asia-Pacific region, is creating opportunities for infrastructure monitoring. Nuclear power generation, in particular, is expected to grow significantly, leading to a heightened demand for infrastructure monitoring solutions.
Urbanization and Technology Advances
Increasing urbanization and technological advancements are spurring the growth of smart city projects worldwide. Infrastructure monitoring systems are playing a pivotal role in ensuring the integrity and maintenance of these projects, offering new avenues for market expansion.
Challenges and Opportunities
While installation costs and cybersecurity challenges may restrict market growth temporarily, the benefits of infrastructure monitoring, especially in energy efficiency and cost-effectiveness, will continue to drive its dominance in the market. Small and medium-sized enterprises (SMEs) are expected to register the highest growth in the infrastructure monitoring market due to the complexity of their IT environments.
Asia Pacific Emerges as Market Leader
Asia Pacific is poised to dominate the infrastructure monitoring market, driven by the rapid growth of end-user industries and smart city initiatives in the region. China and India, in particular, are witnessing substantial growth in nuclear power generation and smart city projects.
Global Infrastructure Monitoring Market: Competitive Landscape
In September 2022, Equinor and Norwegian technology company Vissim completed the development of an expanded ocean space surveillance system, incorporating subsea infrastructure monitoring, marine planning, and 3D situational awareness. This advancement highlights the industry’s commitment to innovation and growth.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/infrastructure-monitoring-market
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This press release first seen on Brilad