Infrastructure Monitoring Market to Grow with a CAGR of 12% Globally through to 2028
Global Infrastructure Monitoring Market is rising due
to increasing infrastructure development, aging assets, and the need for
predictive maintenance, which is driving the adoption of advanced monitoring
solutions in the forecast period 2024-2028.
According to TechSci Research report, “Global Infrastructure
Monitoring Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, Global Infrastructure Monitoring Market has
valued at USD 4.3 Billion in 2022 and is anticipated to project robust growth
in the forecast period with a CAGR of 12% through 2028. The Global
Infrastructure Monitoring Market is experiencing substantial growth driven by
the increasing importance of monitoring critical infrastructure assets. As
nations around the world invest in the development and maintenance of their
infrastructure, there is a growing need to ensure the reliability, safety, and
efficiency of these assets. Infrastructure monitoring involves the real-time
assessment of various elements such as bridges, dams, roads, pipelines, and
buildings using advanced sensor technologies, data analytics, and remote
sensing techniques. This data-driven approach allows for early detection of
structural issues, potential failures, or performance deviations, enabling
timely intervention and preventive maintenance. Additionally, the rise of smart
cities and the integration of the Internet of Things (IoT) in infrastructure
systems further fuels the demand for monitoring solutions. The ability to
optimize asset management, reduce downtime, and enhance public safety are key
drivers of the Infrastructure Monitoring Market. As a result, companies
specializing in infrastructure monitoring technologies and services are poised
for significant opportunities in the coming years.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Infrastructure
Monitoring Market”.
The global infrastructure monitoring market has
witnessed significant growth in recent years, driven by the increasing need for
efficient and reliable monitoring solutions across various industries.
Infrastructure monitoring refers to the process of continuously monitoring the
performance, health, and security of critical infrastructure assets such as
bridges, tunnels, dams, and buildings. This market has gained traction due to
the growing concerns regarding the aging infrastructure, the rising number of
natural disasters, and the increasing demand for uninterrupted services. One of
the key factors driving the growth of the infrastructure monitoring market is
the need for early detection and prevention of potential failures or damages.
With the aging infrastructure in many countries, there is a growing risk of
structural failures, which can lead to significant economic losses and even
loss of lives. Infrastructure monitoring solutions help in identifying
potential issues at an early stage, allowing for timely repairs and
maintenance. This proactive approach not only saves costs but also ensures the
safety and reliability of critical infrastructure assets. Moreover, the
increasing number of natural disasters, such as earthquakes, hurricanes, and
floods, has further emphasized the importance of infrastructure monitoring.
These events can cause severe damage to infrastructure, disrupting essential
services and impacting the economy. By implementing advanced monitoring
systems, governments and organizations can better prepare for such events,
monitor the structural integrity of infrastructure during and after disasters,
and facilitate quick recovery and restoration.
Furthermore, the growing demand for uninterrupted
services has fueled the adoption of infrastructure monitoring solutions.
Industries such as transportation, energy, and telecommunications heavily rely
on the smooth functioning of their infrastructure assets to ensure
uninterrupted operations. Any disruption or downtime can result in significant
financial losses and reputational damage. Infrastructure monitoring systems
enable real-time monitoring of critical parameters, such as temperature,
vibration, and stress, allowing for proactive maintenance and minimizing the
risk of unexpected failures. The infrastructure monitoring market is also
benefiting from advancements in technology, such as the Internet of Things
(IoT) and artificial intelligence (AI). IoT-enabled sensors and devices can
collect vast amounts of data from infrastructure assets, providing valuable
insights into their performance and condition. AI algorithms can analyze this
data in real-time, detecting patterns, anomalies, and potential risks. These
technological advancements have significantly enhanced the accuracy and
efficiency of infrastructure monitoring systems, enabling predictive
maintenance and reducing downtime.
In conclusion, the global infrastructure monitoring
market is experiencing robust growth due to the increasing need for efficient
and reliable monitoring solutions. The aging infrastructure, the rising number
of natural disasters, and the demand for uninterrupted services are driving the
adoption of infrastructure monitoring systems. Technological advancements, such
as IoT and AI, are further enhancing the capabilities of these systems. As
governments and organizations recognize the importance of proactive
infrastructure monitoring, the market is expected to continue its upward
trajectory in the coming years.
The Global Infrastructure Monitoring Market is
segmented into Component, Technology, Application, Vertical, regional
distribution, and company.
Based on its Component, the market is classified into
hardware, software, and services. The hardware segment dominated with a market
share of 58.8% in 2022. It is expected to grow at a CAGR of 9.8% throughout the
forecast period. The hardware components are essential for collecting data,
enabling communication, and facilitating the monitoring process. Adopting these
hardware components in infrastructure monitoring allows for real-time data
collection, analysis, and decision-making. By utilizing reliable and advanced
hardware, operators can ensure the monitored infrastructure's optimal
performance, safety, and longevity.
The services segment is expected to grow at a CAGR of
11.9% during the forecast period. The services component plays a vital role in
infrastructure monitoring. The services encompass a range of activities that
support monitoring systems' implementation, operation, and maintenance. Service
providers offer expertise in installing and commissioning monitoring systems.
This involves physically installing sensors, data acquisition units,
communication devices, and other hardware components.
Service professionals ensure the system is
appropriately set up, calibrated, and integrated for accurate data collection.
The services component is crucial for maximizing the benefits of the systems.
Service providers bring the expertise, technical knowledge, and experience to
ensure the proper installation, integration, operation, and maintenance of the
overall system. Through these services, the operators can leverage the full
potential of infrastructure monitoring for enhanced safety, efficiency, and
asset management.
Based on region, North America dominated the overall
infrastructure monitoring market in 2022, with a revenue share of 29.7%. It is
expected to grow at a CAGR of 10.4% throughout the forecast period. Industries
across various sectors in North America have recognized the importance of
ensuring the efficient operation and integrity of the infrastructure. This has
increased demand for solutions to enhance safety, optimize maintenance
practices, and improve overall operational performance.
Companies across the region are investing in new
product launches to stay ahead in the market. For instance, in October 2022,
Doosan Infracore introduced a new and improved telematics monitoring service
named Smart X-care. This subscription-based service provides enhanced
capabilities for Doosan equipment. To support Smart X-Care, a dedicated machine
center has been established at the Doosan Infracore headquarters. This
proactive approach ensures that equipment issues are promptly addressed,
helping to maximize the performance and efficiency of Doosan machinery.
Asia Pacific is expected to grow at the fastest CAGR
of 12.3% during the forecast period. Significant investments are being made in
the region to enhance the infrastructure devices' performance, security, and
economic stability. As one of the leading emerging economies, China has taken
substantial steps to implement real-time equipment monitoring systems, aiming
to improve operational efficiency and boost productivity. The utility sector,
in particular, has witnessed rapid adoption of technology due to its ability to
provide effective solutions for critical asset management.
Major companies operating in Global Infrastructure
Monitoring Market are:
- Acellent Technologies, Inc.
- Parker Hannifin
- Siemens AG
- Emerson Electric
- Digitex Systems
- General Electric
- Campbell Scientific, Inc.
- National Instruments
- Honeywell
- Rockwell Automation
- AVT Reliability Ltd.
- Bridge Diagnostics, Inc.
(BDI)
- Yokogawa Electric Corporation
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“The global infrastructure monitoring market has seen
significant growth recently, fueled by the need for reliable monitoring
solutions across industries. Infrastructure monitoring involves continuously
monitoring the performance, health, and security of critical infrastructure
assets like bridges, tunnels, dams, and buildings. This market has gained
traction due to concerns about aging infrastructure, increasing natural
disasters, and the demand for uninterrupted services. Early detection and
prevention of potential failures or damage are key drivers for market growth.
Infrastructure monitoring solutions help identify issues early, enabling timely
repairs and maintenance, saving costs, and ensuring safety. Natural disasters
emphasize the importance of infrastructure monitoring, as they can cause severe
damage and disrupt essential services. Advanced monitoring systems help
governments and organizations prepare for disasters, monitor infrastructure
integrity, and facilitate quick recovery. The demand for uninterrupted services
has also driven adoption, as industries rely on smooth infrastructure
functioning. Technological advancements like IoT and AI have enhanced
monitoring systems, enabling predictive maintenance and reducing downtime.
Overall, the infrastructure monitoring market is expected to continue growing
as proactive monitoring becomes increasingly recognized.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Infrastructure
Monitoring Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented By Component (Hardware, Software, Services), By
Technology(Wired, Wireless), By Application (Corrosion Monitoring, Crack
Detection, Damage Detection, Vibration Monitoring, Thermal Monitoring,
Multimodal Sensing, Strain Monitoring, Others), By Vertical (Oil & Gas,
Manufacturing, Aerospace and Defense, Construction, Automotive, Power
Generation, Others), By Region, By Competition”, has evaluated the
future growth potential of Global Infrastructure Monitoring Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Infrastructure Monitoring Market.
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