Infrastructure Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Infrastructure Monitoring Market Analysis

The Infrastructure Monitoring Market is expected to register a CAGR of 15.6% during the forecast period. The growing use of advanced sensor technologies, declining cost of sensors, growing demand for preventive maintenance, and increasing capital investments to ensure better maintenance of critical infrastructure across the end-user industries are driving the growth of the infrastructure monitoring market.

• The growing demand for predictive maintenance to reduce life cycle maintenance costs is one of the primary drivers of this industry. MEMS inertial sensors are extensively used in predictive condition monitoring of buildings, production systems, and even vehicles. This has been further augmented by the emergence of IoT and advanced analytics that continually improve such systems' functionality.
• In April 2021, Several South African aerospace and defense companies finalized a collaboration to move the industry forward as part of an Aerospace and Defense Masterplan. The Aerospace and Defense Masterplan aims to increase local production of selected products by 50% from current baseline levels by the end of 2024. The partnership includes testing facilities like the African NDT Centre, Damen Shipyards Cape Town, GEW, Hensoldt Optronics, Paramount Group, and the Council for Scientific and Industrial Research (CSIR).
• Moreover, the ability to remotely monitor critical infrastructure using smart sensors has led to the proliferation of the market. This is extremely helpful in the end-user segments, like mining, where structural monitoring using smart sensors enables companies to save money and lives. Inertial sensors from First Sensor that can achieve resolutions of 10 µg or 0.0005° (2 arc seconds) are extensively used for remote monitoring of buildings, bridges, and wind turbines.
• Ground-penetrating radar (GPR) is growing in importance because of its cost advantages. It is increasingly being used for bridge and tunnel inspections, roadway investigations, and to ensure adequately compacted asphalt on roads. Using the GPR technology, Kentucky Transportation Center found the location of large voids in the Cumberland Gap Tunnel, which links Kentucky and Tennessee. It also significantly reduced the repair costs by using GPR, to confirm that no voids needed to be fixed on one end of the tunnel.
• During the COVID-19 pandemic, the companies operating in the Infrastructure Monitoring market faced temporary operative issues due to the absence of site access and disruption in the supply chain, which negatively affected the market's growth. Various associations, including those that provide various certifications, have also taken a hit. However, companies such as Bureau Veritas reported a 900% rise in demand for the remote inspection of offshore assets and equipment since the pandemic outbreak.

Infrastructure Monitoring Industry Segments

Structural health monitoring (SHM) Systems are based on nondestructive testing (NDT) technologies and are used to anticipate the deterioration of a structure to avoid accidents. Using statistical processing systems in conjunction with SHMs makes it possible to optimize product life while simultaneously reducing maintenance costs.

The market has been segmented on the basis of technology, offering, and their applications in various end-user segments. The scope of the study is currently focused on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also analyzes the overall impact of COVID-19 on the demand side market dynamics and the ecosystem on a near & short-term basis. 

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Infrastructure Monitoring Market Trends

This section covers the major market trends shaping the Infrastructure Monitoring Market according to our research experts:

Energy Sector is Expected to Account for a Significant Share of the Market

• The energy segment is anticipated to get significant traction in the infrastructure monitoring market owing to the increasing demand for improving energy efficiency, sustainability, and cost-effective practices. Additionally, the growing importance of timely and predictive maintenance for energy sector assets provides a promising future for the growth of infrastructure monitoring in the energy sector.
• Further, the remote maintenance benefits that Structural Health Monitoring Systems offer is extremely beneficial for both onshore and offshore systems in this sector. In a wind turbine, for instance, central data modules are being increasingly used to transmit data about structural conditions. The introduction of cloud solutions has enabled this structural health monitoring data to be continually collected and evaluated for predictive maintenance. Most wind farm operators leverage SCADA data for remote monitoring and management.
• Moreover, Structural Health Monitoring solutions led to substantial cost savings through early detection, thereby facilitating higher investment in future predictive maintenance solutions. Duke Energy deployed Schneider Electric’s Avantis PRiSM technology to save USD 7.5 million through early crack detection in a turbine rotor. This has ensured the prevention of cost overruns through asset optimization and maintenance.
• In addition, non-invasive structural monitoring remains highly critical to the nuclear energy sector, which, by design, supports such technologies. The sensors in nuclear reactors are installed during concrete casting or by inserting them into holes that are drilled into the existing structures. 
• Moreover, as per World Nuclear Association, as of May 2022, globally, there were 95 nuclear reactors planned worldwide. China recorded the largest figure with 33 units., followed by Russia and India with 27 and 12. Further, as nuclear power plants age, maintenance's importance increases, which is expected to create market opportunities for the market studied.

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