Infrastructure Monitoring Market Size

Infrastructure Monitoring Market Analysis

The Infrastructure Monitoring Market size is estimated at USD 7.22 billion in 2024, and is expected to reach USD 11.68 billion by 2029, growing at a CAGR of 10.10% during the forecast period (2024-2029).

• 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. The MEMS (Micro electro mechanical systems) 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 February 2022, New Relic, the observability company, declared the general availability of a new infrastructure monitoring experience especially to empower SRE, DevOps, and ITOps teams to proactively resolve and identify issues in their private, public, and hybrid cloud infrastructure. The modernized experience mainly enables engineers to instantly isolate bottlenecks by sorting and filtering based on key golden signal conditions, analyze all related telemetry (including events, logs, network, alerts, etc.) in context, visualize blast radius with topology maps and perform historical analysis to understand the various cascading impacts.
• 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 also 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. For instance, by utilizing 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.
• However, the high-cost involvement, especially in implementation and deployment, might be a significant matter of concern that can hamper the overall market's growth throughout the forecast period.
• 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 multiple 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.