SAN FRANCISCO, June 27, 2023 /PRNewswire/ -- The global infrastructure monitoring market size is expected to reach USD 10.26 billion by 2030, registering a CAGR of 11.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Infrastructure monitoring focuses on the development, deployment, and utilization of technologies, systems, solutions, and services that are aimed at monitoring and assessing the condition, performance, and integrity of various types of infrastructure across the verticals including oil & gas, manufacturing, aerospace and defense, construction, automotive, and power generation. This includes but is not limited to equipment, buildings, bridges, roadways, and utility networks. Infrastructure monitoring aims to gather real-time data, often through sensors and monitoring systems, to enable proactive maintenance, detect potential issues or failures, ensure the safety and reliability of infrastructure assets, and optimize their performance.
Key Industry Insights & Findings from the report:
- Infrastructure monitoring is to ensure the safety, reliability, and efficiency of infrastructure systems, such as machinery, bridges, roads, buildings, equipment, and utility networks.
- The services segment is projected to grow at the fastest CAGR over the forecast period.
- The wired technology segment is expected to dominate the market in 2022 with a revenue share of 56.8% and is expected to expand at a CAGR of 8.1% from 2023 to 2030.
- The damage detection segment is projected to grow at the fastest CAGR of 12.3% over the forecast period.
- The manufacturing segment is projected to grow at the fastest CAGR of 18.5% over the forecast period.
Read full market research report, "Infrastructure Monitoring Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Application, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Infrastructure Monitoring Market Growth & Trends
The market encompasses a wide range of technologies, including sensors, data acquisition systems, analytics software, and communication networks, as well as the associated services required to implement, operate, and maintain monitoring solutions. The infrastructure monitoring industry plays a crucial role in enhancing infrastructure systems' longevity, safety, and efficiency, contributing to the overall development and sustainability of societies and economies. Based on components, the market is divided into hardware, software, and services. Hardware components play a critical role in enabling effective and reliable monitoring of various infrastructure assets.
Based on technology, the market is divided into wired & wireless technology. Based on application, the market is divided into corrosion monitoring, crack detection, damage detection, vibration monitoring, thermal monitoring, multimodal sensing, strain monitoring, and others. Vibration monitoring is an essential tool in infrastructure monitoring, providing valuable data for assessing structural integrity, optimizing performance, enabling condition-based maintenance, and enhancing safety across a wide range of infrastructure assets. Based on vertical, the market is divided into oil & gas, manufacturing, aerospace and defense, construction, automotive, power generation, and others.
Some of the key players operating in the global market for infrastructure monitoring include Siemens AG; Emerson Electric; Digitex Systems; General Electric; Campbell Scientific, Inc.; National Instruments; Honeywell; Acellent Technologies, Inc.; Parker Hannifin; Rockwell Automation; AVT Reliability Ltd.; Bridge Diagnostics, Inc. (BDI); and Yokogawa Electric Corporation. These key players are implementing various development strategies such as business expansion, product launches, partnerships, and others to expand their presence and market share.
In February 2023, Komatsu and Cummins joined forces to introduce a cutting-edge remote equipment monitoring solution that offers seamless integration. This innovative solution aims to minimize unexpected equipment downtime, expedite maintenance procedures, and prolong the lifespan of components while extending maintenance intervals. By leveraging the power of this integrated monitoring solution, customers can optimize their operations, enhance productivity, and achieve greater efficiency in their equipment management practices.
Infrastructure Monitoring Market Report Scope
Report Attribute | Details |
Market size value in 2023 | USD 4.96 billion |
Revenue forecast in 2030 | USD 10.26 billion |
Growth Rate | CAGR of 11.0% from 2023 to 2030 |
Historic year | 2017 - 2021 |
Base year for estimation | 2022 |
Forecast period | 2023 - 2030 |
Infrastructure Monitoring Market Segmentation
Grand View Research has bifurcated the global infrastructure monitoring market based on component, technology, application, vertical, and region:
Infrastructure Monitoring Market - Component Outlook (Revenue, USD Billion, 2017 - 2030)
- Hardware
- Software
- Services
Infrastructure Monitoring Market - Technology Outlook (Revenue, USD Billion, 2017 - 2030)
- Wired
- Wireless
Infrastructure Monitoring Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)
- Corrosion Monitoring
- Crack Detection
- Damage Detection
- Vibration Monitoring
- Thermal Monitoring
- Multimodal Sensing
- Strain Monitoring
- Others
Infrastructure Monitoring Market - Vertical Outlook (Revenue, USD Billion, 2017 - 2030)
- Oil & Gas
- Manufacturing
- Aerospace and Defense
- Construction
- Automotive
- Power Generation
- Others
Infrastructure Monitoring Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Kingdom of Saudi Arabia (KSA)
- U.A.E.
- South Africa
List of Key Players in the Infrastructure Monitoring Market
- 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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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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