Governments of different countries are focusing on sustainability of structures and spending millions of dollars on bridge monitoring systems. Thus, high capital investments in bridge monitoring systems by governments is anticipated to be a major factor driving market growth over the coming years.
Due to loss of lives and capital from catastrophic failure of infrastructure in recent years, high capital investment in structural health monitoring is resulting in superior benefits for transportation. Costly repairs and minimizing downtime for the lifetime of a new bridge can be avoided with the help of one-time high capital investment in structural health monitoring across various industries.
The global bridge monitoring system market is anticipated to grow around 13% annually through the period of 2021 to 2031, as there has been an increase in high capital investments in bridge monitoring systems in the past years.
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Key Takeaways from Market Study
- Several infrastructural companies and governments are adopting bridge monitoring technologies to reduce expenses involved in dealing with infrastructural repairs, and this is creating new opportunities for vendors.
- Easy accessibility and maintenance through wireless technology and wide availability of software after deployment over cloud are expected to support growth of the wireless segment throughout the forecast period.
- The United States was the dominant country in 2020 in terms of value for bridge monitoring systems. Over the coming years, the United Kingdom is expected to be one of the key markets for sustainable revenue generation from bridge monitoring systems, owing to increasing adoption of advanced and wireless technologies in this country.
- The European region is expected to remain a key market for bridge monitoring systems and solutions, as increasing investments in smart city development in the region is anticipated to create lucrative opportunities for stakeholders.
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COVID-19 Pandemic Impact Analysis
The bridge monitoring system market experienced a decline in growth in the first three quarters of 2020, owing to the severe impact on the construction industry during the COVID-19 pandemic outbreak.Depending on the severity of the public health crisis, as well as the timing and strictness of confinement measures, lockdowns impacting the construction sector have varied widely by location and project type,and containment measures involved total or partial shutdowns of construction sites.
Companies providing bridge monitoring systems have witnessed decrease in demand for monitoring devices due to the COVID-19 pandemic. Major companies operating in the market have been negatively impacted during the first half of 2020.However, the trend toward the automation of processes along with remote working solutions has been increasing since the start of 2021.Standardization and automation of maintenance and repair is expected to increase gradually. Thus, the market is anticipated to gain back its momentum by the second half of 2021.
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