New York, May 28, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Infrastructure Monitoring Market” published by Reports Insights, the market was worth USD 8,791.73 Million in 2022 and is anticipated to reach over USD 16,673.39 Million by the year 2030, growing at a CAGR of 8.6%.
Key Market Highlights
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in infrastructure monitoring solutions.
- Globally, infrastructure monitoring solutions are divided based on the deployment type into cloud and on premise.
- On the basis of end use, the market is classified into civil infrastructure, energy & power, aerospace & defense, oil & gas, mining, and others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
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Infrastructure Monitoring Market Growth Drivers:
- The growing oil & gas industry is spurring the market growth for infrastructure monitoring solution
- Rising application of infrastructure monitoring solution in the energy & power sector is driving the market growth
Restraints
- Security risks associated with implementation of cloud-based infrastructure monitoring solution is restraining the market growth
Infrastructure monitoring solutions are designed to monitor and identify performance issues associated with industrial infrastructure and its equipment to ensure operational efficiency and smooth performance. Infrastructure monitoring solutions offer multiple benefits such as precise and early problem detection in industrial equipment and facilities, higher reliability, and operational safety, among others. The aforementioned benefits of infrastructure monitoring are among key determinants for increasing its adoption in civil infrastructure, energy & power, aerospace & defense, oil & gas, mining, and other sectors. Moreover, the markets for infrastructure monitoring solution are highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for advanced infrastructure monitoring in the energy & power, civil infrastructure, and oil & gas sectors, among others.
The increasing utilization of infrastructure monitoring solution in the oil & gas sector is one of the key factors driving the market growth. Infrastructure monitoring solutions are primarily deployed in the oil & gas sector for monitoring and controlling pumping facilities, monitoring air quality, weather, water resources, and equipment performance. The utilization of infrastructure monitoring solution helps in early prediction of failures by constantly monitoring oil and gas infrastructures and components, in turn offering high savings on maintenance approach. According to BP Plc, global oil production increased by 1.4 million barrels per day (b/d) in 2021, owing to the rise in oil & gas projects. Thus, the growing oil & gas sector is a prime factor driving the adoption of infrastructure monitoring solution, in turn proliferating the market growth.
Further, the rising application of infrastructure monitoring solution in the energy & power sector is a significant factor spurring the growth of the infrastructure monitoring solution market. Infrastructure monitoring solutions are primarily utilized in the energy & power sector for applications involving area monitoring, performance issue detection and identification related to power plants and their components. Moreover, the utilization of infrastructure monitoring solutions in energy & power generation facilities ensures enhanced operational efficiency and safety. In addition, factors such as the expansion of power generation units and increasing demand for cost-effective monitoring solutions in energy and power plants to ensure operational efficiency are among the key factors driving the application of infrastructure monitoring solutions.
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| Report Attributes | Report Details |
| Market Size By 2030 |
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| Forecast Period |
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| CAGR (2023-2030) |
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| Base Year |
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| Study Timeline |
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| Key Players | National Instruments Corporation, Campbell Scientific Inc., SISGEO SRL, Structural Monitoring Systems Plc, Xylem Inc., Acellent Technologies Inc., Geocomp Corporation, Geokon Inc., AVT Reliability Ltd., and Infibra Technologies |
| By Deployment Type |
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| By End Use |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Global Infrastructure Monitoring Solution Market Segmentation Details:
Based on Deployment Type, the cloud segment contributed a substantial share to the market growth in 2022. The benefits of cloud-based deployment such as rapid implementation, ease of integration, faster processing, minimal capital expense, and higher scalability are among the prime factors driving its utilization in the deployment of infrastructure monitoring solutions. Moreover, factors including the rising industrial digitalization and the growing need for scalable infrastructure monitoring solutions are expected to fuel the market growth during the forecast period.
Based on End Use, the energy & power segment is projected to offer substantial shares to the global infrastructure monitoring solution market growth during the forecast period. Infrastructure monitoring solutions are primarily utilized in the energy & power sector for applications involving area monitoring, performance issue detection and identification related to power plants and its components. The benefits of infrastructure monitoring such as enhanced operational performance, reduced maintenance costs, and improved reliability are primary determinants increasing its utilization in energy & power sector. Moreover, factors including the rising development of energy and power generation facilities and growing demand for constant monitoring solutions for predictive maintenance of power plants and its equipment are expected to fuel the market growth during the forecast period.
Based on Region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant infrastructure monitoring providers in North America such as National Instruments Corporation, Campbell Scientific Inc., Xylem Inc., Acellent Technologies Inc., and others lead to significant innovations in infrastructure monitoring solution in the region. In addition, factors such as rising investments in energy & power sector and increasing expansion of oil & gas refineries in North America are expected to drive market growth in the region during the forecast period.
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List of Major Global Infrastructure Monitoring Solution Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
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- National Instruments Corporation
- Campbell Scientific Inc.
- SISGEO SRL
- Structural Monitoring Systems Plc
- Xylem Inc.
- Acellent Technologies Inc.
- Geocomp Corporation
- Geokon Inc.
- AVT Reliability Ltd.
- Infibra Technologies
Global Infrastructure Monitoring Solution Market Segmentation:
- By Deployment Type
- Cloud
- On Premise
- By End Use
- Civil Infrastructure
- Energy & Power
- Aerospace & Defense
- Oil & Gas
- Mining
- Others
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