The global infrastructure monitoring market is estimated to grow at a CAGR of nearly 16.0% during the forecast period. Rising investment in port infrastructure is offering an opportunity for the growth of the market. The investment in port infrastructure has primarily led by the rising maritime transportation coupled with the increasing global trade operations. Approximately 80% of the global trade is conducted by the sea which increases the need for ports across the globe. In 2017, the handling of bulk and containerized cargo and port activity increased rapidly across the globe. The container terminals across the globe have shown the rise in the volume of nearly 6% in 2017, rose from 2.1% in 2016.
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The global container port throughput reached at 752 million twenty-foot equivalent units (TEUs), which shows an additional 42.3 million TEUs in 2017. This leads to the increasing demand for improvement of port infrastructure across the countries. As per the India Brand Equity Foundation (IBEF), in India, there are 12 major and 205 notified intermediate and minor ports. Through various maritime programs, such as the Sagarmala and Jal Marg Vikas, the Indian government is focusing on the development and maintenance of deeper depths at ports and inland waterways.
Under the National Perspective Plan for Sagarmala, six new mega ports will be developed in the country. The country is the sixteenth largest in the maritime sector globally, with a coastline of approximately 7,517 km. The Indian Government has a crucial role in the ports’ construction and expansion activities. For instance, under the automatic route, the Indian government has allowed Foreign Direct Investment (FDI) of up to 100% for construction and maintenance projects related to harbor and port. Hence, new investment sources and long-term contracts are being explored in the country.
Further, in 2013, China’s Belt and Road Initiative (BRI) was introduced which is a major port infrastructure project in the country. Under the initiative, China is spending close to $1 trillion to connect trade hubs and ports from the Pacific to Northern Europe. With the growing exports to other countries, China is significantly focusing on improving port infrastructure. This resulted in the increasing demand for structural health monitoring (SHM) systems to assess the health of ports. Through effective monitoring, regular actions can be taken to prevent extensive damage to ships and infrastructure.
SHM systems can play a major role in monitoring the complex nature of ports and ships, with intelligent sensors and software to identify the weakness of fender design, fender damage, and berthing accidents. It can provide real-time notifications, of failure and damage, to major personnel to take suitable action. This information allows port operators to implement better berthing, improve harbor safety and maintenance standards, and widen fender lifecycles. A significant rise in the integration of automated solutions has been reported in the maritime sector, which will likely drive the demand for SHM systems. Therefore, the emerging focus on port infrastructure is expected to offer an opportunity for the growth of the global infrastructure monitoring market.
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Global Infrastructure Monitoring Market- Segmentation
By Technology
- Wired
- Wireless
- By Component
- Hardware
- Software and Services
By End-User
- Civil
- Aerospace and Defense
- Energy
- Industrial Machinery
- Mining
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
