Navigating Growth Horizons: Unveiling Dynamics in the Infrastructure Inspection Market

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LANDON, GREATER LANDON, UK, January 2, 2024 /EINPresswire.com/ -- The global infrastructure inspection market showcases a commendable growth trajectory, with its size increasing from $1.95 billion in 2022 to $2.11 billion in 2023, reflecting a noteworthy Compound Annual Growth Rate (CAGR) of 8.2%. Projections anticipate sustained expansion, with the market size reaching $2.84 billion in 2027 at a CAGR of 7.7%. This growth is underpinned by a surge in capital investments for structural health monitoring (SHM), aimed at enhancing the maintenance of critical infrastructure.

Driving Force: Structural Health Monitoring (SHM):
The surge in capital investments, particularly for structural health monitoring, stands out as a driving force propelling the growth of the infrastructure inspection market. Structural health monitoring involves deploying systems on civil infrastructures to assist operators in ensuring structural integrity. Aging bridges, highways, buildings, dams, pylons, tunnels, and other critical structures undergo inspections to guarantee their longevity. Notably, the Federal Government's allocation of $2 million to the Engineer Research and Development Centre (ERDC) in March 2022 for innovative technologies in SHM underscores the commitment to advancing technologies that assess the condition and reliability of infrastructure components and systems.

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Key Market Players and Innovation:
Major players in the infrastructure inspection market, including Honeybee Robotics, Eddyfi Technologies, Wipro Limited, and others, play a pivotal role in shaping the market landscape. A prominent trend within the market is technological advancement, with a keen focus on developing innovative solutions. Toshiba's Infrastructure Inspection AI, introduced in May 2022, showcases the industry's commitment to advancing technology. This AI leverages deep learning models and proprietary rectification technology to detect anomalies with unprecedented accuracy from a small number of reference images. It stands out for its ability to reduce false positives, enhancing the accuracy of anomaly detection even when inspection photos are taken from different perspectives than the reference images.

Geographical Insights:
North America emerged as the largest region in the infrastructure inspection market in 2022, reflecting the region's significant contributions to market dynamics. Asia-Pacific, on the other hand, is anticipated to be the fastest-growing region in the forecast period. The market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Segmentation and Market Dynamics:

1) By Product Type: Drones, or Unmanned Aerial Vehicles (UAVs), Crawlers, Submersibles
2) By Operation: Autonomous, Semi-Autonomous
3) By Application: Pipes, Tanks and Vessels, Sewers, Roads and Bridges, Underwater Inspection, Wind Turbines, Nuclear Applications, Auxiliary Structures
4) By End-Use: Building and Construction, Oil and Gas, Power Generation, Chemical, Petrochemical, Municipal, General Purpose

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Infrastructure Inspection Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Infrastructure Inspection Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on infrastructure inspection market size, infrastructure inspection market drivers and trends, infrastructure inspection market major players, infrastructure inspection market competitors' revenues, infrastructure inspection market positioning, and infrastructure inspection market growth across geographies. The infrastructure inspection market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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