PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401852
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1401852
According to Stratistics MRC, the Global Crack Gauge Monitoring Services Market is growing at a CAGR of 8.9% during the forecast period. Crack gauge monitoring services typically refer to the use of specialized instruments or devices to monitor and measure cracks in structures such as buildings, bridges, dams, or other infrastructure. These services are crucial for assessing the integrity and safety of structures over time. Crack monitoring helps engineers and maintenance professionals understand the extent and progression of cracks, enabling them to make informed decisions about repairs, maintenance, or potential structural improvements.
According to the Office for National Statistics, the UK's independent producer of official statistics, in 2022, construction workers with zero-hour contracts reached 1 million in the UK, which was approximately 3.2% of the total working population.
Growing popularity for customized solutions
Customization enables the integration of advanced technologies and features that can optimize the performance of crack gauge monitoring systems. The ability to customize crack monitoring solutions allows for the selection of instruments and sensors that provide the highest accuracy and reliability for a given application. It also leads to more cost-effective solutions. Customized solutions can be designed to scale according to the size and complexity of the infrastructure being monitored. Thereby, it's versatile, efficient, and tailored solutions to a diverse range of client's boosts the market demand.
Lack of standardization
The lack of standardization in the crack gauge monitoring services has several notable impacts on the industry, both for service providers and their clients. This creates compatibility issues and makes it challenging for users to integrate various monitoring solutions seamlessly. Non-standardized monitoring solutions require more complex implementation processes. Further, it contributes to a fragmented market with numerous proprietary solutions. This fragmentation can make it harder for new entrants to gain traction and for the market to reach maturity.
Rising investments in infrastructure projects
Infrastructure projects, such as bridges, tunnels, dams, and buildings, are critical assets that require continuous monitoring to ensure their structural health and safety. It provides real-time data on the development of cracks, allowing for early detection and intervention. Also, rising investments in infrastructure projects often drive technological advancements that provide more accurate and efficient solutions for infrastructure monitoring. Therefore, rising investments in infrastructure projects drive the market expansion with latest innovations and technologies.
High initial costs
Crack gauge monitoring requires specialized equipment, such as high-precision sensors, data loggers, and monitoring devices designed to detect and measure cracks in structures. The cost of acquiring and installing these specialized instruments contributes significantly to the initial investment. Also, each construction or infrastructure project may have unique requirements and challenges that are tailored to the specific characteristics of a site which can increase the complexity and cost of the overall solution. Further major repairs and consulting fees also adds on to the initial costs thereby hampering the market growth.
The covid pandemic negatively impacted the crack gauge monitoring services market. Many construction and infrastructure projects experienced delays or cancellations due to the economic uncertainty and disruptions caused by the pandemic. Economic challenges and budget constraints have led to reduced spending on non-essential services, potentially impacting the adoption of crack gauge monitoring services. In the wake of the pandemic, the market has further recovered to its preceding position.
The remote monitoring services segment is expected to be the largest during the forecast period
The remote monitoring services segment is estimated to have a lucrative growth, due to its real-time monitoring, cost savings and early detection of issues. Remote monitoring services are integrated with broader structural monitoring systems, providing a comprehensive view of a structure's overall condition. This integration allows for a more holistic understanding of structural position. They send alerts and notifications when predefined thresholds are exceeded. These benefits contribute to more effective and efficient maintenance and management of infrastructure assets.
The civil engineering projects segment is expected to have the highest CAGR during the forecast period
The civil engineering projects segment is anticipated to witness the highest CAGR growth during the forecast period. Crack gauge monitoring services offer a proactive and data-driven approach to ensuring the safety, longevity, and optimal performance of civil engineering structures. Data collected from crack gauge monitoring can contribute to research and development in the field of civil engineering. This information can be used to improve construction materials, design methodologies, and structural performance.
Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid technological advancements, infrastructure developments and construction activities. Certain regions in Asia-Pacific are prone to natural disasters such as earthquakes and typhoons which is a significant factor to use crack gauge monitoring services. Also, the overall economic conditions in the region, including factors like GDP growth, investment in infrastructure, and construction spending, can influence the demand for crack gauge monitoring services.
North America is projected to have the highest CAGR over the forecast period. The rising population all over the region and an increase in the number of green/white certified commercial office spaces in countries such as Canada and the United States is the major propelling factor for the market. Further, the rapid technological advancement and new innovations in the market are boosting the market expansion in this region.
Some of the key players profiled in the Crack Gauge Monitoring Services Market include Intertek, G3Soilworks, Subsidence Monitoring, Testing Mechanics Corporation, Vanguard Construction Solutions, Moniteye, Saltus LLC, Substruck Ltd., Big Apple Group and SDM Group.
In June 2022, Intertek, a Total Quality Assurance provider to industries worldwide, announced that it has partnered with Knauf, one of the world's leading manufacturers of building materials, to launch a training programme for contractors, installers and professionals. The qualification programme is designed for technical professionals in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain and is delivered in the new Knauf Training Centre.