Global Seismic Protection Devices Market is estimated to cross US$ 2,220.8 Million at a CAGR of 3.8% during forecast 2023 to 2033 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Being situated in the Pacific Ring of Fire, one of the most seismically active regions globally, Japan encounters frequent earthquakes, such as the catastrophic Great East Japan Earthquake in 2011. To address the heightened seismic activity, there is a growing need for resilient seismic protection measures, driving the demand for seismic protection devices.
NEWARK, Del, June 12, 2023 (GLOBE NEWSWIRE) -- As per Future Market Insights (FMI), the size of the global seismic protection devices market is anticipated to reach US$ 1,525.4 million in 2023. It is predicted that by 2033, its value will exceed US$ 2,220.8 million. In the assessment period from 2023 to 2033, the market is anticipated to see a CAGR of about 3.8%.
The market for seismic protection devices is seeing an increase in the integration of smart technologies and the Internet of Things (IoT). Manufacturers are offering users real-time monitoring, data analysis, and remote control features. This makes it possible to implement earthquake protection systems that are more effective and efficient.
The creation and application of innovative materials in earthquake protection systems are receiving more attention. In comparison to conventional materials, a few materials such as shape memory alloys, fiber-reinforced composites, and high-performance damping materials, offer improved performance, durability, and flexibility.
The importance of seismic protection systems being retrofitted into existing structures is growing. Infrastructures in several nations need to be updated in order to withstand seismic occurrences. Retrofitting makes these buildings more resilient without requiring total repair.
Proactive and resilient infrastructure planning that considers earthquake protection from the beginning of design and construction is becoming more popular. This strategy entails incorporating seismic safety measures into the construction of infrastructure.
Suppliers can offer adjacent support including architectural design and construction, as well as urban planning. This ensures better handling of client requirements, thus retaining the base.
To give real-time information on the structural integrity of buildings and infrastructure, structural health monitoring systems are being combined with seismic protection equipment. This improves the safety & reliability of structures, permits predictive maintenance, and aids in the early detection of problems.
Environmental and sustainability issues are becoming more significant in the seismic protection device industry. There will always be a prominent demand for environmentally friendly and energy-efficient solutions that can reduce their influence on the environment without sacrificing performance or safety.
Key Takeaways:
The top 2 regions in the global seismic protection device market generated a steady share of around 57.3% in 2022.
The global seismic protection device industry is projected to witness a CAGR of 3.8% in the evaluation period from 2023 to 2033.
Based on product type, the dampers segment is anticipated to remain at the forefront through 2033 and cross US$ 1345.3 million in the same year.
Key seismic protection device industry participants account for about 50% to 55% of the total share.
By application, the commercial segment is projected to hold a significant share of around 35% in 2023.
“High seismicity areas have historically been concerned with seismic protection. However, there is a rising level of awareness and market expansion in earthquake-prone emerging areas. The necessityof making investments in seismic protection measures to guarantee the security of their infrastructure is being acknowledged by governments and organizations in these areas.” – says a lead analyst at Future Market Insights (FMI).
Building strong customer relationships and providing excellent customer service are crucial factors for success in the industry. Companies that offer comprehensive support, including engineering expertise, project management, and maintenance services, can differentiate themselves from competitors. Strong customer relationships and a reputation for reliability and responsiveness can lead to repeat business and referrals.
The competitive landscape varies across regions. Companies with a strong presence in seismically active regions such as Japan, the United States, and New Zealand, might have a competitive advantage.
It is mainly due to their proximity and experience in addressing local seismic challenges. Local regulations and building codes also influence the competitive dynamics within specific regions.
For instance,
Sumitomo Metal Mining Siporex Co., Ltd, a company established in Japan, manufactures and sells equipment for controlling seismic vibration and isolation. SIPORIT, a seismic isolation system for buildings, and SICUBE, a seismic isolation system for bridges, are among the company's offerings. In order to help clients, the corporation maintains a number of sales centers strategically positioned across the United States.
Find More Valuable Insights:
The research report analyzes the demand and trends of the global seismic protection device market. The market estimation and growth projection are based on factors such as end-use industries development, COVID-19 crisis impact, replacement ratio, and rate of urbanization.
As per Future Market Insights (FMI), the seismic protection device industry has been studied and segmented on the basis of product type (dampers, seismic joints, isolators), application (industrial, commercial, infrastructure), and regions. The report provides qualitative and quantitative information on various players in this market. This report also tracks the supply and demand sides of the market.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
