Bouygues Construction has joined the investment by Crédit Agricole Alpes Développement and Sofimac Innovation in Morphosense, a French startup for the development of structural monitoring system. Morphosense has raised € 2 million from all the trio of investors. The company is designing a new technology for real-time surveillance of the structural integrity of the civil engineering structures which includes dams, bridges, and skyscrapers. It will also be used in the energy structures such as floating wind farms and offshore oil & gas platforms.
The product by the company dubbed as NEURON is based on the sensors system and combined with patented algorithms making it possible to measure dynamic and static behavior of the structure and also to perform predictive maintenance. By collaborating with all the three companies, Morphosense plans to accelerate its commercial development in two of its priority markets and making it possible to offer breakthrough technology on the projects in building construction, civil engineering, and offshore projects.
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The company is also hoping to finalize its technological developments resulting in the market launch of version 2 of its product. The company is likely to seek to have NEURON being awarded ATEX and ISO 9001 certification, and also continue towards new development in predictive maintenance by using machine learning and artificial intelligence based on the indicators collected by NEURON.
With the introduction of new technologies including artificial intelligence, machine learning, Big Data, and deep learning, there is an on-going transition from on-premise deployment model to cloud technology which is accelerating the growth of predictive maintenance in the manufacturing industry. Owing to the increasing focus on minimizing the cost associated with maintenance of products, machine, and assets along with the growing demand for efficient management in the manufacturing industry is driving the demand for predictive maintenance.
In the terms of deployment, predictive maintenance with the cloud technology is likely to witness immense growth owing to the increasing adoption of cloud technology in the manufacturing industry across various countries. The manufacturing industry is adopting predictive maintenance on a large scale as it make it simple to integrate innovative and advanced technologies along with the software. The predictive maintenance market for the manufacturing industry is expected to reach US$ 4,746.6 million by the end of 2026.
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Owing to the large presence of the solution providers and availability of resources for developing and offering advanced technologies, North America is likely to emerge as one of the largest markets for predictive maintenance in the manufacturing industry. Moreover, the increasing penetration of the industry 4.0 in North America is also fueling the demand for predictive maintenance. Meanwhile, the predictive maintenance is also expected to see a significant growth in the Asia Pacific region, especially in China owing to the increasing number of manufacturers and growing adoption of the new technologies in various industries. Manufacturers in the market are focusing on developing new systems to offer better services, efficiency, and cost-effectiveness in the manufacturing industry.