Structural Health Monitoring Market Size, Share, Growth, Trends, and Forecast, 2030

Structural Health Monitoring Market

Structural Health Monitoring Market by Type (Wired and Wireless), by Component (Hardware, Software and Services), by Industrial Use (Aerospace and Defence, Oil and Gas, Civil Infrastructure, Energy and Power and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Category: Technology & Media Report Format : PDF Pages: 144 Report Code: ZMR-615 Published Date: Sep-2021 Status : Published

The Structural Health Monitoring market size accounted for $1.4 Billion in 2020 and is expected to reach $4.1 Billion by 2028, growing at a CAGR of 14.9%.

Structural Health Monitoring Market

Market Overview

The Structural Health Monitoring market accounted for USD 1.4 Billion in 2020 and is expected to reach USD 4.1 Billion by 2028, growing at a CAGR of 14.9% from 2021 to 2028.

Structural Health Monitoring is an instrument that figures out structural specialists to decrease maintenance cost and further develop security proportions of significant building structures. Central capacities performed by SHM frameworks incorporate testing and monitoring of structural machines such as large machines, air frames, turbines, and constructions like structures, scaffolds, dams, and Stadiums.

 

COVID-19 Impact Analysis

Structural health monitoring market is based upon to observe a fallback for the initial fourth of 2020 as significant development, support, and concrete tests in the main foundation, aircraft industry, and energy sectors across different nations were put on a halt in the principal half of 2020 to contain the COVID-19 Virus. The organizations in the structural health monitoring business sector have seen a decline in the interest for monitoring gadgets because of the COVID-19 pandemic. The market can begin a steady recuperation from the recovery at end of 2020, as the legislatures are continuing foundation advancement work to eradicate the joblessness rate brought about by the COVID-19 pandemic. Also, the halt of conducting monitoring activities for the airlines due to travel restrictions imposed by the countries could increase the maintenance, repair, and overhaul activities in the aviation sector.

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Growth Factors

Structural health monitoring for common designs is acquiring prevalence around the world in the field of development and growth. SHM reduces the monitoring costs and research time, and promotes all the structural behavior of designs under huge loads, earthquake security, in genuine or close to ongoing information data. SHM of common designs guarantees better administration in post-earthquake tremor situations, and back up activities. Nonetheless, the underlying checking of static and dynamic pressure of dams has acquired critical consideration during the years because of the adverse consequences of primary reactions. These points are major growth factors for SHM in the coming years.

In the most reasonable situation, the structural health monitoring business sector is relied upon to witness ~16% growth in 2020 as significant organizations working in this market have been affected contrarily during the initial quarter of 2020, and request is additionally expected to be decrease in the coming quarters. Before the end of 2020, the interest for structural health monitoring gadgets and gear is relied upon to observe gradual increase from the primary portion of 2021 while start at the regularity by later 50% of 2021.

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Component Segment Analysis Preview

The structural health monitoring market for the hardware segment is expected to dominate between 2020 and 2028. Hardware components are a vital part of the structural health monitoring system. These components measure various physical properties such as strain, deformation, and tilt of any structure under observations. Based on the received data from the various hardware equipment, decisions are made regarding the specific structure. Hardware includes various sensors, DAS, and other communication devices. Therefore, this segment is expected to hold a larger share during the forecast period. Software and services form the rest of the segment.

Industrial Use Segment Analysis Preview

This segment consists of aerospace and defence, oil and gas, energy and power, civil infrastructure and others. Civil infrastructure includes bridges, dams, tunnels, highways, and buildings. At present, major countries in different regions such as the US, the UK, Germany, Japan, China, India, Qatar, and Saudi Arabia are highly investing in building infrastructural facilities, which is ultimately supporting the growth of the economy. For example, Louisiana has started the I-10 widening project in the capital region. The Louisiana Department of Transportation in June 2020 announced the I-10 widening project from LA-415 in West Baton Rouge Parish to the I-10/12 split in East Baton Rouge Parish. Additionally, the other major construction project to be watched in 2020 is the New York City transit upgrades. The industry watchers have their eyes on the USD 11.3 billion Gateway Tunnel replacement project connecting New York and New Jersey. Thus, the growing civil infrastructure is expected to increase the demand for structural health monitoring systems to maintain and monitor the condition of each civil infrastructure and avoid catastrophic failures.

Regional Analysis Preview

The largest share in the market will be dominated by North America. However, the APAC region is anticipated to grow at an unprecedented rate. The factors can be attributed to the large population, awareness about structural health monitoring systems, and increased spending from the government to improve structural health. Owing to these reasons the APAC region will witness the highest growth contributing to the overall growth of global structural health monitoring systems.

 

On the basis of geographical regions, the structural health monitoring market is segmented into North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and the MEA. The North America structural health monitoring market holds a major value share in the global structural health monitoring market, but it is likely to witness a decrease in its annual growth pattern during the forecast period.

 

 

Key Market Players & Competitive Landscape

Some of key players in Structural Health Monitoring market include COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (US), Geocomp Corporation (US), Campbell Scientific (US), Nova Metrix (US), Geokon, Incorporated (US), SIXENSE Systems (France), Digitexx Data Systems (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore) among others. These companies have apprehended the major part of the global market in the beauty devices market, entry of new companies is estimated to rise in the level of competition in the coming years. Mergers and acquisitions have arrived as the strongest set of strategic measures in the Structural Health Monitoring market, due to the continued achievement of business growth by the major companies.

For instance, Nova Measurements acquired Controls (Italy), a global leader in the design, supply, and manufacture of testing equipment for construction and civil engineering industries.

The Structural Health Monitoring market is segmented as follows:

By Type

  • Wired
  • Wireless

By Component

  • Hardware
  • Software
  • Services

By Industrial Use

  • Civil Infrastructure
  • Aerospace and Defence
  • Oil and Gas
  • Energy and Power
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The Structural Health Monitoring market was valued at USD 1.4 Billion in 2020.

The Structural Health Monitoring market is expected to reach USD 4.1 Billion by 2028, growing at a CAGR of 14.9% between 2021 to 2028.

Development of state-of-the-art IoT solutions and the popularity of this technique are the major factors driving the demand for this technology. However, the high initial cost of setting up the necessary infrastructure will inhibit the growing demand for SHM solutions.

The largest share in the market will be dominated by North America. However, the APAC region is anticipated to grow at an unprecedented rate. The factors can be attributed to the large population, awareness about structural health monitoring systems, and increased spending from the government to improve structural health. Owing to these reasons the APAC region will witness the highest growth contributing to the overall growth of global structural health monitoring systems.

Some of key players Structural Health Monitoring market include COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (US), Geocomp Corporation (US), Campbell Scientific (US), Nova Metrix (US), Geokon, Incorporated (US), SIXENSE Systems (France), Digitexx Data Systems (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore) among others.

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