Global Structural Health Monitoring Market Insights Forecasts to 2030
- The global structural health monitoring market was valued at USD 1.45 billion in 2021.
- The market is growing at a CAGR of 14% from 2021 to 2030
- The global structural health monitoring market is expected to reach USD 4.71 billion by 2030
- The North America is expected to grow the fastest during the forecast period
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The global structural health monitoring market is expected to reach USD 4.71 billion by 2030, at a CAGR of 14% during the forecast period 2021 to 2030. The structural health monitoring market has been growing owing to the increasing applications of technologies. Furthermore, the increasing concern for healthcare facilities and stringent regulatory and sustainability mandates propel the market’s growth.
The implementation of damage detection and characterization method for engineering structures, such as buildings and bridges, is referred to as structural health monitoring, or SHM for short. During the SHM process, a system is monitored throughout time with the assistance of regularly sampled response data from a number of sensors. This allows for the system to be subjected to dynamic analysis. SHM is comprised of a variety of activities, including operational assessment, data collecting, normalization, and purification, feature extraction and data compression, and the building of statistical models. SHM system's elements include structure, sensors, data collecting systems, data transport and storage mechanism, data administration, and data interpretation and diagnosis. Dams, bridges, and buildings are examples of heavy structures that can be subjected to a variety of strong loadings throughout the course of their lifetimes. During natural disasters such as typhoons, cyclones, hurricanes, earthquakes, etc., these loadings become more intense. These occurrences can have a devastating effect on the structural soundness of an entire building, which can result in catastrophic damage and fatalities. Nevertheless, for the entirety of a structure's existence, the utilization of SHM technologies would reduce the expenses associated with its repair and maintenance. These technologies are extremely important in the monitoring and maintenance of the structural integrity of extremely important structures such as hospitals and national monuments.
This research report categorizes the market for global structural health monitoring market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global structural health monitoring market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each structural health monitoring market sub-segments.
Global Structural Health Monitoring Market Report Coverage
|Market Size in 2021:||USD 1.45 billion|
|Forecast Period 2021-2030 CAGR:||14%|
|2030 Value Projection:||USD 4.71 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||190|
|Tables, Charts & Figures:||156|
|Segments covered:||By Technology, By End Use, By Offering, By Hardware Type By Region, COVID-19 Impact Analysis|
|Companies Covered:||Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A., Campbell Scientific, Inc., COWI A/S, GEOKON, Geocomp Corporation|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the wired segment dominated the market with the largest market share of 54% and market revenue of 0.783 billion.
Based on the technology, the Structural Health Monitoring market is categorized into Wired and Wireless. In 2021, the wired segment dominated the market with the largest market share of 54% and market revenue of 0.783 billion. The wired sector had a higher portion of the market. There is no constraint on the ability to transport data over vast distances when using wired systems because these systems also provide dependable connectivity. This has led to the widespread use of wired systems for continuous monitoring of many types of structures. In addition, wired SHM systems are already being utilized for the assessment of a variety of structures all over the world, including buildings, dams, and bridges in various nations.
- In 2021, the civil infrastructure segment dominated the market with the largest market share of 30% and market revenue of 0.435 billion.
Based on the end user, the civil infrastructure market is categorized into Civil Infrastructure, Aerospace and Defence, Mining, Energy, and Others. In 2021, the civil infrastructure segment dominated the market with the largest market share of 30% and market revenue of 0.435 billion. During the forecast period, the biggest market share will be held by the civil infrastructure sector. The civil infrastructure area includes things like bridges, dams, tunnels, buildings, and stadiums. The key forces propelling the growth of the civil infrastructure business on a global scale are the acceleration of urbanization and the growing need for better quality infrastructure.
- In 2021, the software and services segment accounted for the largest share of the market, with 55% and market revenue of 0.79 billion.
Based on offerings, the Structural Health Monitoring market is categorized into Software & Services, and Hardware. In 2021, the software and services segment dominated the market with the largest market share of 55% and market revenue of 0.79 billion. The computer software and services market is expected to expand at a more rapid pace. The program provides the monitoring team with a graphical representation of the data that is pertinent to the behavior of the structure. This enables the team to review the data and identify problems as quickly as possible in order to avoid the structure from collapsing. As the number of large infrastructure projects continues to rise and as structural failures become more frequent, the utilization of structural health monitoring systems has become an increasingly crucial practice.
Regional Segment Analysis of the Structural Health Monitoring Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia- Pacific emerged as the largest market for the global Structural Health Monitoring market, with a market share of around 34.01% and 1.45 billion of the market revenue in 2021.
- In 2021, Asia - Pacific emerged as the largest market for the global structural health monitoring market, with a market share of around 34.01% and 1.45 billion of the market revenue. In Asia -Pacific, there has been a considerable increase in the number of infrastructure projects including bridges, power plants, and smart cities, which has led to an increase in the importance of structural health monitoring. To foster further economic expansion, a number of nations, like China and India amongst others, are increasing the amount of money they put into the construction of infrastructure projects like new bridges and buildings. As the number of initiatives to improve civil infrastructure continues to rise, there will be an increased demand for structural health monitoring systems. These systems are used to maintain and monitor the status of individual structures and to prevent catastrophic breakdowns.
- The North America market is expected to grow at the fastest CAGR between 2021 and 2030. There are a number of factors that are contributing to an increase in the demand for structural health monitoring systems in North America. These factors include the increased focus that the government is placing on the repair and maintenance of civil infrastructure, the aging infrastructure, and increased investments from a number of different governments. In addition, nations such as the United States and Canada are becoming increasingly dependent on structural health monitoring systems in order to preserve the safety and security of people as well as structures. Civil infrastructure in North America, such as bridges, dams, and tunnels, have been driven to adopt structural health monitoring technologies as a result of the rapid aging of the region's infrastructure.
The report offers the appropriate analysis of the key organizations/companies involved within the global structural health monitoring market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Acellent Technologies, Inc.
- Nova Ventures Group Corp.
- Structural Monitoring System Plc.
- Digitexx Data Systems, Inc.
- SGS S.A.
- Campbell Scientific, Inc.
- COWI A/S
- Geocomp Corporation
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- In November of 2020, COWI has agreed to a deal with the Port of Oslo, which is Norway's largest public commercial port. Under the terms of this agreement, the company would provide engineering services including solutions for electrification, heating, ventilation, and air conditioning, geotechnics, water and waste, rail, structural design, and environmental measures in an effort to transform The Port of Oslo into the most energy- and resource-efficient port city in the world.
- In April of 2020, Campbell Scientific introduced the GRANITE series, a scalable data-acquisition (DAQ) system that reduces costs, may be centralized or distributed and is guaranteed to function for a significant amount of time. The introduction sought to broaden the channels available and increase measurement flexibility for all key aspects of structural health monitoring (SHM).
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global structural health monitoring market based on the below-mentioned segments:
Global Structural Health Monitoring Market, By Technology
Global Structural Health Monitoring Market, By End Use
- Civil Infrastructure
- Aerospace and Defence
- Energy and Others
Global Structural Health Monitoring Market, By Offering
- Software & Services
Global Structural Health Monitoring Market, By Hardware Type
- Data Acquisition Systems ( DAS ) & Communication Systems
Global Structural Health Monitoring Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the Structural Health Monitoring market?As per Spherical Insights, the size of the Structural Health Monitoring market was valued at USD 1.45 billion in 2021 to USD 4.71 billion by 2030.
What is the market growth rate of the Structural Health Monitoring market?The Structural Health Monitoring market is growing at a CAGR of 14% from 2021 to 2030.
Which country dominates the Structural Health Monitoring market?Asia emerged as the largest market for Structural Health Monitoring.
Who are the key players in the Structural Health Monitoring market?Key players in the Structural Health Monitoring market are Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A., Campbell Scientific, Inc., COWI A/S, GEOKON, Geocomp Corporation.
Which factor drives the growth of the Structural Health Monitoring market?Efficiency of structural health monitoring over traditional methods drives the market's growth.
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