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Structural Health Monitoring Market Worth US$ USD 6.19 Billion by 2030 Growing at 14.3% CAGR

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Structural Health Monitoring Market Worth US$ USD 6.19 Billion by 2030 Growing at 14.3% CAGR

June 28
03:45 2022
Structural Health Monitoring Market Worth US$ USD 6.19 Billion by 2030 Growing at 14.3% CAGR
Structural Health Monitoring Market | Emergen Research
Rapid advancement in sensing technology due to investments in R&D, and reduced cost of structural health monitoring devices are driving global structural health monitoring market revenue growth

The global structural health monitoring market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants. In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency.

Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.

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Additionally, an increase in seismic activities globally has further led to increase in demand for structural health monitoring devices. National Earthquake Information Center in the U.S detects over 20,000 earthquakes around the globe each year and on an average 55 earthquakes per day. Additionally, infrastructural activities such as fracking for oil, dam-build, and pumping gas without refilling, have induced man-made earthquakes. Earthquakes of greater intensity significantly damage civil infrastructure, which is expected to increase demand for structural health monitoring systems and hence drive revenue growth of the market to a greater extent.

High cost of installing monitoring sensors, as well as challenges with accessibility and environmental conditions while placing sensors, are limiting market revenue growth. Finding a suitable spot for placing sensors in buildings, such as bridges, is difficult. However, with rapid adoption of wireless sensors, the market is expected to grow steadily over the forecast period.

Some Key Highlights from the Report

On 30 April 2020, Campbell Scientific, Inc., created Granite series, a modular Data-Acquisition (DAQ), which can be centralized or distributed. It reduces total cost of ownership and operation of data. A broad range of measurement modules facilitates expansion of channels and flexibility for all critical SHM measurements.

The hardware segment revenue is expected to account for largest revenue share over the forecast period owing to rapid advancement in sensing technology due to investments in R&D and reduction in cost of installing structural health monitoring. Wired hardware systems allow continuous transmission of data, which facilitates real-time collection of data and enable user to monitor structural health of infrastructure.

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The wired segment accounted for a significantly robust revenue share in 2021 owing to its rapid increase in demand for monitoring health of structures. Structural Health Monitoring (SHM) is widely adopted in civil infrastructure for continuous monitoring of structures, which may help to improve life of structure and its performance and preventing sudden failure of structures and loss of life.

The civil infrastructure segment is expected to account for largest revenue share over the forecast period. An increase in investments by governments of developing countries and increase in damage to civil infrastructure due to a rise of seismic activities around the world is expected to increase demand for SHM systems and contribute to revenue growth of this segment

The North America market is registering a significantly robust revenue growth rate during the forecast period. This is due to rising investments in infrastructure development, rapid advancements in sensing technology due to investments in R&D, and presence of major companies such as Nova Ventures, Campbell Scientific, Inc., Geokon, and others

Some major companies in the market report include Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc.

Emergen Research has segmented the global structural health monitoring market based on offering, technology, end use, and region:

Offering Outlook (Revenue, USD Billion, 2019–2030)

Hardware

Software

Services

Technology Outlook (Revenue, USD Billion, 2019–2030)

Wired

Wireless

End Use Outlook (Revenue, USD Billion, 2019–2030)

Civil Infrastructure

Aerospace and Defense

Energy

Mining

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Regional Outlook (Revenue, USD Billion, 2019–2030)

North America

U.S.

Canada

Mexico

Europe

Germany

UK

France

Spain

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

Israel

Rest of Middle East & Africa

Key Questions Answered in the Report:

What will be the estimated growth rate of the Structural Health Monitoring market by 2030?

Who are the prominent distributors, vendors, and manufacturers of the market?

What are the driving and restraining factors of the growth of the Structural Health Monitoring market throughout the forecast period?

What are the current and future market trends of the Structural Health Monitoring market?

What are the sales and price analysis of the product by types, applications, and regions?

What are the expected opportunities for the companies and new entrants in the coming years?

The report demonstrates the progress and advancement achieved by the global Structural Health Monitoring market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.

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Thank you for reading our report. Please get in touch with us if you have any queries regarding the report or its customization. Our team will ensure the report is best suited to your needs.

About Emergen Research 

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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