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Structural Health Monitoring Market is expected to reach USD 6.7 billion by 2029 : GreyViews

Structural Health Monitoring Market Size By Type (Hardware, Software, and Services), By Connectivity (Wired and Wireless), By End User (Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore Platform, Defense, Schools, Public Parks, and Recreation, Automotive and Others), Regions, Segmentation, and forecast till 2029.

/EIN News/ -- Pune India, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the structural health monitoring market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the structural health monitoring market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, connectivity, end user and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global structural health monitoring market are Nova Ventures. (U.S.), GEOKON (U.S.), Campbell Scientific, Inc. (U.S.), COWI A/S (Denmark), Geocomp Corporation (U.S.), Acellent Technologies, Inc. (U.S.), Sixense (France), Xylem Inc. (Canada), STRUCTURAL MONITORING SYSTEMS PLC. (Australia), SGS SA (Switzerland), DIGI-TEXX (U.S.)  among others. To achieve a substantial market share in the worldwide structural health monitoring market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

"Structural health monitoring" is the process of gathering and examining data from many interconnected sensors during an object's useful life span. Continual evaluation of the object's deterioration condition is used to determine when repairs and maintenance will be required. There are several different components involved in the monitoring of structural health. They include elements such as digital processing, data diagnostics, and data collection system architectures. A few of the sensors used in structural health monitoring include microwave sensors, imaging ultrasonic sensors, smart sensors or sensor coatings, acoustic emission sensors, inclinometers slope indicators, and fiber Bragg diffraction grating sensors. It is more cost-effective to keep an eye on the structural health of buildings in order to maximize public safety. In order to more precisely examine or forecast an SHM's functional capabilities and prevent any undesirable events, the SHM might be mounted on a bridge and tracked continually. The maintenance of government buildings has undergone a noticeable improvement. In addition to removing pointless maintenance schedules, reducing damage risks, and lengthening the life of the structure, the application of SHM can boost a structure's service life. A structural health monitoring system does not ignore important details that necessitate prompt action. By using this technique, one can maintain the system's operation on a performance-based system.

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Scope of Structural health monitoring market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit  2.2 USD Billion
Segments Covered Type, Connectivity, End User and Regions
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players Nova Ventures. (U.S.), GEOKON (U.S.), Campbell Scientific, Inc. (U.S.), COWI A/S (Denmark), Geocomp Corporation (U.S.), Acellent Technologies, Inc. (U.S.), Sixense (France), Xylem Inc. (Canada), STRUCTURAL MONITORING SYSTEMS PLC. (Australia), SGS SA (Switzerland), DIGI-TEXX (U.S.) among others

Segmentation Analysis

The hardware segment is expected to be the fastest-growing segment in 2021. 

The type segment is Hardware, Software, and Services. This is due to the high cost of sensors, data collection, and storage hardware. The development of hardware technology has had a substantial impact on the segment's growth. Sensor technology is heavily utilized by the SHM systems, which were developed to continuously monitor and gather information about the state of the structure. The sensors have capabilities like temperature variation tolerance and a range of up to 10,000 microstrains, and they support applications in marine environments, wind farms, and airplanes. These developments in hardware engineering are growing the market for structural health monitoring.

The consumables segment is expected to be the fastest-growing segment in 2021. 

The connectivity segment includes wired and wireless. The wired segment is expected to witness the highest growth rate during the forecast period. It costs a lot of money and time to keep track of the condition of wired constructions. Structures with complex wiring layouts include bridges, dams, big buildings, marine structures, and others. The communication between the wires must be kept up no matter the surroundings. However, applications for long-term analysis, where data is obtained over a protracted period of time and where the return on investment is substantially larger, have a high adoption rate for wired structural health monitoring systems. As a result, the market for structural health monitoring is growing.

The civil segment is expected to be the fastest-growing segment in 2021. 

The end user segment includes Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore platforms, Defense, Schools, Public Parks, and Recreation, Automotive, and Others. The growing need for SHM in civil engineering has driven the growing requirement to protect the safety of the structures and the lives associated with them. In addition, the rising costs of building operations make it crucial to ensure site safety. Sensors may be integrated with nearly all construction operations to monitor and collect real-time data. The demand for SHM systems among civil end customers is increased by these products.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the structural health monitoring include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The North America region witnessed a major share. The need for structural health monitoring systems is expanding in North America as a result of factors such as the government's increased emphasis on maintaining and repairing civil infrastructure, the deteriorating infrastructure, and increased investments from various governments. Nations like the U.S. and Canada also rely more on structural health monitoring systems to ensure the safety and security of both people and buildings. The rapid aging of the infrastructure in North America and Europe has led to the adoption of structural health monitoring techniques for civil infrastructure like bridges, dams, and tunnels.

Country Analysis

  • Germany

Germany's structural health monitoring market size was valued at USD 0.03 billion in 2021 and is expected to reach USD 0.04 billion by 2029, at a CAGR of 5% from 2022 to 2029.  The market for structural health monitoring is growing as a result of the rising demand for monitoring aged infrastructure. The structural health monitoring market in the region is also anticipated to be driven by the rising need for increased urbanization and industrialization.

  • China

China’s structural health monitoring market size was valued at USD 0.08 billion in 2021 and is expected to reach USD 0.22 billion by 2029, at a CAGR of 12% from 2022 to 2029. It is projected that as urbanization continues to grow swiftly and significant international investments are made, the necessity for structural health monitoring will increase.

  • India

India's structural health monitoring market size was valued at USD 0.06 billion in 2021 and is expected to reach USD 0.13 billion by 2029, at a CAGR of 9% from 2022 to 2029. The large population, awareness of monitoring systems for structural health, and increased government funding to improve structural health are the major factors.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increasing government efforts to standardize SHM systems and improve public safety are intensifying.

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Contact Us

Rocky Shah
GreyViews
Pune India
Phone: (+44) 162-237-1047
Email: sales@greyviews.com
Web: https://greyviews.com/
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