The Structural Health Monitoring Market was valued at USD 2.37 billion in 2022, and is predicted to increase at a CAGR of 14.4% from 2023 to 2030, to reach USD 6.98 billion. Structural Health Monitoring (SHM) is primarily a system that seeks to keep the given domain's structure intact. Observing the damage produced and establishing techniques to characterised the structures is what structural health monitoring entails. It is primarily concerned with increasing the structural safety and lowering the maintenance expenses.
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The strategy for establishing a detection method and the method of placing actors in engineering structures such as buildings and bridges is known as structural health monitoring (SHM). According to ordinary people, it is customary to constantly monitor the integrity of real-time buildings. The SHM method involves monitoring the system over time using periodic sample response readings from various sensors. Performance testing, data collection, configuration, cleaning, feature extraction and compression data, and the creation of a mathematical model are all processes involved in SHM. Structure, sensors, data collection systems, data transfer and storage systems, data management, data interpretation and diagnostics are all components of the SHM system.
DRIVERS
The relevance of automated vital infrastructure repair and maintenance has grown.
Structure failures have cascading implications, like loss of life and money.
Major infrastructure investments are being made.
Government restrictions requiring the construction of long-lasting structures are strict.
The advantages of structural health monitoring for ageing infrastructure
Costs of structural health monitoring systems are less expensive.
RESTRAINTS
Costs of installation and monitoring are high.
Due to reading problems, the results are inaccurate.
In poorer nations, structural health monitoring systems are being adopted slowly.
OPPORTUNITIES
The integration of modern solutions in structural health monitoring is becoming increasingly important.
Expanding market prospects in Asia Pacific and the Gulf Cooperation Council countries
Advancements in sensor technology continue to be made.
Investments in oil and gas and energy projects are on the rise.
CHALLENGES
Installation and calibration of devices are difficult due to a scarcity of qualified operators.
Site conditions are poor.
Technical difficulties and operational considerations
Large-scale data processing and management
COVID-19's negative influence on numerous industries
In the first two to three phases of 2020, the healthcare market of the building experienced a decline as major construction, maintenance, and repair of public infrastructure, aviation and security services, and international energy stalled. Due to the disruption of the supply chain of the epidemic, businesses in the market have seen a decline in demand for monitoring equipment and services. However, the market has shown signs of recovery as governments begin to rebuild infrastructure to reduce the unemployment rate caused by the COVID-19 epidemic. In addition, the suspension of airlines due to travel restrictions imposed by governments may result in increased repairs, repairs, and restructuring services in the aviation sector.
In the most probable scenario, the structural health monitoring industry has grown as a result of increased infrastructure investments around the world and therefore more construction projects. The market is predicted to increase rapidly.
By Solution Type
Hardware and software and services have been separated from the market. Due to the high cost of critical components of SHM systems like sensors and data collecting systems, the hardware sector dominated the market in terms of revenue. To cover structures like as buildings, dams, bridges, stadiums, and airframes, enormous quantities of hardware components must be placed.
Sensors are expected to be a bigger revenue contributor in the industry than other types of hardware solutions. Sensor advancements, a rise in the use of smart materials, and smart constructions with integrated sensors are all contributing to the market's expansion.
By Application Type
Buildings and stadiums, bridges and dams, airframes and wind turbines, boats and stadiums, and heavy machinery and equipment form the SHM market. Overall, bridges and dams bring in a lot of revenue. More than 61,000 bridges across the country are inadequate, according to the US Department of Transportation (DOT), which necessitates extensive monitoring and maintenance work. In some areas, an increase in the number of obsolete and poorly constructed bridges increases the need for structural health monitoring systems to monitor and inspect the bridge. Buildings and stadiums are expected to grow significantly during the speculation period. A growing number of sporting events, like the FIFA World Cup and the Olympics, drive the growing need for infrastructure, such as stadiums. Additionally, governments encourage the usage of these technologies since they improve infrastructure security.
By Technology Type
SHM can be divided into two types: wired and wireless. The wired segment had a greater market share. Because there are no restrictions on long-distance data transfer and they enable consistent connectivity, wired systems are commonly used for continuous monitoring of various types of structures. Furthermore, wired SHM systems are already being utilised to analyse numerous structures around the world, including buildings, dams, and bridges in various countries.
Furthermore, throughout the projection period, wireless SHM systems are expected to grow at a CAGR. The segment has emerged as a technology that will have a substantial impact on the fields of structural health monitoring and asset management for infrastructure.
By Solution Type
Hardware
Software & Services
By Application Type
Bridges & Dams
Building & Stadiums
Vessels & Platforms
Airframes & Wind Turbines
Large Machines & Equipment
By Technology Type
Wired
Wireless
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By 2021, the Americans is holding the largest market share, and the trend is likely to continue at the time of forecast. Factors such as the increase in government focus on repairs and maintenance of public infrastructure may be included in the U.S. market capitalization. Aging infrastructure and growing investment from various governments in the region are two major drivers driving market expansion in the Americans. The US government, for example, introduced a USD 2-trillion plan to rebuild the country's infrastructure, including roads and bridges, in 2021. In addition, countries such as the United States and Canada are increasingly relying on health monitoring systems to protect your safety and security for both parties and individuals.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are as follows: Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, Structural Monitoring Systems.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 2.37 Billion |
| Market Size by 2030 | US$ 6.98 Billion |
| CAGR | CAGR of 14.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Solution Type (Hardware, Software & Services) • By Application Type (Bridges & Dams, Building & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment) • By Technology Type (Wired, Wireless) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, Structural Monitoring Systems. |
| DRIVERS | • The relevance of automated vital infrastructure repair and maintenance has grown. • Structure failures have cascading implications, like loss of life and money. • Major infrastructure investments are being made. |
| Restraints | • Costs of installation and monitoring are high. • Due to reading problems, the results are inaccurate. • In poorer nations, structural health monitoring systems are being adopted slowly. |
The market size of the Structural Health Monitoring Market is expected to reach USD 6.98 billion by 2030.
The expected CAGR of the Structural Health Monitoring Market is 14.4% during the forecast period of 2023-2030.
The leading Structural Health Monitoring Market players include Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, and Structural Monitoring Systems.
The Covid-19 pandemic affected the Structural Health Monitoring Market significantly. The detailed analysis is included in the final report.
North America region is expected to show the highest growth in the Structural Health Monitoring Market during the forecast period.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Structural Health Monitoring Market Segmentation, By Solution Type
8.1 Hardware
8.2 Software & Services
9. Structural Health Monitoring Market Segmentation, By Application Type
9.1 Bridges & Dams
9.2 Building & Stadiums
9.3 Vessels & Platforms
9.4 Airframes & Wind Turbines
9.5 Large Machines & Equipment
10. Structural Health Monitoring Market Segmentation, By Technology Type
10.1 Wired
10.2 Wireless
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12.Company Profiles
12.1 Nova Metrix
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Sixense
12.3 Acellent
12.4 Campbell Scientific
12.5 Geo kon
12.6 Cowi
12.7 Geo comp
12.8 Pure Technologies
12.9 Digitexx
12.10 Structural Monitoring Systems.
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14.Conclusion
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