Global Structural Health Monitoring Market Overview
The key drivers impacting the Structural health monitoring market are the aging infrastructure and increasing capital investments in infrastructure maintenance and advancement across various countries worldwide. For instance, as per the American Society of Civil Engineers, the United States has 614,387 bridges that are approximately 4 in 10 were over 50 years older. There is around 9.1% that is 56,007, were deficient structurally in 2016. In 2015 the U.S government had invested around $611billion that is 3.4 percent of GDP, in old infrastructure. ASCE estimation shows that around $3.32trillion of infrastructure investment is necessary during the period 2016 to 2025 to close the investment gap. Also, the automation and standardization in maintenance & repair of civil infrastructure post-COVID-19 situation are adding growth to the market. Moreover, the Stringent government regulations about the sustainability of structures contribute to Structural health monitoring market demand in the later years.
The global demand for Structural Health Monitoring Market is presumed to reach the market size of nearly USD 14.2 Billion by 2032 from USD 3.08 Billion in 2023 with a CAGR of 18.5% under the study period 2024 - 2032.
The rising aging infrastructure and advanced benefits linked with structural health monitoring are will likely augment the demand for Structural health monitoring software in the forecast period. Also, loss of lives and capital due to catastrophic failure of infrastructure due to natural disasters is contributing to high market demand. However, high monitoring and installation costs hamper the market in the long run. In addition, the high probability of inaccurate results due to errors in readings impedes the market growth. Nevertheless, the market trends, such as the growing public-private partnerships (PPPs) for infrastructure development, and technological advancements in the field of sensor technology, might provide considerable opportunities to the market's leading players.
The structural health monitoring market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. The key players in the report are Acellent Technologies Inc., Campbell Scientific Inc., Cowi A/S, Digi-Texx, Geocomp Inc., Geokon, Geosig Ltd, Hbk, James Fisher And Sons Plc., Kinemetrics, National Instruments Corp., Nova Ventures Group, Sixense, Structural Monitoring Systems Plc, Xylem.
In this research report, the structural health monitoring market is segmented by solution, application, technology, and region.
Analysis by Solution:
By solution, the report is segmented into hardware, software, and services. The hardware segment dominates the solution segment with the highest share in 2020. It is due to the high cost of integral elements of SHM systems such as data acquisition systems and sensors. Moreover, hardware components are necessary to be installed in large numbers to cover structures such as buildings, dams, bridges, stadiums, and airframes which contribute to the growth of the hardware segment.
Analysis by Application:
By application, the report is divided into bridges & dams, buildings & stadiums, vessels & platforms, airframes & wind turbines, and large machines & equipment. The Bridges & dams segment dominates with a significant market share in 2020. It is due to the growing number of functionally obsolete and structurally deficient bridges. Moreover, the rising demand for structural health monitoring systems for monitoring and inspection of bridges contributing to the vast market demand from Bridges & dams segments in the forecast period.
Analysis by Technology:
By technology, the report is divided into wired and wireless. The wired segment dominates with a significant market share in 2020. It is due to the wide adoption of wired systems for constant monitoring of different kinds of structures as there is no restriction on the long-distance data transfer as they provide reliable connectivity. Moreover, wired SHM systems are already being used for assessment worldwide of various structures, including buildings, dams, and bridges in different countries, thereby contributing to the growth of the wired segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Structural health monitoring market, the North America region dominates with the largest market share in 2020. It is due to the aging infrastructure such as buildings, dams, bridges, and tunnels in U.S. and expansion in infrastructure facilities in Canada. Moreover, taking initiatives towards the adoption of monitoring systems in different applications to ensure public safety contributes to the tremendous market growth across North America.
Market Segmentation covered in the Report:
By Solution
- Hardware (Sensors, Data Acquisition Systems, Others)
- Software & Services
By Technology
By Application
- Bridges & Dams
- Building & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipment
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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