Structural Health Monitoring Market size was estimated at $1.5 billion in 2021 and is expected to reach $4.3 billion by 2031, growing at a CAGR of 14.1% during the forecast period of 2022 to 2031.
Structural Health Monitoring Market
The structural health monitoring system is a method of observing and analyzing the structural health of infrastructure using periodically sampled response measurements. The structural health monitoring system is widely used in various engineering sectors as it enables to respond to adverse structural changes, improving structural reliability and life cycle management. It helps to monitor changes in the material and geometric properties of engineering structures such as bridges and buildings. The prime objective of the structural health monitoring system is to ensure the integrity and safety of civil infrastructure. An accelerometer is one of the sensors which is used to monitor the structural health of the civil infrastructure.
Structural Health Monitoring Market Growth and Trend
The high adoption of the automated and standardized system in maintaining and repairing civil infrastructure is propelling the growth of the structural health monitoring market. Moreover, the loss of lives and capital due to the disastrous failure of infrastructure is expected to drive the demand for a structural health monitoring system in the global market. Furthermore, large-scale investment in structural health monitoring systems by various sectors such as aerospace and defense, civil infrastructure, oil and gas, and energy and power will culminate in a huge growth of the market over the forecast timespan. Artificial intelligence and IoT-based technology are becoming the mainstream technologies for the structural health monitoring system. It has also reduced the cost of monitoring and research time and offers better administration in destructive situations. In addition, technological advancements in smart sensing systems will be likely to push the structural health monitoring market. On the other hand, the lack of qualified and trained technicians to operate structural health monitoring system and high installation cost is hindering the development of the market.
Structural Health Monitoring Market Segmentation
The global structural health monitoring market is segmented based on type, component, and industrial use. Based on types, the market is divided into wired and wireless systems. The wireless system segment is expected to witness rapid growth due to the emergence of wireless connectivity with high data speed. Based on the component, the structural health monitoring market is segmented into hardware, software, and services. The hardware segment holds a significant share in the market as these components help to measure various physical properties of any structure such as strain, deformation, and tilt. By industrial use, the market is divided into aerospace and defense, oil and gas, energy and power, civil infrastructure, and others. The civil infrastructure segment is the largest shareholder of the market as many countries around the world are investing heavily in building infrastructural facilities to support the growth of economies.
Structural Health Monitoring Market Country Analysis
North America is the largest shareholder in the global structural health monitoring market due to increasing awareness about structural health monitoring systems and increased investment by the government to improve structural health. However, the Asia Pacific region will witness the highest growth contributing to the overall growth of the structural health monitoring market.
Structural Health Monitoring Market Share and Competition
The prominent companies operating in the global structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent Technologies (US), Geocomp Corporation (US), Campbell Scientific (US), Nova Metrix (US), Geokon, Incorporated (US), SIXENSE Systems (France), Digitexx Data Systems (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion (Singapore) among others.
Report Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Wired Systems
• Wireless Systems
Component Analysis (Revenue, USD Million, 2022 - 2031)
• Hardware
• Software
• Services
End-Users Analysis (Revenue, USD Million, 2022 - 2031)
• Aerospace and Defense
• Oil and Gas
• Energy and Power
• Civil Infrastructure
• others
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Structural Health Monitoring Market Companies
• COWI
• Pure Technologies
• Structural Monitoring Systems
• Acellent Technologies
• Geocomp Corporation
• Campbell Scientific
• Nova Metrix
• Geokon, Incorporated
• SIXENSE Systems
• Digitexx Data Systems
• Bridge Diagnostics
• Sisgeo
• RST Instruments
• AVT Reliability
• Geomotion
Available Versions:-
• United States Structural Health Monitoring Industry Research Report
• Europe Structural Health Monitoring Industry Research Report
• Asia Pacific Structural Health Monitoring Industry Research Report
Have a question? Need a customised report? Email us david@marketdecipher.com
