STRUCTURAL HEALTH MONITORING MARKET ANALYSIS

Structural Health Monitoring is the practice of implementing a damage detection and characterization strategy for engineering structures namely buildings and bridges. In layman’s terms, it is the process of gaining knowledge of the integrity of the in-service structures on a constant real-time basis. The SHM process includes the observation of a system over time with the help of periodically sampled response measurements from an array of sensors. There are different processes involved in SHM namely operational evaluation, data acquisition, normalization, and cleansing, feature extraction and data compression, and statistical model development. SHM system’s elements include structure, sensors, data acquisition systems, data transfer and storage mechanism, data management, and data interpretation and diagnosis.

The Global Structural Health Monitoring market was valued for US$ 1,989.00 Mn in 2021 is expected to exhibit a CAGR of 15.8 % during the forecast period.

Recent Developments:

• In November 1 2022 - National Instruments Corporation, an automated measurement system provider introduced new Technology for Structural Testing and Health Monitoring which combines several measurement and physical sensing methods. This also features remote, continuous processing to capture real time data and record it to historical record for continuous assessment.

Restraint:

• Lack of skilled professionals is expected to hinder the Global Structural Health Monitoring market growth over the forecast period
• Threats concerning cyber-attacks on connected SHM systems are expected to restrain growth of the Global Structural Health Monitoring system market during the forecast period

Global Structural Health Monitoring Market - Impact of Coronavirus (Covid-19) Pandemic :

The COVID-19 pandemic has affected the Global Structural Health Monitoring market significantly. The lockdown was imposed across the globe as a precautionary measure by governments. This led to temporary suspension of all businesses in the construction, maintenance and repair sector. Supply chain and logistic operations were disrupted causing decrease in demand for monitoring devices and services. This also hampered the manufacturing of structural health monitors which have wide usage in the construction sector and hence the Global Structural Health Monitoring market witnessed slow growth during the pandemic.  

North America held a dominant position in the Global Structural Health Monitoring market in 2021

Statistics:

North America region dominated the Global Structural Health Monitoring market in 2021, accounting for a 33% share in terms of value, followed by Europe, Asia Pacific, Middle East & Africa and Latin America, respectively

Figure 1: Global Structural Health Monitoring Market Share (%), By Region, 2021

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Europe and Asia Pacific were the two leading markets in terms of revenue in 2021, and are expected to hold their dominant positions over the forecast period. The market growth in these regions is attributed to the growing construction industry coupled with rising pollution. Structural health monitoring components are majorly used in bridges, dams, etc. in the construction industry. Additionally, these solutions can be integrated with IoT devices to analyse pollution levels. This is expected to drive demand for structural health monitoring over the forecast period.

The Asia Pacific region is expected to gain traction during the forecast period. The countries in the Asia Pacific region are constantly investing in the construction sector. New projects are initiated to meet the requirements of countries such as India, Bangladesh, Taiwan, and others. The construction of new projects will increase the demand for structural health monitoring in the construction sector, where it is used for damage detection and characterization strategies for engineering structures, among other uses. Hence, the global structural health monitoring market is expected to gain traction in the Asia Pacific region in the forecast period.

Figure 2: Global Structural Health Monitoring Market (US$ Mn) Analysis and Forecast, 2022 - 2030

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The Global Structural Health Monitoring market was valued at US$ 1,989.00 Mn in 2021 and is expected to reach US$ 7,208.53 Mn by 2030, growing at a CAGR of 15.8% between 2022 and 2030.

Major players operating in the Global Structural Health Monitoring market include Nova Metrix LLC, National Instruments Corporation, Kinemetrics Inc., Advitam Inc. (Vinci SA), Hottinger Baldwin Messtechnik GmbH, Digitexx Data Systems, Inc., Geocomp Corporation, Acellent Technologies, Inc., Strainstall UK Limited (James Fisher & Sons PLC), and COWI A/S.