Structural health monitoring market

Structural Health Monitoring Market, By Type (Wired and Wireless SHM System), By Component (Hardware (Sensors, Data Acquisition System and Others), Software (Design & Analysis, Parameter Identification & Tracking and Others ) and Services (Installation Services ,Design & Consulting Service, Operation & Maintenance Services), By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines and Large Machinery & Equipment), and By Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Dec 2022
CMI3529
140 Pages
Excel & Pdf
Smart Technologies

Summary

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

Structural Health Monitoring Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 1,989.0 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	15.8%	2030 Value Projection:	US$ 7,208.5 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Type: Wired and Wireless SHM System By Component: Hardware (Sensors, Data Acquisition System and Others), Software (Design & Analysis, Parameter Identification & Tracking and Others ) and Services (Installation Services ,Design & Consulting Service, Operation & Maintenance Services) By Application: Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines and Large Machinery & Equipment
Companies covered:	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.
Growth Drivers:	Increasing government initiatives for public safety combined with standardization of the SHM system is expected to drive growth of the Global Structural Health Monitoring market during the forecast period High availability of low-cost sensors is expected to propel the Global Structural Health Monitoring market growth over the forecast period.
Restraints & Challenges:	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

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

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.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on "Global Structural Health Monitoring Market- Global forecast to 2030”.

Segmentation

Detailed Segmentation

- Frequently Asked Questions -

What is the expected market size of the Global Structural Health Monitoring market in 2030?

The Structural Health Monitoring market is expected to reach US$ 7,208.5 million by 2030.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2022-2030)?

The sensor market is expected to witness a CAGR of 15.8% during the forecast period (2022-2030).

What is the primary factor contributing to the growth of the market?

Growing application of Structural Health Monitoring in technological devices like Wired SHM is expected to drive the growth of the market.

Based on Application, which segment held the largest market share in the DAS devices Market in 2021?

Wired SHM segment held the largest market share among the application in 2021.

Which region held the largest market share in the market in 2021?

North America held the largest share in the market in 2021.

Who are the key players operating in the market?

Key players operating in the market are 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.