Global Structural Health Monitoring Market is Estimated to Witness High Growth Owing to Infrastructure Development and Increasing Adoption of Structural Health Monitoring Solutions
The Global Structural Health Monitoring Market is estimated to be valued at US$ 2.11 Bn in 2024, exhibiting a CAGR of 13% over the forecast period (2024-2031). Furthermore, rapid infrastructure development across the globe coupled with growing need for preventive maintenance is further supporting the market growth.
Market Dynamics:
The growth of the global structural health monitoring market is driven by increasing government expenditure on infrastructure development and rising adoption of structural health monitoring solutions by private construction companies. Majority of countries are investing heavily in revamping their infrastructure facilities which require continuous monitoring to ensure safety and integrity of the structures. This is increasing the demand for structural health monitoring systems. Furthermore, growing awareness about the benefits of preventive maintenance rather than catastrophic failure is prompting both public and private sector to adopt Structural Health Monitoring solutions. Solution providers are also focusing on developing low-cost and wireless structural health monitoring systems to drive their adoption especially in developing countries. However, high initial installation and monitoring cost may limit the adoption of structural health monitoring to some extent. Ongoing development of cost-efficient technologies is expected to address this challenge.
Growing Need for Preventive Maintenance of Aging Infrastructure is Driving Market Growth
As critical infrastructure such as bridges, dams, buildings and other structures age across the globe, the need for preventive maintenance and safety monitoring has increased dramatically. Conducting regular inspections and health monitoring allows critical issues to be identified early before major damage occurs. This prevents costly repairs and disruption from infrastructure failures. The structural health monitoring market offers solutions such as wireless sensor networks, software and monitoring systems that can continuously monitor structures for anomalies or changes in performance. This allows minor issues to be addressed before becoming bigger problems. The large-scale deployment of SHM solutions is helping to extend the useful life of aging assets and improve safety inspections.
Stringent Regulations Requiring Structural Integrity Assessments are Boosting Adoption
Governments worldwide have implemented stringent regulations requiring critical infrastructure owners to conduct regular integrity assessments and safety monitoring. Industries such as aviation, energy and transportation have very high safety standards mandated by regulatory bodies. Failure to comply with inspection and monitoring requirements can result in heavy penalties. This is driving greater investment in SHM systems that can help organizations meet these compliance needs. Industries are recognizing SHM as a cost-effective way to ensure structures meet safety standards continuously instead of sporadic inspections. The growing regulations around infrastructure integrity are a major driver propelling the structural health monitoring market.
High Initial Costs of SHM Systems are Hampering Widespread Adoption
While SHM provides several benefits, the high upfront costs of deploying a comprehensive monitoring system can be prohibitive for some asset owners. Sensor networks, data acquisition hardware, software solutions and extensive installation & configuration activities require significant capital expenditure. Furthermore, the data storage and analytics capabilities needed for long term monitoring of large assets also contribute to ongoing operational expenses. The total cost of ownership of an SHM program over its lifecycle can be high. This acts as a major restraint especially for owners of smaller structures and developing nations with budget constraints. The higher costs compared to traditional inspection methods limit the scalability of SHM solutions.
Lack of Standardization in Sensors and Data Formats is Challenging Market Growth
The Structural Health Monitoring Market currently lacks common standards for sensor types, data communication protocols and analytics methodologies. Different solution providers employ custom sensors, data schemas and analysis techniques. This lack of interoperability challenges the integration of systems and long term data management. Asset owners find it difficult to seamlessly migrate from one provider to another. Furthermore, the variation in monitoring best practices makes it hard to benchmark performance and share findings across projects. The standardization issues pose difficulties for the structural health monitoring market in realizing its full growth potential.
New Infrastructure Development Projects in Emerging Nations Present Opportunities
Many developing countries in Asia Pacific, Latin America, Middle East and Africa are experiencing substantial economic growth and infrastructure development. Mega-projects in areas such as high-speed rail, energy, bridges and buildings are coming up. While initial budgets may be tight, these nations recognize the importance of investing in preventive asset management solutions. The large scale of new construction offers a major market opportunity for SHM vendors to deploy comprehensive monitoring systems during the design stage itself. This allows low-cost installation and prevents costly retrofits. Furthermore, governments are looking for technologies helping meet sustainability goals of safe, durable infrastructure built for the long term.
IIoT and AI are Driving Innovation in Data Analytics and Decision Making
Advancements in areas such as industrial internet of things (IIoT), cloud computing, computer vision, and artificial intelligence (AI) are driving innovations in structural health monitoring. These new technologies allow vast amounts of sensor data to be seamlessly collected, stored and analyzed. AI and machine learning techniques are enabling previously unachievable insights into structural performance through data-driven predictive analytics. Advanced data management platforms facilitate centralized remote monitoring. Furthermore, AI assists in automating routine inspection tasks as well as complex engineering decisions. The fusion of IoT and AI is opening up new opportunities for the market to optimize operations and maintenance using intelligent data analytics.
Link: https://www.coherentmarketinsights.com/market-insight/structural-health-monitoring-market-3529
Key Developments:
- In June 2023, Samsung Heavy Industries Co., Ltd., a prominent shipbuilding firm, announced that its Hull Stress Monitoring System (HSMS) had secured the ABS SMART Tier 2 approval in principle (AIP) from the American Bureau of Shipping (ABS). This milestone marks the successful outcome of a collaborative project between Samsung Heavy Industries and ABS, aimed at enhancing hull safety through advanced smart ship technology. The AIP confirms the feasibility of the HSMS design and its compliance with ABS SMART Tier 2 standards, which encompass monitoring vessel-specific loads and operations, providing regular updates on structural conditions, and employing physics-based analysis for comprehensive assessment and predictive structural health management.
- In October 2022, Sumitomo Heavy Industries Marine & Engineering (SHI-ME), a prominent shipbuilding firm, entered into a partnership with Light Structures AS, an expert in structural health monitoring solutions. Under this agreement, SHI-ME opted to integrate Light Structures' SENSFIB™ Structural Health Monitoring system into the third vessel of a series of crude oil tankers being built for Samos Steamship.
- In August 2022, FDH Infrastructure Group, LLC, a leading provider of engineering investigations for critical structures and developer of global technology solutions, completed the acquisition of Smart Tower Systems, LLC, a wholly-owned subsidiary of Rohn Products, LLC. Smart Tower Systems manufactures and designs a structural health monitoring (SHM) system in the United States, aimed at supporting diverse infrastructure assets such as telecom, transmission, and wind turbine towers, as well as petrochemical structures, bridges, high-rise buildings, and elevators.
- In April 2022, Structural Monitoring Systems Plc (SMS), a prominent provider of structural health monitoring solutions, disclosed that its Comparative Vacuum Monitor (CVM) sensor technology had gained certification from the Federal Aviation Administration (FAA). This significant achievement paves the way for SMS to incorporate and deploy its CVM technology platform across diverse applications and initiatives within the aviation sector.
Key Players:
Acellent Technologies, Inc., Advitam Inc., Campbell Scientific, COWI A/S, Digitexx Data Systems, Inc., Feac Engineering, Geocomp Corporation, Geokon, Hottinger Baldwin Messtechnik GmbH, Kinemetrics Inc., National Instruments Corporation, Nova Metrix LLC, Pure Technologies, Sixense, and Strainstall UK Limited
