Structural Health Monitoring Market is Expected to Grow from US$ 1,965.1 Million in 2021; it is expected to register at a compound annual growth rate (CAGR) of 14.5% During 2022-2028.
Structural health monitoring (SHM) tools are used in the design, analysis, and maintenance of civil engineering structures and systems. The catastrophic failure of infrastructure can result in the loss of lives, along with incurring huge infrastructure losses, which is one of the major factors boosting the growth of the structural health monitoring market. High investments in infrastructure; and the benefits of structural health monitoring, such as reduced maintenance costs and improved safety also favor the progress of the structural health monitoring market.
MARKET DYNAMICS
Primary purposes served by structural health monitoring include the testing & monitoring of the performance and health of large machines, turbines, airframes, and structures (bridges, buildings, dams, stadiums, etc.). The SHM equipment reduces inspection costs and improves the safety of crucial architectural structures. It also helps eliminate costly and ineffective procedures of manual inspections. However, the high costs of installation and monitoring procedures and challenges pertaining to data normalization may restrain the growth of the structural health monitoring market. However, stringent government regulations; aging infrastructures; and advancements in monitoring systems, such as wireless sensor networks, are expected to trigger the growth of the market in the coming year. In March 2020, Sherborne Sensors, a brand of Nova Metrix LLC, introduced the LSOC-D Servo series sensor, which is an inclinometer with an integrated display. The LSOC-D provides a single power supply for, both, the display and inclinometer. This sensor is majorly designed for the monitoring of bridges.
Strategic Insights
MARKET SCOPE
The "Global Structural Health Monitoring Market Analysis to 2028" is a specialized and in-depth study of the market. The report aims to provide the market overview with detailed segmentation by component, connectivity, and end user. The report also provides key statistics of the market based on the revenue performances of the market players, and describes key trends and opportunities in the structural health monitoring market.
MARKET SEGMENTATION
The structural health monitoring market is segmented on the basis of component, connectivity, and end-user. Based on component, the market is segmented into hardware, software, and services. On the basis of connectivity, the structural health monitoring market is segmented into wired structural health monitoring and wireless structural health monitoring. Further, the market, based on end user, is segmented into oil & gas, civil infrastructure, aerospace & defense, energy, mining, and others.
REGIONAL FRAMEWORK
The report provides an overview and the forecast of the structural health monitoring market based on various segments. It also provides market size and forecast for the period of 2020–2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America. The structural health monitoring market, based on region, is subsegmented into respective countries and segments. The report entails the analysis and forecast of the market in 18 countries, along with current trends and opportunities prevailing in every region.
North America dominated the structural health monitoring market with ~30% share in 2021. The dominance of the region in the market is mainly due to the presence of a large number of manufacturers in this territory. A few of the key structural health monitoring manufacturers in the region include Campbell Scientific, Geokon, and Nova Metrix LLC. Government initiatives for infrastructure developments are also contributing toward the structural health monitoring market growth in North America. For instance, in 2021, the US government announced a plan of US$ 2 trillion for upgrading the country’s infrastructure (including bridges and roads). Furthermore, the US and Canada are increasingly using SHM systems for ensuring the security and safety of structures and people. The below figure showcases the revenue growth trend in the North American structural health monitoring market:
Source: The Insight Partners Analysis
The report analyses factors affecting the structural health monitoring market from both the demand and supply side, followed by explaining market dynamics, i.e., drivers, restraints, opportunities, and future trends, affecting the market growth. The report also provides an exhaustive PEST analysis, highlighting the factors affecting the structural health monitoring market in major regions.
IMPACT OF COVID-19 PANDEMIC
The demand for structural health monitoring devices dropped in the first 2–3 quarters of 2020 globally, thus leading to lower production volumes for companies manufacturing these systems and their components. A decline in the demand was majorly due to prolonged lockdowns; a pause in international trade; and hindrances in construction and maintenance activities in civil infrastructure, energy, and aerospace & defense sectors in various countries. However, the structural health monitoring market embarked on the path of recovery from 2021. The market witnessed a growth of ~9% in 2021, majorly due to infrastructure development initiatives taken by governments of different countries.
MARKET PLAYERS
This report on the structural health monitoring market puts light on key developments by market players, including organic and inorganic growth strategies adopted by them. Various companies are focusing on organic growth strategies such as product launches and product approvals, along with patent filing and events. Inorganic growth strategies witnessed in the structural health monitoring market include acquisitions, and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The list of several companies functional in the structural health monitoring market is given below.
- ?Acellent Technologies, Inc.?Campbell Scientific, Inc.?Digitex?Geocomp Corporation?HBM?James Fisher and Sons plc?Kinemetrics?Nova Ventures?Resensys, LLC?SIXENSE Systems
The report also includes the profiles of key structural health monitoring market companies, along with their SWOT analysis and market strategies. It also focuses on their component and service offerings, financial information (last 3 years), and key development (past 5 years).
The Insight Partner's dedicated research and analysis team consists of experienced professionals, having advanced statistical expertise. The team also offers various customization options in the existing study.