A recent report published by Infinium Global Research on the structural health monitoring market provides in-depth analysis of segments and sub-segments in the global as well as regional structural health monitoring market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional structural health monitoring market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global structural health monitoring market. According to the report, the global structural health monitoring market is projected to grow at a CAGR of 14% over the forecast period of 2021-2027.
The structural health monitoring market was valued at USD 2270 million in 2021 and is expected to reach USD 5082 million in 2027, with a CAGR of 14% during the forecast period. The process of monitoring changes in the material and geometric qualities of engineering structures is known as Structural health monitoring (SHM). These geometric structures like bridges and buildings are monitored over time using periodically sampled response measurements. Structural health monitoring gives regularly updated information regarding the ability of the system to perform its intended function in light of the inevitable aging and degradation obtained from operational environments for long-term structural health monitoring. Structural health monitoring is handy after extreme earthquakes or blast loading. Furthermore, this process is used for rapid condition screening and aims to provide, in near real-time, reliable information regarding the integrity of the structure. The customers who use the structural health monitoring process benefit from forecasting and measuring profits, Integrating and augmenting systems, tracking and measuring construction activities, managing risk portfolio, boosting revenue and enhancing productivity, enabling remote operations, reducing manual interactions, automating decisions, and others. The structural health monitoring process simplifies communications between the system and the operators; hence, it is a helping process for laborers to enhance productivity and optimize cost and operations.
The increased importance of automated maintenance and repair of critical infrastructures are the prime factors propelling the growth of the structural health monitoring market. Furthermore, the other factors driving the development of the market are increased focus on structural health monitoring, obsolete infrastructure in Europe and North America, obsolete aircraft of domestic & international airlines, reduction of inspection costs, and frequent occurrences of natural calamities. On the other hand, high installation and monitoring costs due to an increase in range, resolution, repeatability, precision, and accuracy are hampering the market's growth during the forecast period. Furthermore, there are many challenges related to data normalization, limiting markets growth. Nevertheless, an increase in investments in infrastructure and advances in wireless sensor networks is creating exponential opportunities for the market during the forecast period.
North America has dominated the structural health market by holding the largest revenue share in 2021. Due to the rising focus of the government on the repair and maintenance of the civil infrastructure, there is a massive demand for the structural health market in the region; hence North America is expected to dominate the market during the forecast period further. Furthermore, the other factors driving the market’s growth in the North American region are aging infrastructure and increasing investments from various governments in the area. Additionally, countries like the US and Canada are using structural health monitoring systems to ensure the safety and security of structures and people. For instance, in 2020, the US government announced a USD 2-trillion plan to upgrade the country’s infrastructure, including roads and bridges.
The report on global structural health monitoring market covers segments such as component, technology, and end user. On the basis of component, the sub-markets include hardware, software, and services. On the basis of technology, the sub-markets include wired, and wireless. On the basis of end user, the sub-markets include aerospace & defence, civil infrastructure, mining, energy, and others.
The report provides profiles of the companies in the market such as COWI (Denmark), Campbell Scientific (US), Geokon (US), Nova Metrix LLC (US), and SGS (Switzerland).
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of structural health monitoring market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.