PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515498
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515498
Structural Health Monitoring Market size was valued at USD 2,489.12 Million in 2023, expanding at a CAGR of 9.8% from 2024 to 2032.
Structural health monitoring (SHM) is the analysis, localization and recording of the loading and damaging conditions of a structure. The objective is to assess structural severity, detect damage and predict potential failure. The process employs various sensors, data collection techniques, and analytical tools to assess the integrity and performance of structures over time. This allows for timely maintenance and provides improved safety. This proactive approach helps extend the lifespan of structures, optimize maintenance schedules, and ensure the reliability and safety of critical infrastructure.
Structural Health Monitoring Market- Market Dynamics
Favorable regulations and safety guidelines are the key drivers
Government regulations and safety guidelines are the main factors driving the growth of the structural health monitoring (SHM) market. With an ageing infrastructure and a heightened focus on safety, governments are mandating regular health assessments of critical structures like bridges and buildings. In the United States, according to the American Society of Civil Engineers (ASCE), over 43,000 bridges are structurally deficient, requiring significant maintenance and repair.
Governments and infrastructure stakeholders are increasingly focused on enhancing the safety and longevity of civil infrastructure through advanced monitoring technologies. One such technology gaining prominence is InSAR (Interferometric Synthetic Aperture Radar), which offers significant advantages in structural health monitoring. It operates by comparing radar signals reflected from the Earth's surface over time, enabling the detection of subtle changes in ground elevation.
Structural Health Monitoring Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.8% over the forecast period (2024-2032)
Based on Offering segmentation, Hardware was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Wireless was the leading type in 2023
Based on Vertical Segmentation, Civil was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Structural Health Monitoring Market is segmented based on Offering, Technology, Vertical, and Region.
The market is divided into three categories based on Offering: Hardware and Software and Services. The hardware segment's dominance in the Structural Health Monitoring market originates from its fundamental role, substantial initial investment requirements, and rapid technological advancements. Hardware includes diverse components such as sensors, data acquisition systems, cameras, drones, and satellite-based instruments used for visual inspection and remote sensing.
The market is divided into two categories based on Technology: Wired and Wireless. Owing to technological advancements, wireless systems have gained dominance in the market for structural health monitoring. Wireless systems utilize Bluetooth, cellular networks, radio frequency (RF), Wi-Fi and cellular networks to transmit data from sensors to monitoring stations for analysis. These wireless systems provide greater flexibility in reach and deployment, as they do not require physical cables and are easier to install in remote or hard-to-access locations.
Structural Health Monitoring Market- Geographical Insights
In the Asia-Pacific region, the Structural Health Monitoring Market thrives on rapid infrastructure development and urbanization. Countries like China and India are the major economies in the region sharing a bigger portion of the market. With their expansive landscapes and diverse climates, the region requires ongoing structural health monitoring to safeguard their extensive infrastructure assets. Therefore, the region is increasingly prioritizing safety, sustainability, and efficient infrastructure management, driving demand for advanced monitoring solutions.
Major players such as Acellent Technologies, Inc., Digitexx Data Systems Inc., Kinemetrics Inc., National Instruments Corporation, Nova Metrix LLC, (known for their innovative sensor solutions) and Strainstall UK Limited dominate the market. With comprehensive offerings such as a wide range of sensors, monitoring systems, and integrated solutions. These companies leverage their global presence and extensive R&D capabilities to maintain a competitive advantage. And they together, provide a robust ecosystem of solutions for diverse structural health monitoring needs.
In Nov 2023, A Singapore shipyard and ABS created a digital system to monitor the health of a drilling unit, a world first that could improve safety at sea. This follows their collaboration on other smart technologies for ships.
In Nov 2023, New UCF Tech Uses AI, and VR to Monitor the Safety of Bridges and buildings. UCF researchers have developed four new inventions that use artificial intelligence and virtual reality to improve the structural health monitoring of buildings, bridges, roads and other civil structures.
GLOBAL STRUCTURAL HEALTH MONITORING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Acellent Technologies, Inc.
Bridge Diagnostics Inc.
Campbell Scientific Inc.
Cowi A/S
Digitexx Data Systems Inc.
Feac Engineering
Hbk - Hottinger Bruel & Kjaer (Spectris Plc)
James Fisher And Sons Plc.
Kinemetrics Inc.
RST Instruments Ltd.
Sisgeo S.R.L.
Sixense Enterprises Inc.