Structural Health Monitoring Market, By Offering, By Technology, By Application, By Geography

Description

The global structural health monitoring market is estimated to be valued at US$ 2.11 Bn in 2024 and is expected to reach US$ 4.98 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	US$ 2.11 Bn
Historical Data for:	2019 to 2023	Forecast Period:	2024 to 2031
Forecast Period 2024 to 2031 CAGR:	13.00%	2031 Value Projection:	US$ 4.98 Bn

Figure. Structural Health Monitoring Market Share (%), By Region 2024

Structural Health Monitoring Market - IMG1

The global structural health monitoring market is witnessing significant growth in the recent years. Structural health monitoring (SHM) refers to the process of implementing a damage detection and characterization strategy for aerospace, civil, and mechanical engineering infrastructures. It involves deploying a network of sensors to constantly and automatically monitor the condition and performance of these structures. Factors, such as growing need for safety and maintenance of crucial infrastructures like buildings, bridges, and power plants, are driving the demand for SHM solutions globally. Advancements in sensor technologies and capabilities of structural monitoring systems have made the process more effective and affordable. These capabilities allow the early detection of cracks, corrosion, or other defects in structures which helps prevent catastrophic failures and reduces maintenance costs over the structure's lifetime.

Market Dynamics:

The global structural health monitoring market is driven by growing emphasis on preventive maintenance of critical infrastructure worldwide. Rising spending on upgrading aging structures like bridges, tunnels, dams, etc. coupled with stringent safety regulations is positively impacting the market growth. Additionally, structural health monitoring solutions help reduce maintenance costs over the lifetime of assets by enabling condition-based maintenance instead of routine maintenance. Advancements in sensor technologies allowing multi-parameter monitoring using smart sensors is another key growth driver. However, high initial installation and procurement costs limit wider adoption of these solutions. Lack of industry standards and skilled workforce poses a challenge as well. Growing investments in smart city projects especially in developing economies present a lucrative opportunity for market players. Integration of artificial intelligence and IoT capabilities also opens up new growth avenues over the forecast period.

Key Features of the Study:

This report provides in-depth analysis of the global structural health monitoring market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global structural health monitoring market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include 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
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global structural health monitoring market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global structural health monitoring market

Detailed Segmentation:

By Offering
- Hardware
- Software
- Services
By Technology
- Wired SHM
- Wireless SHM
By Application
- Bridges & Dams
- Buildings & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipment's
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players Insights
- 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
- Strainstall UK Limited

Product Code: CMI3529

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Market Snippet, By Offering
- Market Snippet, By Technology
- Market Snippet, By Application
- Market Snippet, By Region
Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
- Drivers
- Restraints
- Market Opportunities
Regulatory Scenario
Industry Trend
Merger and Acquisitions
New System Launches/Approvals
Impact of COVID-19 Pandemic

4. Global Structural Health Monitoring Market, By Offering, 2019-2031, (US$ Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
Hardware
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Software
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Services
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)

5. Global Structural Health Monitoring Market, By Technology, 2019-2031, (US$ Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
Wired SHM
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Wireless SHM
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)

6. Global Structural Health Monitoring Market, By Application, 2019-2031, (US$ Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
- Segment Trends
Bridges & Dams
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Buildings & Stadiums
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Vessels & Platforms
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Airframes & Wind Turbines
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)
Large Machines & Equipment's
- Introduction
- Market Size and Forecast, 2019-2031, (US$ Bn)

7. Global Structural Health Monitoring Market, By Region, 2019-2031, (US$ Bn)

Introduction
- Market Share Analysis, By Region, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020-2031
North America
- Regional Trends
- Market Size and Forecast, By Offering, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Technology, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Application, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
  - U.S.
  - Canada
Europe
- Regional Trends
- Market Size and Forecast, By Offering, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Technology, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Application, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
Asia Pacific
- Regional Trends
- Market Size and Forecast, By Offering, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Technology, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Application, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
  - China
  - India
  - Japan
  - ASEAN
  - Australia
  - South Korea
  - Rest of Asia Pacific
Latin America
- Regional Trends
- Market Size and Forecast, By Offering, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Technology, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Application, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Middle East & Africa
- Regional Trends
- Market Size and Forecast, By Offering, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Technology, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Application, 2019-2031, (US$ Bn)
- Market Size and Forecast, By Country, 2019-2031, (US$ Bn)
  - South Africa
  - Israel
  - GCC Countries
  - Rest of the Middle East & Africa

8. Competitive Landscape

Company Profiles
- Acellent Technologies, Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Advitam Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Campbell Scientific
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- COWI A/S
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Digitexx Data Systems, Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Feac Engineering
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Geocomp Corporation
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Geokon
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Hottinger Baldwin Messtechnik GmbH
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Kinemetrics Inc.
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- National Instruments Corporation
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Nova Metrix LLC
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Pure Technologies
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Sixense
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates
- Strainstall UK Limited
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/Updates

9. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

10. Research Methodology

References
Research Methodology
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