Structural Health Monitoring Market by Offering, Technology, Monitoring Approach, Vertical

Description

List of Tables

[198 Pages Report] The Structural Health Monitoring Market size was estimated at USD 4.31 billion in 2023 and expected to reach USD 4.83 billion in 2024, at a CAGR 12.64% to reach USD 9.92 billion by 2030.

The structural health monitoring (SHM) market comprises solutions, services, and technologies utilized for assessing and analyzing the health and performance of structures such as buildings, bridges, dams, and industrial equipment. It involves various methods and tools to detect and monitor the integrity of these structures to ensure safety and maintain operational efficiency. SHM applications are broad, including civil infrastructure, aerospace, energy utilities, and more, where monitoring structural integrity is crucial. End-users range from construction companies, government bodies responsible for public safety, to industries that rely heavily on maintaining their asset integrity for operational continuity. New opportunities in the SHM market are emerging with advancements in technology. The integration of artificial intelligence and machine learning for predictive analysis, increased use of drones for critical inspections, and the development of advanced materials and sensors are creating new prospects for growth. The increasing need to maintain aging infrastructure, coupled with technological leaps in smart sensors and IoT, is bolstering the demand for SHM systems. Compliance with stringent safety regulations and the pressing need for disaster risk mitigation are further catalyzing market expansion. Although high initial costs, technical complexities, data management challenges, and reluctance to move away from traditional practices pose obstacles, the market presents notable opportunities. Innovations in wireless sensor networks, enhanced data analysis software, advancements in material science, and the standardization of SHM protocols are areas primed for development. These innovations are critical for businesses looking to lead in the SHM market, ensuring the enduring safety and functionality of essential structures across diverse sectors such as civil infrastructure, aerospace, and energy utilities.

KEY MARKET STATISTICS
Base Year [2023]	USD 4.31 billion
Estimated Year [2024]	USD 4.83 billion
Forecast Year [2030]	USD 9.92 billion
CAGR (%)	12.64%

Component: Need of highly advanced component for the real time monitoring of structural health refining predictive maintenance analytics

Hardware constitutes essential components such as sensors and data acquisition systems for extreme conditions. In the services arena, expertise-driven offerings span system design to maintenance and analysis, to refine predictive maintenance analytics. The software are the platforms that feature sophisticated data processing and machine learning algorithms, to enhance usability and predictive capabilities. While each component holds its unique value, the real strength emerges from their synergy, creating holistic, scalable, and increasingly predictive SHM systems that cater to varying client needs, from initial hardware setup to software integration for complex, ongoing monitoring.

Technology: Preference for wireless structural health systems for quick deployment or reconfiguration of more secure monitoring systems

Wired structural health monitoring systems are characterized by physical connections between sensors and data acquisition systems. These systems typically include a network of cables to transfer data and power across the monitoring points in a structure. Wired SHM systems are favored in situations for reliability and data integrity are critical, with minimal risk of data loss due to interference. Continuous power supply is necessary for long-term monitoring without the need for battery replacement. The environment or structure is not conducive to wireless signal transmission. There is a requirement for high data bandwidth and real-time monitoring capabilities. Wireless structural health monitoring systems use wireless sensor networks to monitor the health of structures. They are designed to reduce the installation time and cost as compared to wired systems and offer greater flexibility in sensor placement. Wired and wireless SHM systems are contingent upon various factors including cost, data reliability, complexity of installation, and specific structural requirements. Wired systems are traditionally regarded for their reliability and capability for high-speed data transfer, yet they often incur higher installation costs and demand significant modifications to the structure. Conversely, wireless systems afford greater flexibility, lower installation costs, and easier scalability, albeit with potential concerns regarding power management, data security, and signal interference.

Vertical: Expandable utilization in aerospace and defense of structural health monitoring for minimal interference with the operational capabilities

In the aerospace & defense industry, the need for structural health monitoring is emphasized by the critical importance of safety and the high costs associated with structural failures. SHM systems in aircraft and defense equipment are used to monitor fatigue, detect damages due to impacts, and predict the lifespan of structural components, leading to proactive maintenance and cost savings. The preference for lightweight, highly accurate, and real-time monitoring systems that offer minimal interference with the operational capabilities of the vehicle or structure. Civil infrastructure includes bridges, dams, tunnels, buildings, and other critical structures that require continuous monitoring to prevent catastrophic failures. Systems that offer long-term stability, scalability for large structures, and cost-effectiveness are a priority to accommodate the vast range of civil infrastructure monitoring needs. The energy sector, particularly within renewable energy structures like wind turbines and oil & gas platforms, relies on SHM systems to ensure reliability and to prevent unanticipated downtime, which can result in significant financial losses. Durable, corrosion-resistant, and able to operate in harsh environments, the preferred SHM systems in this sector must handle extreme weather conditions and provide early fault detection. Mining operations necessitate SHM to prevent structural failures that can have serious safety and environmental impacts. These systems are used to monitor mine integrity, tailings dams, and related infrastructure. Robust and rugged systems that can operate in a subterranean or rough terrain environment, with the ability to withstand shock, vibration, and dust, are critical in the mining industry.

Regional Insights

The United States, Canada remain at the forefront with its aging infrastructure and the increasing frequency of natural disasters, there is a high demand for SHM systems. The U.S. government invests significantly in infrastructure maintenance, alongside private sector participation, which fuels the growth of SHM services. Consumers show a higher preference for advanced technologies such as wireless sensor networks and IoT integrations in SHM solutions. European Union (EU) countries have shown a proactive approach in the adoption of SHM. Initiatives for smart cities and sustainable infrastructure advocate the use of SHM systems. European consumers and governments prefer environmentally friendly and energy-efficient systems, creating demand for green SHM solutions. The Asia Pacific region exhibits a fast-growing SHM market due to rapid urbanization, expanding infrastructure, and high occurrence of natural disasters. Countries such as China, Japan, and India present diverse opportunities and challenges, owing to vast infrastructure projects driving the demand for high-quality SHM systems. The Chinese government is implementing strict building codes and regulations that mandate the use of SHM technologies.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Structural Health Monitoring Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Structural Health Monitoring Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Structural Health Monitoring Market, highlighting leading vendors and their innovative profiles. These include Acellent Technologies Inc., AVT Reliability Ltd., Beanair GmbH, Bridge Diagnostics, Campbell Scientific, Inc., COWI A/S, Digitexx Data Systems, Inc., ElastiSense, FEAC Engineering P.C., First Sensor AG by TE Connectivity Ltd., Geocomp, Inc., Geokon, Geomotion (Singapore) Pte Ltd., Hottinger Bruel & Kjaer GmbH, ignaGuard, LLC, Infibra Technologies Srl, James Fisher and Sons PLC, KDM Engineers [India] Pvt. Ltd., Kinemetrics, Inc., Nova Ventures Group Corp., Rst Instruments Ltd., Sensuron LLC, Setpoint Technologies Ltd., SGS S.A., SHM Canada Consulting Limited, Sisgeo Srl, SITES AFLA (Pty) Ltd., Sixense Group, Sodis Lab, Somni Solutions, and Xylem Inc..

Market Segmentation & Coverage

This research report categorizes the Structural Health Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
- Hardware
  - Sensors
    - Accelerometers
    - Corrosion Sensors
    - Displacement Sensors
    - Inclinometers and Tiltmeters
    - Strain Gauges
    - Temperature Sensors
- Services
  - Post-Installation
  - Pre-Installation

Software

Technology
- Wired Structural Health Monitoring
- Wireless Structural Health Monitoring

Monitoring Approach
- Active Monitoring
- Passive Monitoring

Vertical
- Aerospace & Defence
- Civil Infrastructure
- Energy
- Mining

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Structural Health Monitoring Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Structural Health Monitoring Market?

3. What are the technology trends and regulatory frameworks in the Structural Health Monitoring Market?

4. What is the market share of the leading vendors in the Structural Health Monitoring Market?

5. Which modes and strategic moves are suitable for entering the Structural Health Monitoring Market?

Product Code: MRR-6611A5111719

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Huge benefits associated with structural health monitoring
  - 5.1.1.2. Investments in structural health monitoring across various countries worldwide
  - 5.1.1.3. Aging infrastructure and government regulations about the sustainability of structures
- 5.1.2. Restraints
  - 5.1.2.1. Delayed response to the structural health monitoring in developing countries
- 5.1.3. Opportunities
  - 5.1.3.1. Public-private-partnerships for infrastructure development coupled with advancements in the field of sensor technology
  - 5.1.3.2. Advent of technologically advanced solution for structural health monitoring
- 5.1.4. Challenges
  - 5.1.4.1. Complexity associated with large volumes of data processing and management
5.2. Market Segmentation Analysis
- 5.2.1. Component: Need of highly advanced component for the real time monitoring of structural health refining predictive maintenance analytics
- 5.2.2. Technology: Preference for wireless structural health systems for quick deployment or reconfiguration of more secure monitoring systems
- 5.2.3. Vertical: Expandable utilization in aerospace and defense of structural health monitoring for minimal interference with the operational capabilities
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Structural Health Monitoring Market, by Offering

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software

7. Structural Health Monitoring Market, by Technology

7.1. Introduction
7.2. Wired Structural Health Monitoring
7.3. Wireless Structural Health Monitoring

8. Structural Health Monitoring Market, by Monitoring Approach

8.1. Introduction
8.2. Active Monitoring
8.3. Passive Monitoring

9. Structural Health Monitoring Market, by Vertical

9.1. Introduction
9.2. Aerospace & Defence
9.3. Civil Infrastructure
9.4. Energy
9.5. Mining

10. Americas Structural Health Monitoring Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Structural Health Monitoring Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Structural Health Monitoring Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Arahas Unveils Groundbreaking Structural Health Monitoring and Early Warning Technology for Earthquake-Prone Regions in the Indian Subcontinent
- 13.3.2. ABS Launches Offshore Structural Health Monitoring Notation
- 13.3.3. Akselos, Yinson and Enauta Sign a Multi-Year Deal in Brazil to Deploy Real-Time Structural Health Monitoring for Atlanta FPSO
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio