Structural Health Monitoring Market Size, Share, Growth Analysis, By Offering, By Technology, By Vertical, By Application, By Region - Industry Forecast 2024-2031

Global Structural Health Monitoring Market size was valued at USD 2.20 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 5.32 billion by 2031, growing at a CAGR of 10.30% during the forecast period (2024-2031).

Structural health monitoring (SHM) involves the continuous observation and analysis of engineering structures, such as bridges and buildings, to track changes in their material and geometric properties over time. This process utilizes periodic measurements of the structure's responses, involving the selection of appropriate excitation methods, sensor types, their placement, and data acquisition, storage, and transmission hardware, collectively known as health and usage monitoring systems. The market for SHM is driven by several key factors. These include the growing need for automated maintenance and repair of vital infrastructure, the severe consequences of structural failures, including loss of life and financial impact, and substantial investments in the infrastructure sector. Additionally, stringent government regulations aimed at creating sustainable structures, the aging infrastructure, and the advantages provided by SHM technologies contribute to market growth. The reduction in costs associated with SHM systems, which integrate data acquisition and transmission systems, sensors, analytical tools, measuring amplifiers, and software, also supports this growth. SHM systems are essential for detecting damage through predictive maintenance, enhancing structural safety, and enabling automatic responses, thus saving time and costs. The global structural health monitoring market saw a growth rate of approximately 8%-10%, driven by increased infrastructure investments and construction projects worldwide. The market is expected to continue expanding robustly from 2022 onwards, propelled by rapid growth in the infrastructure sector and increasing government initiatives toward SHM system standardization and public safety. Furthermore, stringent regulations on sustainable structures and declining sensor costs are anticipated to further stimulate market growth.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Structural Health Monitoring market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Structural Health Monitoring Market Segmental Analysis

Global Structural Health Monitoring Market is segmented by Offering, Technology, Vertical, Application, and region. Based on Offering, the market is segmented into Hardware and Software & Services. Based on Technology, the market is segmented into Wired, and Wireless. Based on Vertical, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Other Verticals. Based on Application, the market is segmented into Agricultural, Cleaning, Educational, Healthcare, Manufacturing, Warehousing & Logistics, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Drivers of the Global Structural Health Monitoring Market

Recently, there has been a significant reduction in the cost and size of various sensors, including those for temperature, vibration, and load. This decrease is largely attributed to rapid technological advancements in the semiconductor industry and intense competition among manufacturers, particularly in the Asia Pacific region. These sensors are crucial for structural health monitoring (SHM) systems, as they gather and process the information needed to monitor and evaluate structures like dams and bridges. The availability of smaller and more affordable sensors contributes to a decrease in the overall cost of SHM systems. This reduction includes savings on installation and additional materials, such as cables and other components. As a result, these advancements are expected to drive substantial growth in the SHM market in the near future.

Restraints in the Global Structural Health Monitoring Market

Most structural health monitoring (SHM) devices currently on the market rely on traditional damage tolerance technology. This reliance has led to the development of non-destructive inspection (NDI) techniques, some of which are labor-intensive and necessitate highly skilled operators or inspectors. For example, in industries like aerospace and maritime, certain applications require disassembling components, which involves grounding aircraft or docking ships, leading to significant downtime. Moreover, the limited availability of skilled professionals for the implementation, design, and maintenance of SHM systems is anticipated to pose a challenge to the global SHM market's growth over the forecast period. This shortage of expertise could hinder the efficiency and expansion of SHM technologies, impacting market development.

Market Trends of the Global Structural Health Monitoring Market

In construction and critical infrastructure management, there is a pressing need for reliable and timely data. Historically, structural health monitoring (SHM) data collection was a manual process requiring engineers to take measurements in the field. This approach was often slow, unreliable, and inefficient. The advent of the Internet of Things (IoT) has significantly enhanced the civil and structural engineering sectors. With substantial reductions in sensor and connectivity costs and the growth of platform-as-a-service business models, it is now possible to collect and analyze large volumes of data remotely. This advancement enables the aggregation of information and critical analysis, leading to actionable insights that improve efficiency and decision-making in SHM.