According to the most recent analysis by Emergen Research, the worldwide structural health monitoring market had a value of USD 1.87 billion in 2021 and is anticipated to grow at a rate of 14.3% during the forecast period. Some of the major reasons propelling the structural health monitoring market revenue growth include the quick development of sensing technology as a result of R&D expenditures and the decreased cost of structural health monitoring devices. Companies in a wide range of industries are using sensors extensively. Process plants that have installed sensors to digitise operations for process control and connect key processes in their facilities have done so.
Additionally, data collection and analysis can be done with this to increase process efficiency. Artificial Intelligence (AI) and Machine Learning (ML) can support decision-making and improve performance optimization by combining intelligent sensing with these technologies. Additionally, a surge in the use of sensors for real-time monitoring of structural components has been brought on by the availability of an extensive selection of reasonably priced sensors. This has helped to increase component life, save maintenance costs, and boost public safety.
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Competitive Terrain:
The Global Structural Health Monitoring Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Key participants include Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc.
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Key Highlights from the Report
On 30 April 2020, Campbell Scientific, Inc., created Granite series, a modular Data-Acquisition (DAQ), which can be centralized or distributed. It reduces total cost of ownership and operation of data. A broad range of measurement modules facilitates expansion of channels and flexibility for all critical SHM measurements.
The hardware segment revenue is expected to account for largest revenue share over the forecast period owing to rapid advancement in sensing technology due to investments in R&D and reduction in cost of installing structural health monitoring. Wired hardware systems allow continuous transmission of data, which facilitates real-time collection of data and enable user to monitor structural health of infrastructure.
The wired segment accounted for a significantly robust revenue share in 2021 owing to its rapid increase in demand for monitoring health of structures. Structural Health Monitoring (SHM) is widely adopted in civil infrastructure for continuous monitoring of structures, which may help to improve life of structure and its performance and preventing sudden failure of structures and loss of life.
The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Outlook of Structural Health Monitoring Market:
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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Emergen Research has segmented the global structural health monitoring market based on offering, technology, end use, and region:
Offering Outlook (Revenue, USD Billion, 2019–2030)
Hardware
Software
Services
Technology Outlook (Revenue, USD Billion, 2019–2030)
Wired
Wireless
End Use Outlook (Revenue, USD Billion, 2019–2030)
Civil Infrastructure
Aerospace and Defense
Energy
Mining
ToC of the report:
Chapter 1: Market overview and scope
Chapter 2: Market outlook
Chapter 3: Impact analysis of COVID-19 pandemic
Chapter 4: Competitive Landscape
Chapter 5: Drivers, Constraints, Opportunities, Limitations
Chapter 6: Key manufacturers of the industry
Chapter 7: Regional analysis
Chapter 8: Market segmentation based on type & applications
Chapter 9: Current and Future Trends
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