The global structural health monitoring market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants.
In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency. Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.
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Additionally, an increase in seismic activities globally has further led to increase in demand for structural health monitoring devices. National Earthquake Information Center in the U.S detects over 20,000 earthquakes around the globe each year and on an average 55 earthquakes per day. Additionally, infrastructural activities such as fracking for oil, dam-build, and pumping gas without refilling, have induced man-made earthquakes. Earthquakes of greater intensity significantly damage civil infrastructure, which is expected to increase demand for structural health monitoring systems and hence drive revenue growth of the market to a greater extent.
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
What Questions Should You Ask before Buying a Market Research Report?
How is the Structural Health Monitoring market evolving?
What is driving and restraining the Structural Health Monitoring market?
How will each Structural Health Monitoring submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?
How will the market shares for each Structural Health Monitoring submarket develop from 2022 to 2030?
What will be the main driver for the overall market from 2022 to 2030?
Will leading Structural Health Monitoring markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?
Who are the leading players and what are their prospects over the forecast period?
What are the Structural Health Monitoring projects for these leading companies?
How will the industry evolve during the period between 2020 and 2030? What are the implications of Structural Health Monitoring projects taking place now and over the next 10 years?
Is there a greater need for product commercialization to further scale the Structural Health Monitoring market?
Where is the Structural Health Monitoring market heading and how can you ensure you are at the forefront of the market?
What are the best investment options for new product and service lines?
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