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The structural
health monitoring market size is projected to reach USD 4.3 Billion at CAGR
of 15% from 2022 to 2030.The global Structural Health Monitoring market is
projected to record a CAGR of ~15% during the forecast period. Structural Health Monitoring is a type of
monitoring that will detect if there are any damages to the structures.
Structural health monitoring can be applied to many different types of
structures such as buildings, bridges, and pipelines. It can also be used on
other objects such as aircraft and ships.
The COVID-19 outbreak has significantly impacted the global
economy by disrupting production and demand, impacting the supply chain in the
market. The government put a contingency plan in place by putting people inside
their houses with no contact with the outside world. The government imposed a
country-wide lockdown to minimize the risk of any further outbreaks.
There was a decrease in the demand for structural health
monitoring market. During this pandemic, people were focusing on necessary
items and were avoiding the unnecessary costs. This has decreased the demand
for infrastructure projects. Furthermore, the government stopped all
unnecessary activities that have stopped various construction and
infrastructure projects.
Market Research Future has recognized the following
companies as in the global Structural
Health Monitoring market players are Nova Metrix LLC, Geokon, Campbell
Scientific, COWI, Geocomp, Acellent Technologies, Sixense, Pure Technologies,
Structural Monitoring Systems, SGS, and Digi-Texx among others.
Segmental Analysis
The global structural health monitoring market has been
segmented based on offering, technology, end-use, and region. By offering, the
global structural health monitoring market has been segmented into hardware,
software & services. The software & services segment is anticipated to
witness rapid growth in the global structural health monitoring market. As soon
as the data arrives at the sensors, the software starts monitoring and analyzing
its structure. The software provides the visual representation of the data on
structural behavior and allows people to see the changes in real-time so that
damages can be detected at the earliest. To do this, structures need to be
monitored regularly. Structural health monitoring is crucial for any project
with a large infrastructure. Structural failures are also increasing
frequently, which is why this technology has become more urgent. To ensure the
health and integrity of various structures and systems, one can use an approach
based on the data collection from sensors installed around the building or
machine. These include parameters related to loading, stress, strain and
acceleration. Furthermore, it can be challenging for structural engineers to
process and analyze such high volumes of data. To get around this, software
platforms, apps, and other coding solutions are being adopted.
By technology, the global structural health monitoring
market has been segmented into wired and wireless. The wired segment is expected
to be the fastest-growing market in the global structural health monitoring
industry. Today, many structures are being monitored with wired systems. These
include bridges, buildings, and dams. The use of wired structural health
monitoring systems has gained traction in the 21st century. These include the
wires, cables, and fibers that enable the acquisition of data from sensors. It
also enables communication with other devices. Wired network monitoring systems
are good for many things including reducing data attenuation, being high-speed,
the system having no limitation on transmission range, and the network having a
high system bandwidth.
Based on the end-use, the global structural health
monitoring market has been segmented based on civil infrastructure, aerospace
& defense, energy, mining, and others. The civil Infrastructure segment is
expected to be the largest revenue generating segment in the global structural
health monitoring market. The civil infrastructure segment includes bridges, tunnels,
dams, buildings & stadiums. Countries have been investing in physical
infrastructure for a long time now. The US, the UK, Japan, Germany, and other
countries have been making increasingly large investments in this area as they
recognize the potential on offer. It is a positive step towards future economic
growth. Rapid urbanization and an urgent need for high-quality infrastructure
are driving the growth of the world civil infrastructure market. This brings
the increasing number of civil infrastructure projects, which are set to create
a high demand for structural health monitoring systems. In other words, these
systems can be used to maintain and monitor the condition of each structure and
avoid catastrophic failures.
Regional Analysis
Geographically, the global structural health monitoring
market has been categorized as North America, Europe, Asia-Pacific, and Rest of
the World. In recent years, the North American market has seen enormous
development in the structural health monitoring sector. Structural health
monitoring has been transforming the way buildings are built and sustained.
Companies have been using this service to detect and prevent structural issues
such as building collapse, fire, or structural failure that can cost thousands
of dollars to repair.
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