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Market Highlights
The structural
health monitoring market share 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 the key players in the global Structural Health Monitoring market
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 outlook 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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