Structural Health Monitoring Market Growth & Trends
The global structural health monitoring market size is estimated to reach USD 10.48 billion by 2030, according to a study conducted by Grand View Research, Inc., rising at a CAGR of 18.8% from 2023 to 2030. Growing investments in infrastructural development and government regulations mandating implementation of sensors and data acquisition systems to monitor structure health are expected to augment the market. Increasing age of existing bridges and dams and rising focus on infrastructural advancements including construction of new bridges, dams, buildings, and stadiums are also providing a push to the market.
Superior infrastructure is essential for regional development and it helps to increase productivity of the private as well as public sectors. Therefore, rapid infrastructural development across the globe is one of the primary growth stimulants for the market. These systems help in reducing cost by removing need for inspection staff and maintenance. Additionally, with ongoing advancements in technology, these systems are being used in applications such as diagnosing vessels and platforms in marine industries, aircraft frames in aerospace and defense, and inspection of large machines.
North America is projected to dominate the market throughout the forecast horizon owing to surging demand from applications such as bridges & dams and buildings & stadiums. However, Asia Pacific is poised to post the highest CAGR of 18.9% during the same period. This is owing to increasing investments in the civil infrastructure sector, along with industries such as aerospace, defense, marine, and manufacturing. Moreover, in 2014, the Chinese government laid down new regulations mandating use of SHM systems while building new architectural structures and bridges. They have restricted replacement time period for an embedded sensor to 20 years and three to five years for a sensor placed on the surface of the bridge. Furthermore, expanding production of oil sands and shale gas in regions such as Africa and Asia are anticipated to stir up the demand for structural health monitoring systems.
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Structural Health Monitoring Market Report Highlights
- The hardware segment is likely to dominate the structural health monitoring market throughout the forecast period owing to higher cost of sensors and data acquisition systems as compared to that of software and services
- In terms of application, the market for structural health monitoring is dominated by bridges & dams and the trend is estimated to continue until 2030. This is due to increasing investments in order to check for health of structures, thus ensuring public safety
- Prominent industry participants include National Instruments Corporation; Structural Monitoring Systems; Digitexx Data Systems, Inc.; and Pure Technologies.
- North America dominated the global structural health market, accounting for the highest revenue share of 35.1% in 2022.
Access Press Release@ https://www.grandviewresearch.com/press-release/global-structural-health-monitoring-shm-market
Structural Health Monitoring Market Segmentation
Grand View Research has segmented the global structural health monitoring market based on solution, application, technology, and region:
Structural Health Monitoring Solution Outlook (Revenue in USD Million, 2017 - 2030)
- Hardware
- Sensors
- Data Acquisition Systems
- Others
- Software & Services
Structural Health Monitoring Technology Outlook (Revenue in USD Million, 2017 - 2030)
- Wired SHM
- Wireless SHM
Structural Health Monitoring Application Outlook (Revenue in USD Million, 2017 - 2030)
- Bridges & Dams
- Buildings & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipments
Structural Health Monitoring Regional Outlook (Revenue in USD Million, 2017 - 2030)
- North America
- US.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
List of Key Players of Structural Health Monitoring Market
- Acellent Technologies, Inc.
- Campbell Scientific, Inc.
- COWI A/S
- DIGI-TEXX
- Geocomp, Inc.
- GEOKON
- GeoSIG Ltd
- HBK
- James Fisher and Sons plc.
- Kinemetrics
- NATIONAL INSTRUMENTS CORP.
- Nova Ventures Group
- Sixense
- STRUCTURAL MONITORING SYSTEMS PLC
- Xylem
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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