Structural Health Monitoring Market by Offering (Hardware, Software, and Services), Technology (Wired and Wireless), End User (Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026909 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The structural health monitoring market crossed US$ 1.92 billion mark in 2022 and is expected to hit US$ 5.48 billion by 2030, recording a CAGR of 14.0% during the forecast period.  

Structural health monitoring market has been significantly growing with the continuous adoption of hardware in the market.

Hardware components in the structural health monitoring play a vital role by measuring the physical parameters in terms of cracks, temperature, stress, alignment, and vibration of structures. Moreover, there is an increasing number of structural failures which has accelerated the demand for structural health monitoring systems. Furthermore, hardware component helps in taking proactive and corrective measures on data gathered and to further ensure the safety of structures. However, the software and services segment are expected to gain traction during the forecasted year. In addition, there is an increasing need for regular monitoring of structures which is becoming major factors driving the growth of software and services.

Within the report, the market is segmented into offering, technology, end user, and geography. By offering, the market is classified into hardware, software, and services. On the basis of technology, the structural health monitoring market is bifurcated into wired and wireless. Based on end user, the market is segmented into civil infrastructure, aerospace & defense, energy, mining, and others.  Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Massive availability of low-cost sensors drives the growth of structural health monitoring market.

With growing number of companies manufacturing & supplying cost-effective sensors in the recent past, which also includes installation and additional material costs such as cables & other components are becoming one of the major factors propelling the market growth. In addition, the cost and size of various sensors in terms of its vibration, temperature, and load have reduced significantly which therefore, enhances the demand for these structural health monitoring products. Moreover, there is a rapid technological advancement combined with intense competition among different manufacturers, mainly in the Asia-Pacific region is becoming major growth factors in the market.

Growing number of technological advancements

With a growing number of complex designs, large structures & modern, and the need for high-performance structural health monitoring systems, there is a continuous technological advancement, which as a result becoming major trends in the market. Moreover, increased involvement of IoT which is improving situational awareness by empowering visualization of important field parameters. In addition, IoT extracts insights at a massive speed & scale, generally with the help of AI. Furthermore, IoT adoption is anticipated for infrastructure monitoring, security and operation, which is becoming major growth factors for the market in the upcoming years.

Recent strategic developments in structural health monitoring market

The structural health monitoring market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2021, Geokon, which is one of the leading manufacturers of structural instruments launched the GeoNet 8900 Series data acquisition system. Moreover, this new series is a wireless, low-power data acquisition system which collects data from sensors and further provides secure access to view the data over the internet.
  • In November 2020, Norway's largest public commercial port, the Port of Oslo, and COWI signed an agreement. In addition, COWI would provide engineering services which include environmental measures, electrification solutions, structural design, and monitoring of the port.
  • In March 2020, Sherborne Sensors, which is a brand of Nova Metrix LLC launched the LSOC-D Servo series sensor, an inclinometer with an integrated display. In addition, this new product provides a single power supply for both the inclinometer and the display.

The structural health monitoring market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Nova Metrix LLC, Geokon, Campbell Scientific, COWI, Geocomp, Acellent Technologies, Sixense, Pure Technologies, Structural Monitoring Systems, SGS, Digitexx, and others, are among the prominent players operating in the market.

Target audience for the report:

  • Managed service providers
  • International Society for Structural Health Monitoring
  • Structural Health Monitoring of Intelligent Infrastructure (SHMII)
  • Technology-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Structural health monitoring component suppliers
  • End users of Structural health monitoring
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Offering:
    • Hardware
    • Software
    • Services
  • Technology
    • Wired
    • Wireless
  • End User
    • Civil Infrastructure
    • Aerospace & Defense
    • Energy
    • Mining
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • COWI
    • Campbell Scientific
    • Geokon
    • Nova Metrix LLC
    • SGS

The List of Companies
- COWI
- Campbell Scientific
- Geokon
- Nova Metrix LLC
- SGS

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