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Structural Health Monitoring Market Size Worth USD 4.3 Billion by 2030 at CAGR of 15% - Report by Market Research Future (MRFR)

Structural Health Monitoring Market Trends and Insights by Offering (Hardware, Software & Services), Technology (Wired, Wireless), End-Use (Civil Infrastructure, Aerospace & Defense, Energy, Mining), and Region (North America, Europe, Asia Pacific, Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2030

/EIN News/ -- New York, USA, June 30, 2022 (GLOBE NEWSWIRE) -- Structural Health Monitoring Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Structural Health Monitoring Market Information by Offering, Technology, End-Use, and Region - Forecast till 2030”, the market to reach USD 4.3 Billion at CAGR of 15% between 2022 and 2030.

Structural Health Monitoring Market Synopsis

Structural health monitoring can be described as a tool that allows civil engineers to bring down maintenance costs while improving the safety measures of vital architectural structures. Crucial functions of SHM systems are testing & monitoring of health and performance of airframes, large machines, turbines, as well as structures like bridges, buildings, stadiums, and dams.

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Report Scope:

Report Attribute Details
Market Size 4.3 billion
CAGR 15%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Offering, Technology and End User
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Opportunities in emerging nations and GCC regions are growing
The increased importance of automated maintenance and repair of critical infrastructures

Structural Health Monitoring Market Competitive Landscape:

The affluent companies in the structural health monitoring market are

  • Nova Metrix LLC
  • Geokon
  • Campbell Scientific
  • COWI
  • Geocomp
  • Acellent Technologies
  • Sixense
  • Pure Technologies
  • Structural Monitoring Systems
  • SGS
  • Digi-Texx

Structural Health Monitoring Market USP Covered:

Market Drivers:

The swift expansion of the worldwide infrastructure industry will have a tremendous impact on the structural health monitoring market. Surging number of government initiatives pertaining to SHM system standardization as well as public safety will also bolster business growth. Rigid regulations with respect to the sustainability of the structures along with the declining prices of sensors should further give a fillip to the worldwide market.

In emerging countries, rise in large projects like smart cities will be a major factor, given the extensive use of these systems for monitoring infrastructure health. These projects will most likely shape the market dynamics in the evaluation period. In 2014, a few regulations were set up by the Chinese government, which stated that SHM systems must be utilized in new architectural structures as well as bridges. It further outlines the importance of maintainable, durable and replaceable sensors with service life of around 20 years.

Increase in infrastructural advancements worldwide coupled with the mounting concerns with regard to natural calamities is compelling governments to come up with strict regulations pertaining to SHM. This will undoubtedly favor the market. Additionally, the heightened focus on using low-cost energy harvesting systems as well as the heavy adoption rate of distributed optic fiber will further contribute to the market growth.

Structural Health Monitoring Market Restraints:

The surge in resolution, range, precision, accuracy and repeatability results in raised costs of the systems. Though these monitoring systems bring down the total costs in the long term, the installation costs are extremely high. This can be owing to the use of advanced sensors, complex data acquisition systems as well as software. These costs can include software, service and hardware costs, depending on the complexity of the structures as well as the construction cost.

Though significant monitoring and installation costs will hamper the market growth, the effects of this restraint should drop gradually in the following years because of the intensifying competition between the players. Another reason can be the reduction in the prices of structural health monitoring systems.

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COVID 19 Analysis

The COVID-19 outbreak’s significant impact has led to numerous severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.

Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other conditions. These factors will most likely be unfavorable for the structural health monitoring market in the years to come.

Structural Health Monitoring Market Segmentation

By Offering

Depending on offering, the structural health monitoring industry has been considered for hardware, services and software. The software & services segment should attain the fastest growth rate in the following years.

By Technology

The key technologies covered in the report for the structural health monitoring market include wired as well as wireless. The wired segment shall garner the fastest CAGR over the evaluation period.

By End-Use

With respect to end-use, the structural health monitoring market caters to aerospace & defense, civil infrastructure, mining, energy, and more. The civil infrastructure segment can expect to secure the leading spot in the worldwide market for structural health monitoring.

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Structural Health Monitoring Market Regional Insights

North America is the market leader and will retain its dominance all through the forecast period, thanks to the government’s surging focus on repairing and maintaining the civil infrastructure. The North American market also stands to benefit from the aging infrastructure coupled with the rising investments from the government in the region. For example, in 2020, the US government came up with a USD 2-trillion scheme to upgrade the infrastructure, such as bridges and roads. Other than this, countries like Canada are progressively making use of structural health monitoring systems to guarantee the security and safety of the structures as well as people.

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Asia Pacific will be securing the highest CAGR in the years ahead, owing to the rapid growth in the number of infrastructure projects including power plants, smart cities and bridges, which warranties the need for advanced structural health monitoring systems. Several countries, such as China, Japan and India are spending considerably on infrastructure, such as buildings and bridges to enhance their economic growth rate.

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