The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, June 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Structural Health Monitoring Market Report 2023, the market will grow from $2.3 billion in 2022 to $2.6 billion in 2023 at a compound annual growth rate (CAGR) of more than 15.5%. Further, the market will reach $4.6 billion by 2027, with a CAGR of more than 15.1%. Asia-Pacific region held the largest structural health monitoring market share in 2022.

Future industry expansion for structural health monitoring is anticipated to be aided by frequent natural disasters. "Natural calamity" refers to any disastrous event resulting from a natural phenomenon on Earth. The market for structural health monitoring is expected to grow as a result of natural disasters happening more frequently because it helps to prevent water and flood damage caused by collapsed dams, dykes, pipelines, and other similar infrastructure.

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Major structural health monitoring companies are Nova Ventures Group Corp., Geokon, Campbell Scientific Inc., COWI A/S, Geocomp Corporation, Acellent Technologies Inc., Sixense, SGS Société Générale de Surveillance SA, James Fisher Strainstall, and Advitam Inc. (Vinci SA).

Key trend in the structural health monitoring market is technological advancement. Leading companies in this industry are dedicating their efforts to the development of innovative technologies.

For example, in June 2021, Quakelogic, a US-based provider of intelligent disaster management solutions, introduced the SMARTMONITORING system. This system combines advanced structural health monitoring (SHM) and earthquake early warning (EEW) technologies. One notable feature of the SMARTMONITORING system is its round-the-clock monitoring capability, coupled with prompt notifications. By leveraging cloud-based technologies and artificial intelligence (AI), decision-makers and their teams can access real-time information swiftly.

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The global structural health monitoring market is segmented as -

1) By Component: Hardware, Software, Services

2) By Connectivity: Wired, Wireless

3) By Application: Bridges And Dams, Buildings And Stadiums, Vessels And Platforms, Airframes And Wind Turbines, Large Machinery And Equipment

4) By End User: Civil, Aerospace, Defense, Energy, Mining, Other End Users

The structural health monitoring market report provides valuable insights into the current scenario and future prospects of the market, highlighting the significance of technological advancements and the key players driving the industry forward. The report also offers insights on the most lucrative segments and regions that players in this industry must focus on.

Structural Health Monitoring Global Market Report 2023 by The Business Research Company provides insights on the structural health monitoring market size, structural health monitoring market segments, structural health monitoring market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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