Structural Health Monitoring Market Size is projected to reach USD 7.59 Billion by 2030, growing at a CAGR of 14.7%: Straits Research

The Global Structural Health Monitoring Market was valued at USD 2.21 billion in 2021 and is predicted to reach at USD 7.59 billion by 2030, increasing at a CAGR of 14.7% from 2022 to 2030. Asia-Pacific is the dominant and fastest-growing region. It is estimated to grow at a CAGR of 15.2% during the forecast period.

| Source: Straits Research Straits Research

New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Structural Health Monitoring identifies and assesses structural deterioration in civil, aeronautical, and mechanical engineering. After World War II and the Industrial Revolution, most developed countries' infrastructure was built. Overworked buildings are now obsolete.

Population expansion and lifestyle changes have exacerbated infrastructure deterioration such bridges, pipelines, and transportation networks. Continuous real-time inspection of these structures can predict maintenance and repairs, reducing damage and accidents.

SHM is a popular civil engineering research field. SHM is vital for designing, analyzing, and maintaining modern civil engineering systems and structures. Increased attention on structural health monitoring, ageing infrastructure in North America and Europe, ageing domestic and international airline aircraft, decreased inspection costs, and more natural disasters are driving the structural health monitoring industry.


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Global Structural Health Monitoring Market: DRIVERS

  • Infrastructure Boom

Civil infrastructure includes bridges, dams, stadiums, and skyscrapers. New infrastructure spurs economic growth. Bridges and tunnels cut travel expenses, speed travel, and enhance regional trade. These institutions affect a country's population and economic growth. Several countries are monitoring the structure's health. Globally, prominent governments are investing in new infrastructure.

North and South America, Europe, and the Middle East are investing extensively in civil infrastructures to develop new and upgrade old facilities. As the world's population expands, so will the need for more infrastructure and structural inspections.

  • Construction Safety Will Boost Market Growth

Advances in technology, widespread availability, and lowering prices of sensors are driving the global market for structural health monitoring. Modern engineering buildings and infrastructure must be safe. Damage to the latter might affect people's life and goods economically. Damage prevention is a primary aspect in structural health monitoring revenue. Lowering the costs of maintaining engineered structures and protecting lives and property are driving the structural health monitoring business.


Global Structural Health Monitoring Market: KEY FUTURE OPPORTUNITIES

  • Asia-Pacific and GCC Expansion Opportunities

Due to their dense populations, India and China, two rapidly urbanizing Asian countries, have prioritized infrastructure development. Therefore, new and existing structures need structural health monitoring technologies. Several Asia-Pacific companies offer structural health monitoring systems. The Americas have the largest market for structural health monitoring. In the US and Europe, structural health monitoring is growing significantly. Due to increased infrastructure developments in China, Japan, India, Singapore, and GCC countries including the UAE, Saudi Arabia, and Qatar, structural health monitoring has room to grow.


Report Scope

Report MetricDetails
Market SizeUSD 7.59 Billion  by 2030
CAGR14.7% (2022-2030)
Historical Data2019-2020
Base Year2021
Forecast Period2022-2030
Forecast UnitsValue (USD Billion )
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, End-User, Connectivity
Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/VendorsCarl Zeiss AG, Abbot Medical Optics, Inc, X-Cel Specialty Contacts, SynergEyes Inc., Bausch & Lomb Incorporated, Johnson and Johnson Vision Care Inc., Alcon Inc., The Cooper Companies Inc., AccuLens Company Inc., CIBA Vision, Novartis International AG, Hoya Corporation, Polylite Sofclear, Contamac, Haohai Biological Technology
Key Market OpportunitiesGrowth in Infrastructure Investment
Key Market DriversEfficiency of Structural Health Monitoring Over Traditional Methods
Development in Sensor Technology

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Regional Overview of Global Structural Health Monitoring Market

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the global structural health monitoring market.

North America accounted for about 40% of the market's sales in 2021. Several factors are driving North American demand for structural health monitoring systems. These factors include the government's increased attention on infrastructure repair and upkeep, ageing infrastructure, and greater government investments.

The U.S. and Canada rely more on structural health monitoring systems to protect people and buildings. Due to accelerated ageing in North America and Europe, bridges, dams, and tunnels must employ structural health monitoring devices.

Asia Pacific is expected to have the greatest CAGR. In Asia and the Pacific, the number of bridges, power plants, and smart cities has increased, which has increased the need of structural health monitoring. China and India, among others, are investing more in bridges and buildings to encourage economic growth.

Increasing urbanization and the need for decent infrastructure are driving the Asia-Pacific market. As measures to upgrade civil infrastructure rise, structural health monitoring systems will be in demand. These systems maintain and monitor structures to prevent catastrophic failures.


Key Highlights

  • The Global Structural Health Monitoring Market Size was valued at USD 2.21 billion in 2021. The market is projected to grow from USD 2.53 billion in 2022 to USD 7.59 billion by 2030, increasing at a CAGR of 14.7% during the forecast period 2022 to 2030.
  • By Solution, the Global Structural Health Monitoring Market is segmented into Hardware and Software & Services. The hardware segment dominated the market in terms of revenue in 2021.
  • By Application, the Global Structural Health Monitoring Market is segmented into Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, and Others. In the year 2021, bridges and dams segment dominated the total revenue.
  • By Technology, the Global Structural Health Monitoring Market is segmented into Wired and Wireless. In 2021, the wired market segment accounted for a higher percentage of the overall market.
  • By Region or Geography, the Global Structural Health Monitoring Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the structural health monitoring market.


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Major Players in Global Structural Health Monitoring Market

  • Campbell Scientific, Inc.
  • Nova Ventures
  • Geokon
  • CGG SA
  • Digitexx Data Systems, Inc.
  • Structural Monitoring Systems plc.
  • Xylem Inc.
  • Acellent Technologies, Inc.
  • Sixense
  • SGS S.A. 


Global Structural Health Monitoring Market: Segmentation 

BY SOLUTION

  • Hardware
    • Sensors
    • Data Acquisition Systems
    • Others
  • Software & Services

BY APPLICATION

  • Bridges & Dams
  • Buildings & Stadiums
  • Vessels & Platforms
  • Others

BY TECHNOLOGY

  • Wired
  • Wireless

BY GEOGRAPHY

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)


TABLE OF CONTENT

  1. Introduction
    1. Structural Health Monitoring Market Definition
    2. Structural Health Monitoring Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Structural Health Monitoring Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Component Overview
    1. Introduction
      1. Market Size & Forecast
    2. Hardware
      1. Market Size & Forecast
    3. Software
      1. Market Size & Forecast
  5. End-User Overview
    1. Introduction
      1. Market Size & Forecast
    2. Civil
      1. Market Size & Forecast
    3. Aerospace
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Component
        2. By End-User
      3. Canada
        1. By Component
        2. By End-User
      4. Mexico
        1. By Component
        2. By End-User
      5. Latin America
        1. By Component
        2. By End-User
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Component
        2. By End-User
      3. France
        1. By Component
        2. By End-User
      4. U.K.
        1. By Component
        2. By End-User
      5. Italy
        1. By Component
        2. By End-User
      6. Spain
        1. By Component
        2. By End-User
      7. Rest of Europe
        1. By Component
        2. By End-User
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Component
        2. By End-User
      3. China
        1. By Component
        2. By End-User
      4. Australia
        1. By Component
        2. By End-User
      5. India
        1. By Component
        2. By End-User
      6. South Korea
        1. By Component
        2. By End-User
      7. Rest of Asia-Pacific
        1. By Component
        2. By End-User
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Component
        2. By End-User
      3. South Africa
        1. By Component
        2. By End-User
      4. Kuwait
        1. By Component
        2. By End-User
      5. Rest of Middle East & Africa
        1. By Component
        2. By End-User
  7. Company Profile
    1. Digitexx Data Systems Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. National Instruments Corporation
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Advitam Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

 
Read the Table of Content and Figure @ https://straitsresearch.com/report/structural-health-monitoring-market/toc


Recent Developments

  • May 2022 - CGG's sensing & monitoring division Sercel bought Geocomp Corporation on 19 May 2022. Geocomp specialises in geotechnical risk management and infrastructure monitoring. This acquisition gives Sercel access to the U.S. infrastructure sector and accelerates S-lynks and S-scan deployment.
  • April 2022 - On 26 April 2022, U.K.-based Structural Monitoring Systems Plc gained FAA STC clearance for their Comparative Vacuum Monitor (CVM) sensor technology, which identifies fractures on commercial aircraft.


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Tags

Structural Health Monitoring civil aeronautical mechanical engineering infrastructure projects SHM civil engineering systems Construction Safety buildings USA

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