Dubai, UAE, March 02, 2023 (GLOBE NEWSWIRE) -- According to the research analysts at Extrapolate, the global Structural Health Monitoring (SHM) Systems Market size is anticipated to grow to USD 3.74 billion by 2030 with a remarkable CAGR of 11.7% during the projection period from USD 1.54 billion in 2021.
Growing demand for structural health monitoring (SHM) systems in various industries due to the increasing importance of early damage detection and real-time information on the condition of structures. The development of low-cost sensors, wireless communication networks, and data analytics tools has significantly contributed to the growth of the SHM market. This growth can be attributed to the rising demand for monitoring the health of aging infrastructure and the increasing adoption of SHM systems in various industries such as aerospace, civil engineering, and energy.
The aerospace industry, in particular, is expected to be a significant contributor to the growth of the SHM market due to the increasing use of composite materials in aircraft manufacturing. SHM systems are crucial in ensuring the safety and reliability of these materials, as they can detect damage and monitor their performance in real time.
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In addition to the aerospace industry, the civil engineering industry is also expected to drive the growth of the SHM market, as SHM systems are becoming more cost-effective and easier to deploy in monitoring critical infrastructure such as bridges, tunnels, and dams. With the help of SHM systems, engineers can detect damage and monitor the performance of these structures, allowing for early maintenance and potentially avoiding costly repairs or failures.
Key Insights:
- Scientists concluded that to monitor the structural health of inflatable space habitats, webbing-mounted sensors should be used.
- North America is anticipated to lead the market by capturing the largest revenue share.
Competitive Landscape of the Structural Health Monitoring Systems
The competitive landscape of the global structural health monitoring systems is fragmented with prominent players offering innovative solutions. Key players are concentrating on strategies like product launches, partnerships, joint ventures, mergers and acquisitions to sustain and retain their position in the fiercely competitive market. These approaches aid them in growing their local and international presence and providing their clients with a wider range of products.
The key participants in the global structural health monitoring systems market are National Instruwiredts Corp., Digitex, Accelent Technologies, Inc., Geokon, CGG (Sercel), Xylem Inc (Pure Technologies), Structural Monitoring Systems Plc, Nova Ventures, COWI A/S, Hottinger Brüel & Kjaer GmbH, James Fisher and Sons plc (Strainstall), Kinemetrics, amongst others.
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The global structural health monitoring (SHM) systems market is segmented as follows:
Segmentation By Component
- Hardware
- Software
- Services
Hardware Segment to Lead the Structural Health Monitoring Systems Market
As of 2021, the hardware segment continues to be the leading contributor to the Structural Health Monitoring (SHM) systems market. The high cost of key components of SHM systems, such as sensors and data collection systems, has resulted in the hardware segment dominating the market in terms of revenue. The demand for massive quantities of hardware components for the construction of skyscrapers, dams, bridges, stadiums, and airframes is expected to drive the segment's growth.
According to recent market research, the SHM systems market is expected to experience steady expansion in the coming years, owing to advances in sensor technology and the increased use of smart materials in the construction industry. The creation of smart structures with integrated sensors is also expected to contribute to the segment's growth.
Sensors are expected to be a significant revenue generator in the market when compared to other types of hardware solutions. This is due to their ability to detect and measure structural damage or degradation in real-time, allowing for timely intervention and prevention of catastrophic failures. Furthermore, the growing demand for wireless sensor networks (WSN) that can facilitate remote monitoring and data analysis is expected to increase the demand for sensors in the market.
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Segmentation by Application
- Bridges & Dams
- Building & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipment
Segmentation by Connectivity
- Wired
- Wireless
Wired Segment to Record a CAGR of 18.2% in Structural Health Monitoring Systems Market
The wired segment is expected to hold dominance of the global structural health monitoring systems market due to the higher connectivity ability and zero data transfer restrictions over long distances, and the prevalent use in continuous monitoring for numerous kinds of structures. This has caused wired systems to be widely used for monitoring different constructions. All across the world, buildings, dams, and bridges are analyzed using wired SHM systems.
Furthermore, wireless SHM systems are anticipated to record a CAGR of 18.2% during the forecast period. The segment has evolved as a technology that will have a significant impact on the management of infrastructure assets and structural monitoring.
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North America Captures around 35% of the Revenue Share of the Structural Health Monitoring Systems Market
North America has a highly developed research and development sector that continuously strive to enhance and improve SHM systems. The region is home to several leading technology companies that specialize in sensors, data analytics, and software development, which enables the development of innovative and cutting-edge SHM solutions. Moreover, the region has a well-established and robust infrastructure that requires constant monitoring to ensure safety and optimal performance. The region's large-scale construction projects, such as bridges, dams, and skyscrapers, necessitate the use of SHM systems to monitor and maintain their structural integrity.
The US government has taken several initiatives to promote the adoption of SHM systems in various sectors, including transportation, defense, and infrastructure. For instance, the Federal Highway Administration's Long-Term Pavement Performance (LTPP) program aims to monitor and maintain the nation's pavement infrastructure using SHM systems.
North America has a robust economy, which provides a conducive environment for the development of innovative technologies and the growth of the SHM market. The region's strong economic conditions have enabled the growth of the construction industry, which is one of the primary consumers of SHM systems.
Browse Complete TOC: https://www.extrapolate.com/toc/healthcare-medical-devices-biotechnology/structural-health-monitoring-systems-market/69658
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Structural Health Monitoring (SHM) Systems Market
Chapter 5. Global Structural Health Monitoring (SHM) Systems Market Overview, By Component, 2017 - 2030 (USD Million)
Chapter 6. Global Structural Health Monitoring (SHM) Systems Market Overview, By Connectivity, 2017 - 2030 (USD Million)
Chapter 7. Global Structural Health Monitoring (SHM) Systems Market Overview, By Application, 2017 - 2030 (USD Million)
…….. Continued
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