SEATTLE, May 11, 2020 (GLOBE NEWSWIRE) -- Structural health monitoring refers to monitoring that is aimed to gain knowledge of the integrity of in-service structures on a real-time basis. SHM technique utilizes the change in measurements at the same location at two different times, in order to identify the condition of the structure, SHM offers several features such as in-service structures, real-time monitoring, array of network of sensors to collect data, etc. Furthermore, SHM involves the observation of a system over time with periodically sampled repose measurements from different sensors.

The global structural health monitoring market is estimated to account for US$ 2327.7 Mn in 2019 and is expected to grow at a CAGR of 13.9% % over the forecasted period 2019-27.

Market Drivers

1. Increasing regulatory initiatives for public safety is expected to support growth of the global structural health monitoring market during the forecast period

Government agencies have taken initiatives to ensure public safety when it comes to large structures such as buildings, bridges, and dams. These infrastructures are susceptible to various intense loadings during their lifespan, especially during natural disasters such as floods and earthquakes. Implementing SHM systems would minimize the cost of repair and maintenance of structural integrity of buildings of high importance such as national monuments and hospitals. In fact, various government initiatives have been implemented, in order to address the challenges. Hence, these factors are expected to support the global structural health monitoring market growth in the near future.

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2. Rising emphasis on low-cost energy harvesting systems is expected to boost the global structural health monitoring market growth over the forecast period

Growing focus on low-cost energy harvesting systems is a major factor accelerating growth of the market. SHM solutions provide predictive maintenance when it comes to public infrastructure. Thus, these factors are expected to accelerate growth of the global structural health monitoring market during the forecast period.       

Market Opportunities

1. Significant amount of investment in smart city missions can provide excellent opportunities

Many countries across the globe have started investing in smart city projects. This trend has been typically witnessed in emerging economies such as India and China. For instance, in June 2015, the Government of India launched ‘Smart City Mission’, under which the government invested US$ 14 billion to develop 100 cities as smart cities. Hence, such factors can provide major business opportunities.

2. Growing construction of sports arenas can offer lucrative opportunities

Increasing number of sporting events such as FIFA World Cup and Olympics are boosting the demand for infrastructure including stadiums and sports arenas. As a result of this, government agencies are endorsing the adoption of SHM since it increases infrastructure security. Moreover, SHM is crucial in enhancing the lifespan of such large structure, which in turn, can provide major business opportunities

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Key Takeaways

• APAC is one of the fastest growing region in the global structural health monitoring market over the forecast period 2019-27. This is owing to government initiative to improve public infrastructure in the coming years. For instance, in 2013, China announced its Belt and Road Initiative, through this policy china will develop infrastructure across Asia, Europe and Africa. This project is expected to compete by 2049.

• Among type segment, wireless SHM is expected fastest growing type in the global structural health monitoring market over the forecasted period 2019-27. This is owing to benefits provided by wireless technology. Wireless technology dramatically reduces cost as the use of wires are eliminated. Further it provides wireless are equipped with various sensors which can be easily replaced. Thus, wireless SHM showing prominent future growth in the forecast period.

Competitive Section

Major companies involved in the global structural health monitoring market are COWI A/S, Nova Metrix LLC, Strainstall UK Limited (James Fisher & Sons PLC), National Instruments Corporation, Acellent Technologies, Inc., Kinemetrics Inc., Geocomp Corporation, Advitam Inc. (Vinci SA), Digitexx Data Systems, Inc., and Hottinger Baldwin Messtechnik GmbH.

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Market Segmentation:

1. By Component

• Hardware
  • Sensors
  • Data Acquisition System
  • Others
• Software
  • Design & Analysis
  • Parameter Identification & Tracking
  • Others
• Services
  • Installation Services
  • Design & Consulting Services
  • Operation & Maintenance Services

2. By Type

• Wired SHM System
• Wireless SHM System

3. By Application

• Bridges & Dams
• Buildings & Stadiums
• Vessels & Platforms
• Airframes & Wind Turbines
• Large Machinery & Equipment

4. By Region

• North America
• Latin America
• Europe
• Asia Pacific
• MEA