According to the latest report by IMARC Group, titled "Structural Health Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global structural health monitoring market reached a value of US$ 1.7 Billion in 2021. Structural health monitoring (SHM) refers to the process of evaluating structural health and abnormalities in civil engineering structures and systems. It involves the utilization of characterization and damage detection techniques for monitoring critical structures like wind turbines, bridges and tunnels. Due to its ability to respond to adverse structural changes, life cycle management and improving structural reliability, there has been a significant increase in the adoption of SHM across various engineering sectors. The demand for the SHM process is increasing across the globe due to the rising need for preserving historical monuments and masonry towers situated across multiple countries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Structural Health Monitoring Market Trends:
The global market is primarily driven by significant growth in the construction industry. Along with this, the increasing investments by private and public agencies in infrastructural development projects are providing a boost to the market growth. Since the SHM process offers a better understanding of structural behavior under dynamic loads and ensures better management in post-earthquake scenarios while supporting rescue operations, this is providing an impetus to the market. Moreover, continual technological advancements and the integration of the internet of things (IoT) and artificial intelligence (AI) with structural health monitoring systems that aid in delivering improved quality visualization of important field parameters at higher speed and scale are impacting the market favorably. Other factors, including rapid urbanization and industrialization, various favorable initiatives undertaken by the governments of numerous countries for implementing policies related to public safety, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.8 Billion by 2027, exhibiting a CAGR of 14.5% during 2022-2027.
- On the basis of the component, the market has been bifurcated into hardware, software and services.
- Based on the technology, the market has been classified into wired and wireless.
- On the basis of the implementation method, the market has been segmented into new construction and retrofitting.
- Based on the vertical, the market has been segregated into civil infrastructure, aerospace and defense, energy, mining and others.
- On the basis of the regional insights, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Acellent Technologies Inc., Bridge Diagnostics Inc., Campbell Scientific Inc., COWI A/S, Digitexx Data Systems Inc., FEAC Engineering, HBK – Hottinger Brüel & Kjær (Spectris plc), James Fisher and Sons plc, National Instruments Corporation, RST Instruments Ltd., Sisgeo S.r.l. and Sixense Enterprises Inc.
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