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The global structural health monitoring market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research.
Due to the growing demand in the aerospace and construction industries, the Structural Health Monitoring (SHM) Market has attracted a lot of attention recently. Monitoring the health of structures to make sure they are operating effectively and efficiently is known as structural health monitoring. Due to a number of factors, including the rising demand for safety and security in buildings and structures and the expanding usage of the Internet of Things (IoT) in the construction industry, the SHM market is predicted to expand significantly in the next years. The rising demand for safety and security in structures and buildings is one of the key factors driving the Structural Health Monitoring Market. Building and structure structural failures can have disastrous effects, causing the loss of life and property. As a result, it’s crucial to keep an eye on the health of structures to make sure they’re operating properly and efficiently. By assisting in the early detection of any possible issues or flaws in the structure, SHM enables corrective action to be made before any damage is done.
The increased implementation of the Internet of Things (IoT) in the construction industry is another factor driving the Structural Health Monitoring Market. The Internet of Things (IoT) enables real-time data collection and analysis by coupling various devices and sensors to the internet. IoT gadgets can be combined with SHM systems to enable remote structure monitoring and analysis. This saves time and money by decreasing the need for human inspections while also increasing the accuracy of the data that is obtained. Despite the Structural Health Monitoring Market’s growth potential, there are still a number of obstacles to overcome. The expensive cost of installing and maintaining SHM systems is one of the key obstacles. The price of installing sensors, data collection hardware, and software, as well as the expense of maintaining these systems, can be high. Smaller businesses may find it challenging to implement these technologies as a result.
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Lack of qualified employees to operate and maintain SHM systems is another constraint. Personnel with the right skills must install, run, and maintain SHM systems. The lack of qualified workers in this industry, however, might result in higher costs and longer project schedules. Despite these obstacles, it is anticipated that the structural health monitoring market would expand dramatically over the next few years. The expanding use of wireless sensors, the creation of novel and cutting-edge SHM technologies, and the rising demand for SHM systems in developing nations are the key growth drivers for the SHM market.
Due to the rising demand for safety and security in buildings and structures, the expanding acceptance of IoT in the construction sector, and the development of novel and cutting-edge SHM technologies, the structural health monitoring market is anticipated to experience considerable expansion in the next years. The expensive cost of SHM equipment and the lack of qualified workers in this industry could, however, limit the market’s expansion. Despite this, it is anticipated that the market would keep expanding because to the desire for increased structural performance and safety in buildings and structures.
Structural Health Monitoring Market Segmentation:
The global Structural Health Monitoring (SHM) market is expected to witness significant growth during the forecast period from 2019 to 2030. The market is segmented based on offering, technology, and end-use. In terms of offering, the SHM market is segmented into hardware, software, and services. The hardware segment is expected to account for the largest revenue share during the forecast period. This is due to the importance of hardware components such as sensors, data acquisition systems, and communication systems, which are essential for the effective functioning of an SHM system. The software segment is also expected to witness significant growth due to the increasing demand for advanced software solutions for data analysis and management. The services segment includes various services such as installation, maintenance, and support and is expected to witness steady growth during the forecast period.
Based on technology, the SHM market is segmented into wired and wireless systems. The wired segment accounted for a significantly robust revenue share in 2021 due to its reliability and high accuracy in data transmission compared to wireless systems. However, the wireless segment is expected to witness significant growth during the forecast period due to its increasing adoption in various applications and industries. The end-use outlook of the SHM market includes civil infrastructure, aerospace and defines, energy, and mining. The civil infrastructure segment is expected to account for the largest revenue share over the forecast period due to the increasing investments in infrastructure development projects worldwide. The aerospace and defines segment is also expected to witness significant growth due to the increasing demand for SHM systems in aircraft and other aerospace applications. The energy and mining segments are also expected to witness steady growth during the forecast period.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights from the Report
· The hardware segment revenue is expected to account for largest revenue share over the forecast period owing to its importance in the overall Structural Health Monitoring (SHM) system. The hardware segment includes various components such as sensors, data acquisition systems, and communication systems, which are essential for the effective functioning of an SHM system. These components are responsible for collecting data on the structural health of a building or structure and transmitting it to the software for analysis.
· The wired segment accounted for a significantly robust revenue share in 2021 owing to its reliability and high accuracy in data transmission compared to wireless systems. Wired systems are preferred in critical applications where the accuracy and reliability of data are of utmost importance, such as in the aerospace and defence industries. Additionally, wired systems have a longer lifespan and require less maintenance compared to wireless systems, which can be beneficial in long-term monitoring applications.
· The North America market is registering a significantly robust revenue growth rate during the forecast period due to the presence of major players in the region and the increasing investments in infrastructure development projects. The North American region has been an early adopter of SHM technology, and several leading companies in the SHM market are based in this region. The region is also home to some of the world’s largest construction companies, which are investing heavily in infrastructure development projects.
· Some major companies in the market report include Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc.
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