The SNS Insider report indicates that the Structural Health Monitoring Market Size was valued at USD 14.2 billion in 2022, and it is projected to achieve a market size of USD 28.50 billion by 2030, with a compound annual growth rate (CAGR) of 9.1% expected over the forecast period from 2023 to 2030. The structural health monitoring (SHM) market is experiencing significant growth as industries worldwide recognize the critical importance of monitoring the integrity and safety of infrastructure, buildings, and mechanical systems. SHM involves the continuous monitoring and assessment of structural conditions using sensors, data acquisition systems, and analytical tools to detect and evaluate damage, deterioration, or anomalies in real-time. This proactive approach allows for timely maintenance, repairs, and interventions, thereby minimizing the risk of catastrophic failures, reducing downtime, and extending the lifespan of assets. With aging infrastructure, increasing urbanization, and the growing complexity of engineering structures, the demand for SHM solutions is on the rise across sectors such as civil engineering, aerospace, energy, transportation, and manufacturing.
Innovation and technological advancements are driving transformative changes in the SHM market, enabling the development of advanced sensors, wireless communication networks, and data analytics solutions. Researchers and manufacturers are exploring new sensor technologies, such as fiber optics, piezoelectric transducers, and wireless sensor networks, that offer improved sensitivity, accuracy, and reliability in detecting structural changes and defects. Furthermore, advancements in data analytics, machine learning, and artificial intelligence enable SHM systems to process large volumes of sensor data, identify patterns, and predict potential failure modes, facilitating condition-based maintenance strategies and optimizing asset performance. Additionally, the integration of SHM systems with digital twin models and Building Information Modeling (BIM) platforms allows for a comprehensive understanding of structural behavior and performance throughout the asset lifecycle, enabling informed decision-making and risk management.
Get a Sample Report on Structural Health Monitoring Market @ https://www.snsinsider.com/sample-request/1890
Some of the Key Players Included are:
Some of the major key players are as follows: Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, and Structural Monitoring Systems.
Market Report Scope –
The major factors contributing to the market growth are the increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in the infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring industry.
Market Growth Factors –
The market is set to be driven by an accelerated expansion of the infrastructure sector. Market growth is also supported by increased government efforts to standardize SHM systems and the safety of society. The market is expected to be stimulated by a number of stringent regulations on the sustainability of buildings and declining sensor costs. The monitoring of structural health allows civil engineers to reduce maintenance costs and improve security measures for critical architectural buildings. The main functions of SHM systems are to test and monitor the performance and health of heavy machines such as aircraft, engines, turbines or structures including buildings, bridges, dams etc. The systems for data acquisition and transmission, sensors, analysis tools, measuring amplifiers etc. are integrated into this technology.
Segmentation Analysis –
Based on application, the market is segmented into bridges & dams, buildings & stadiums, vessels & platforms, airframes & wind turbines, and large machines & equipments. The highest revenue share of 32.6% in 2022 was accounted for by the Bridge & Dams sector. There is a high demand for Structural Health Monitoring Systems to keep an eye on and inspect bridges due to the increasing number of functional outdated and structurally defective bridges. In addition, the adoption of SHM systems has been triggered by the need to address ageing infrastructure and mitigate risks related to disasters as well as compliance with safety legislation. For instance, according to an analysis by the Associated Press in May 2023, more than 2,200 dams located upstream from urban areas or communities in the US are deteriorating and pose a significant risk for human life if they fail.
By Solution Type
l Hardware
l Software & Services
By Application Type
l Bridges & Dams
l Building & Stadiums
l Vessels & Platforms
l Airframes & Wind Turbines
l Large Machines & Equipment
By Technology Type
l Wired
l Wireless
Key Regional Development –
In 2022, North America accounted for the highest revenue share of 35.1% on the global structural health market. Increased attention to civil infrastructure repair and maintenance, aging infrastructure, and increased investment in various airframes and wind turbines are increasing the demand for structural health monitoring systems in North America. During the forecast period, Asia Pacific is expected to grow at a faster compounded annual growth rate of 20.4%. Structural health monitoring is becoming more and more important as infrastructure projects such as bridges, power plants or Smart Cities in the Asia Pacific region continue to grow. In order to stimulate the economy, a number of countries, including China, India and others, are investing heavily in infrastructure like bridges or buildings. Rapid urbanization is the primary driver for market expansion.
Key Takeaways–
The market is driven by increasing infrastructure development, as well as a growing concern for natural disasters. The growing need to build and maintain buildings efficiently is expected to lead to the development of this sector. In particular, during cyclones, earthquakes and strong winds, large buildings need to be restored throughout their lives, such as dams, bridges, buildings or other structures. As these events can result in loss of lives, adopting structural health monitoring can reduce.
Recent Developments -
In April 2022, Structural Monitoring Systems Plc announced the approval of their Comparative Vacuum Monitor (CVM) sensor technology by the Federal Aviation Administration. This approval represents an important step forward for the company since it enables a number of opportunities to integrate and use CVM technology into different applications and programs in the air transport sector.
Related Reports:
Carbon Capture Utilization and Storage Market Size
Lubricating Oil Additives Market Size
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.