Market Highlights
The structural health monitoring market size is projected to reach USD 4.3 Billion at CAGR of 15% from 2022 to 2030.The global Structural Health Monitoring market is projected to record a CAGR of ~15% during the forecast period. Structural Health Monitoring is a type of monitoring that will detect if there are any damages to the structures. Structural health monitoring can be applied to many different types of structures such as buildings, bridges, and pipelines. It can also be used on other objects such as aircraft and ships.
The COVID-19 outbreak has significantly impacted the global economy by disrupting production and demand, impacting the supply chain in the market. The government put a contingency plan in place by putting people inside their houses with no contact with the outside world. The government imposed a country-wide lockdown to minimize the risk of any further outbreaks.
There was a decrease in the demand for structural health monitoring market. During this pandemic, people were focusing on necessary items and were avoiding the unnecessary costs. This has decreased the demand for infrastructure projects. Furthermore, the government stopped all unnecessary activities that have stopped various construction and infrastructure projects.
Market Research Future has recognized the following companies as in the global Structural Health Monitoring market players are Nova Metrix LLC, Geokon, Campbell Scientific, COWI, Geocomp, Acellent Technologies, Sixense, Pure Technologies, Structural Monitoring Systems, SGS, and Digi-Texx among others.
Segmental Analysis
The global structural health monitoring market has been segmented based on offering, technology, end-use, and region. By offering, the global structural health monitoring market has been segmented into hardware, software & services. The software & services segment is anticipated to witness rapid growth in the global structural health monitoring market. As soon as the data arrives at the sensors, the software starts monitoring and analyzing its structure. The software provides the visual representation of the data on structural behavior and allows people to see the changes in real-time so that damages can be detected at the earliest. To do this, structures need to be monitored regularly. Structural health monitoring is crucial for any project with a large infrastructure. Structural failures are also increasing frequently, which is why this technology has become more urgent. To ensure the health and integrity of various structures and systems, one can use an approach based on the data collection from sensors installed around the building or machine. These include parameters related to loading, stress, strain and acceleration. Furthermore, it can be challenging for structural engineers to process and analyze such high volumes of data. To get around this, software platforms, apps, and other coding solutions are being adopted.
By technology, the global structural health monitoring market has been segmented into wired and wireless. The wired segment is expected to be the fastest-growing market in the global structural health monitoring industry. Today, many structures are being monitored with wired systems. These include bridges, buildings, and dams. The use of wired structural health monitoring systems has gained traction in the 21st century. These include the wires, cables, and fibers that enable the acquisition of data from sensors. It also enables communication with other devices. Wired network monitoring systems are good for many things including reducing data attenuation, being high-speed, the system having no limitation on transmission range, and the network having a high system bandwidth.
Based on the end-use, the global structural health monitoring market has been segmented based on civil infrastructure, aerospace & defense, energy, mining, and others. The civil Infrastructure segment is expected to be the largest revenue generating segment in the global structural health monitoring market. The civil infrastructure segment includes bridges, tunnels, dams, buildings & stadiums. Countries have been investing in physical infrastructure for a long time now. The US, the UK, Japan, Germany, and other countries have been making increasingly large investments in this area as they recognize the potential on offer. It is a positive step towards future economic growth. Rapid urbanization and an urgent need for high-quality infrastructure are driving the growth of the world civil infrastructure market. This brings the increasing number of civil infrastructure projects, which are set to create a high demand for structural health monitoring systems. In other words, these systems can be used to maintain and monitor the condition of each structure and avoid catastrophic failures.
Regional Analysis
Geographically, the global structural health monitoring market has been categorized as North America, Europe, Asia-Pacific, and Rest of the World. In recent years, the North American market has seen enormous development in the structural health monitoring sector. Structural health monitoring has been transforming the way buildings are built and sustained. Companies have been using this service to detect and prevent structural issues such as building collapse, fire, or structural failure that can cost thousands of dollars to repair.
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