New York, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The structural health monitoring market is on a significant growth trajectory. Forecasts by Marketresearch.biz show an increase from US$ 2.7 billion in 2022 to US$ 10.1 billion in 2032. This means a CAGR between 2023 and 2032 is expected to be an impressive 14.5%. The expansion of the market is primarily driven by the important role of structural monitoring in maintaining infrastructure safety as any compromise can have serious repercussions.
Additionally, evolving sustainability regulations and deteriorating condition of existing infrastructure also contribute to the market growth. Advanced surveillance technology is receiving significant investment from developed countries to boost productivity and regional growth.
In the Asia-Pacific region, strong public sector investment and support from major players such as China and the United States are proving to be important growth drivers. Although there are challenges associated with implementation costs, the use of health monitoring systems that can detect problems early is critical to infrastructure security.
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Key Takeaways
- The Wired Structural Health Monitoring segment is set to experience substantial growth, largely due to its affordability and adaptability.
- In the diverse market offerings, software services and sensors are anticipated to see swift growth. This expansion is driven by the progress in monitoring technology, especially in the realm of wireless systems.
- The civil infrastructure sector, which includes vital components such as bridges, dams, highways, and buildings, is expected to command the most significant market share in the future.
- North America, Europe, and Asia Pacific are at the forefront of the global Structural Health Monitoring market. The growing construction industry and escalating pollution levels underscore the significance of this technology, particularly in projects involving critical infrastructure.
Driving Factors
Global Infrastructure Development is Growing
The worldwide expansion of infrastructure is fueling the uptake of structural health monitoring systems. These systems offer vital information about the stability of structures in the face of gradual or abrupt changes. Infrastructure plays a pivotal role in global economic and social advancement, necessitating thorough monitoring of worldwide infrastructure investment due to the variety of definitions and methodologies. This increase in infrastructure projects is expected to boost the structural health monitoring market.
Concerns with Safety and Risk Reduction
Safety and risk management are of utmost importance in Structural Health Monitoring (SHM) given the vital role infrastructure plays in our society and economy. Any failures can result in serious repercussions, including loss of life, financial strain, and legal issues. SHM offers real-time monitoring, facilitating early identification of problems such as cracks and corrosion. This allows for immediate action and disaster prevention. This strategy ensures the longevity and dependability of infrastructure, minimizes the risk of major failures, and guarantees continued safety and operation
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Restraining Factors
Ignorance and Resistance to Change
The reluctance to embrace Structural Health Monitoring (SHM) often originates from stakeholders' familiarity with traditional methods, resulting in a hesitancy to incorporate new technologies. This resistance is typically due to a preference for tried-and-true practices, despite the evident advantages of SHM.
Moreover, a lack of awareness in certain regions or sectors can impede adoption, as stakeholders might not fully understand the benefits of SHM in ensuring the safety, durability, and cost-effectiveness of crucial infrastructure. To address these obstacles, focused educational and engagement initiatives are crucial, highlighting SHM's capacity to improve safety protocols, identify issues, and streamline maintenance procedures. Tailored awareness campaigns for specific regions or sectors can further accelerate the adoption of SHM, enhancing the long-term resilience of critical infrastructure.
Growth Opportunities
Predictive maintenance and condition-based monitoring
It offers real-time information on the state and performance of infrastructure. This data-centric method transitions maintenance from a set schedule to one based on the actual condition of the structure. By tracking elements such as vibrations and material characteristics, SHM detects early indications of wear or damage. This enables timely intervention and avoids expensive repairs. In the end, SHM boosts the lifespan and dependability of infrastructure.
Ideal Preparation and Performance
Data from Structural Health Monitoring (SHM) improves the quality of infrastructure projects by empowering engineers to make knowledgeable decisions for effective and long-lasting designs. This data-centric approach guarantees that structures not only comply with safety standards but also operate at their best. Furthermore, SHM confirms the efficiency of construction methods and materials, resulting in economical and sustainable solutions. By incorporating SHM insights into the design and construction process, the industry can advance towards building robust and resource-efficient infrastructure.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 2.7 Billion |
| Market Size (2032) | US$ 10.1 Billion |
| CAGR (from 2023 to 2032) | 14.5% from 2023 to 2032 |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
North America holds a leading position in the Global Structural Health Monitoring market, with Europe and Asia Pacific also making substantial contributions. These regions are projected to maintain their dominance in the future. The growth in the construction industry and increasing pollution levels are key factors behind their success. Structural health monitoring systems are extensively used in the construction of critical structures like bridges and dams. In the future, their usage is expected to increase even more with the integration of smart devices for pollution monitoring. Therefore, the demand for structural health monitoring is set to rise.
Segment Analysis
The structural health monitoring market is primarily divided into two technological categories: wired and wireless systems. The wireless segment is expected to see significant growth due to its affordability and flexibility. Unlike wired systems, wireless technology does away with the need for extensive wiring and protective measures, making the installation process more cost-effective. Moreover, wireless systems are highly adaptable, allowing for easy adjustments and reconfiguration of sensors after the initial installation, enhancing their practicality and attractiveness.
In terms of offerings, the market includes hardware sensors, data acquisition systems (DAS), communication systems, software services, and other components. Among these, the software and services segment is set for swift growth, closely followed by sensors. This growth is propelled by advancements in monitoring technology, especially in wireless systems, emphasizing the crucial role of software and sensors in effective structural health monitoring.
The market is further segmented by verticals, including Civil Infrastructure, Bridges, Buildings, Tunnels, Aerospace & Defence, Aerospace, Defence, Energy, Mining, and Others. Among these categories, the Civil Infrastructure sector is expected to command the largest market share. This segment includes vital components like bridges, dams, highways, buildings, and tunnels, all of which directly influence economic performance. As a result, governments dedicate substantial resources to monitor and maintain these components, highlighting their essential role in economic development and stability.
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Segments Covered in the Report
By Technology
- Wired Structural Health Monitoring
- Wireless Structural Health Monitoring
By Offering
- Hardware
- Sensors
- Data Acquisition Systems (DAS) and Communication Systems
- Software & Services
- Others
By Vertical
- Civil Infrastructure
- Bridges
- Buildings
- Tunnels
- Aerospace & Defense
- Energy
- Mining
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
The market for SHM solutions is highly diverse due to the multitude of companies producing them. These companies are striving to stay competitive by adopting strategies such as forming partnerships with other companies, developing new products, and merging with other businesses. These tactics help them gain global recognition and offer a wider range of products to their customers.
Key Market Players
- Nova Metrix
- Geokon
- Campbell Scientific
- Cowi
- Geocomp
- Pure Technologies
- Acellent Technologies Inc.
- Bridge Diagnostics Inc.
- Digitexx Data Systems Inc.
- FEAC Engineerin
- HBK--Hottinger Brüel & Kjær (Spectris plc)
- James Fisher and Sons plc
- National Instruments Corporation
- RST Instruments Ltd.
- Sisgeo S.r.l.
- Sixense Enterprises Inc
Recent Developments
- In November 2022, National Instruments Corporation, a company that manufactures automated measurement systems, introduced new technology for Structural Testing and Health Monitoring. This technology combines various measurement and physical sensing techniques. It also features remote, continuous processing that compares real-time data with previous records for ongoing evaluation.
- In May 2022, Sercel, a sensing & monitoring division, acquired Geocomp Corporation. Geocomp specializes in geotechnical risk management and infrastructure monitoring. This acquisition is a strategic move as it allows Sercel to penetrate the infrastructure market in the United States. It also paves the way for increased use of their S-lynks and S-scan solutions.
- In April 2022, Structural Monitoring Systems Plc, a company based in the United Kingdom, received exciting news. They were granted a Supplemental Type Certificate (STC) by the Federal Aviation Administration (FAA). This approval is for their Comparative Vacuum Monitor (CVM) sensor technology.
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