Austin, TX, USA, June 07, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Structural Health Monitoring Market Size, Trends and Insights By Type (Wired and Wireless SHM System), By Component (Hardware, Software and Services, By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines and Large Machinery & Equipment) and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand of global Structural Health Monitoring Market size & share was valued at approximately USD 1874.89 Billion in 2022 and is expected to reach USD 2168.97 Billion in 2023and is expected to reach a value of around USD 4815.76 Billion by 2032, at a compound annual growth rate (CAGR) of about 15% during the forecast period 2023 to 2032.”
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Structural Health Monitoring Market: Growth Factors and Dynamics
The Structural Health Monitoring (SHM) market is driven by several key dynamics that influence its growth and development. These dynamics include:
- Increasing Infrastructure Investments: Growing investments in infrastructure development, particularly in sectors such as transportation, energy, and civil construction, are driving the demand for SHM solutions. Governments and private entities are emphasizing the need for robust and sustainable infrastructure, leading to the implementation of SHM systems to ensure structural integrity, safety, and longevity.
- Aging Infrastructure and Maintenance Needs: The aging infrastructure in many regions around the world has created a significant need for effective monitoring and maintenance solutions. SHM systems play a crucial role in identifying early signs of deterioration, damage, or structural weaknesses in buildings, bridges, dams, and other critical structures. As a result, the demand for SHM technologies is increasing to proactively address maintenance requirements.
- Focus on Safety and Risk Mitigation: Ensuring the safety and reliability of structures is a top priority for governments, industries, and communities. SHM technologies enable continuous monitoring and early detection of structural issues, reducing the risk of failures and catastrophic events. The increasing emphasis on safety standards and risk mitigation drives the adoption of SHM solutions across various sectors.
- Technological Advancements: Advancements in sensor technologies, data analytics, wireless communication, and IoT (Internet of Things) have significantly enhanced the capabilities of SHM systems. Smart sensors, embedded systems, and wireless connectivity enable real-time data collection, analysis, and remote monitoring, making SHM more efficient and effective. These technological advancements drive market growth by providing more reliable and advanced monitoring solutions.
- Regulatory Standards and Guidelines: The development and enforcement of regulatory standards and guidelines related to infrastructure safety and performance have a significant impact on the adoption of SHM systems. Compliance with these standards and guidelines often necessitates the implementation of SHM technologies, boosting the market demand.
- Growing Awareness and Importance of Asset Management: The recognition of the importance of asset management and lifecycle assessment has increased the adoption of SHM systems. SHM helps in optimizing maintenance schedules, extending the lifespan of structures, and reducing overall life-cycle costs. Organizations are realizing the value of proactive monitoring and predictive maintenance, contributing to market growth.
- Increasing Focus on Sustainable and Smart Infrastructure: The shift towards sustainable and smart infrastructure involves the integration of advanced technologies for monitoring and managing structures. SHM plays a vital role in ensuring the sustainability and efficiency of infrastructure assets. The emphasis on sustainability and smart solutions drives the adoption of SHM technologies.
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Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 2168.97 Million |
| Projected Market Size in 2032 | USD 4815.76 Million |
| Market Size in 2022 | USD 1874.89 Million |
| CAGR Growth Rate | 15% CAGR |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Key Segment | By Solution Type, Application Type, Technology Type, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
COVID-19 Analysis: Structural Health Monitoring Market
The COVID-19 pandemic has had both positive and negative impacts on the Structural Health Monitoring Market. Here’s an analysis of how the market has been affected:
Positive Impacts:
- Increased Focus on Infrastructure: Governments worldwide have recognized the importance of infrastructure investment as a means to stimulate economic recovery. This has led to increased investments in infrastructure projects, such as bridges, buildings, and transportation systems, which in turn drive the demand for SHM solutions.
- Emphasis on Safety and Resilience: The pandemic has heightened the focus on safety and resilience in infrastructure systems. SHM systems help in ensuring the structural integrity and safety of critical assets, which has become a priority during the pandemic. As a result, there is a greater demand for SHM solutions to monitor and maintain infrastructure during these challenging times.
(A free sample of the Structural Health Monitoring report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the Structural Health Monitoring report has been modified to include the COVID-19 impact study prior to delivery.)
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Negative Impacts:
- Delayed Projects and Budget Constraints: The pandemic has caused disruptions in construction and infrastructure projects due to lockdowns, supply chain disruptions, and financial constraints. Many projects have been delayed or put on hold, impacting the implementation of SHM systems.
- Limited Access for Installation and Maintenance: Restrictions on travel and access to construction sites have posed challenges for the installation and maintenance of SHM systems. This has resulted in project delays and limitations in conducting necessary inspections and assessments.
- Budget Reallocation and Uncertainty: The economic impact of the pandemic has led to budget reallocation and cost-cutting measures across various sectors. Some organizations may prioritize immediate financial needs over long-term investments like SHM, leading to a slowdown in market growth.
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Overall, while the COVID-19 pandemic has presented challenges for the SHM market, the long-term prospects remain positive. The emphasis on infrastructure development, safety, and resilience is expected to drive the demand for SHM solutions as economies recover and construction activities resume.
Additionally, advancements in remote monitoring technologies and the adoption of digital solutions can help mitigate some of the challenges posed by the pandemic and accelerate the adoption of SHM systems.
Key questions answered in this report:
- What is the size of the Structural Health Monitoring market and what is its expected growth rate?
- What are the primary driving factors that push the Structural Health Monitoring market forward?
- What are the Structural Health Monitoring Industry's top companies?
- What are the different categories that the Structural Health Monitoring Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the Structural Health Monitoring market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2032
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Competitive Landscape – Structural Health Monitoring Market
The competitive landscape of the Structural Health Monitoring (SHM) market is characterized by the presence of several key players offering a wide range of solutions and services. These players compete in terms of product offerings, technological advancements, market reach, and customer support. Some of the prominent companies operating in the SHM market include:
- Cowi A/S: Cowi is a global engineering consulting firm that provides a range of services, including structural health monitoring. They offer solutions for monitoring the structural behavior of various infrastructure projects.
- Acellent Technologies, Inc.: Acellent Technologies specializes in structural health monitoring solutions for aerospace, civil engineering, and other industries. Their products include embedded sensors and data analysis software.
- Digitexx Data Systems, Inc.: Digitexx Data Systems is known for its expertise in structural health monitoring and nondestructive testing technologies. They offer monitoring solutions for bridges, buildings, wind turbines, and other structures.
- Nova Metrix LLC: Nova Metrix is a leading provider of monitoring solutions for civil, geotechnical, and structural applications. They offer a wide range of sensors, data acquisition systems, and analysis software.
- National Instruments Corporation: National Instruments is a well-known technology company offering various industries hardware and software solutions. They provide tools for structural health monitoring, including data acquisition systems and analysis software.
- Kinemetrics, Inc.: Kinemetrics specializes in earthquake monitoring and structural health monitoring solutions. They offer a range of sensors, accelerometers, and data analysis software for monitoring the integrity of structures.
- Strainstall UK Ltd.: Strainstall is a global leader in structural monitoring and load measurement solutions. They provide sensors, monitoring systems, and data analysis software for applications such as bridges, buildings, and offshore structures.
- Hottinger Baldwin Messtechnik GmbH (HBM): HBM is a renowned provider of measurement and testing solutions. They offer sensors, data acquisition systems, and software for structural health monitoring and structural analysis.
- Geocomp Corporation: Geocomp specializes in geotechnical and structural instrumentation, monitoring, and consulting services. They offer solutions for monitoring the behavior of underground structures, tunnels, and embankments.
- RST Instruments Ltd.: RST Instruments is a leading geotechnical and structural monitoring instrument manufacturer. They provide a range of sensors and data acquisition systems for monitoring the performance of structures.
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These are just a few examples of the key players in the structural health monitoring market report. The market is competitive, with companies continually innovating and expanding their offerings to meet the evolving needs of the SHM industry.
Partnerships, acquisitions, and collaborations are common strategies employed by these companies to strengthen their market position and enhance their product portfolios.
List of the prominent players in the Structural Health Monitoring Market:
- Cowi A/S
- Acellent Technologies Inc
- Digitexx Data Systems Inc
- Nova Metrix LLC
- National Instruments Corporation
- Kinemetrics Inc
- Strainstall UK Ltd
- Hottinger Baldwin Messtechnik GmbH (HBM)
- Geocomp Corporation
- RST Instruments Ltd
- Others
The Structural Health Monitoring Market is segmented as follows:
By Solution Type
- Hardware (Sensors, Data Acquisition System and Others)
- Software (Design & Analysis, Parameter Identification & Tracking and Others)
- Services (Installation Services , Design & Consulting Services, Operation & Maintenance Services)
By Application Type
- Bridges & Dams
- Building & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machines & Equipment
By Technology Type
- Wired
- Wireless
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By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
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This Structural Health Monitoring Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Global Key Players in This Structural Health Monitoring Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Global Market Status of the Structural Health Monitoring Market? What Was the Capacity, Production Value, Cost and PROFIT of the Structural Health Monitoring Market?
- What Is the Current Market Status of the Structural Health Monitoring Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Structural Health Monitoring Market by Considering Applications and Types?
- What Are Projections of the Global Structural Health Monitoring Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is Structural Health Monitoring Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On Structural Health Monitoring Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
- What Are Market Dynamics of Structural Health Monitoring Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Structural Health Monitoring Industry?
Click Here to Access a Free Sample Report of the Global Structural Health Monitoring Market @ https://www.custommarketinsights.com/report/structural-health-monitoring-market/
Reasons to Purchase Structural Health Monitoring Market Report
- Structural Health Monitoring Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- Structural Health Monitoring Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- Structural Health Monitoring Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- Structural Health Monitoring Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the global Structural Health Monitoring market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Structural Health Monitoring market analysis.
- The competitive environment of current and potential participants in the Structural Health Monitoring market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide Structural Health Monitoring market should find this report useful. The research will be useful to all market participants in the Structural Health Monitoring industry.
- Managers in the Structural Health Monitoring sector are interested in publishing up-to-date and projected data about the worldwide Structural Health Monitoring market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Structural Health Monitoring products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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