New York, United States, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, the Global Structural Health Monitoring Market Size to grow from USD 1.45 billion in 2021 to USD 4.71 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 14% during the forecast period. The structural health monitoring market has been growing owing to the increasing applications of technologies. Furthermore, the increasing concern for healthcare facilities and stringent regulatory and sustainability mandates propel the market’s growth. The North America is expected to grow the fastest during the forecast period.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse key industry insights spread across 190 pages with 156 market data tables and figures & charts from the report “Global Structural Health Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Technology (Wired and Wireless ), By End Use (Civil Infrastructure, Aerospace and Defence, Mining , Energy and Others), By Offering ( Software & Services and Hardware ), By Hardware Type ( Data Acquisition Systems ( DAS ) & Communication Systems , Sensors and Others ) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.” in detail along with the table of contents
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View a detailed Table of Content Here –
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The wired segment to account for the largest market size during the forecast period.
Based on the technology, the Structural Health Monitoring market is categorized into Wired and Wireless. The wired segment accounts for the largest market size during the forecast period. The wired sector had a higher portion of the market. There is no constraint on the ability to transport data over vast distances when using wired systems because these systems also provide dependable connectivity. This has led to the widespread use of wired systems for continuous monitoring of many types of structures. In addition, wired SHM systems are already being utilized for the assessment of a variety of structures all over the world, including buildings, dams, and bridges in various nations.
The civil infrastructure segment to hold a higher CAGR during the forecast period.
Based on the end user, the civil infrastructure market is categorized into Civil Infrastructure, Aerospace and Defence, Mining, Energy, and Others. The civil infrastructure segment to hold higher CAGR during the forecast period. During the forecast period, the biggest market share will be held by the civil infrastructure sector. The civil infrastructure area includes things like bridges, dams, tunnels, buildings, and stadiums. The key forces propelling the growth of the civil infrastructure business on a global scale are the acceleration of urbanization and the growing need for better quality infrastructure.
The software and services segment is to hold a higher CAGR during the forecast period.
Based on offerings, the Structural Health Monitoring market is categorized into Software & Services, and Hardware. The software and services segment are to hold a higher CAGR during the forecast period. The computer software and services market is expected to expand at a more rapid pace. The program provides the monitoring team with a graphical representation of the data that is pertinent to the behavior of the structure. This enables the team to review the data and identify problems as quickly as possible in order to avoid the structure from collapsing. As the number of large infrastructure projects continues to rise and as structural failures become more frequent, the utilization of structural health monitoring systems has become an increasingly crucial practice.
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Asia- Pacific is estimated to account for the highest market share in 2022.
The Global Structural Health Monitoring Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. In Asia -Pacific, there has been a considerable increase in the number of infrastructure projects including bridges, power plants, and smart cities, which has led to an increase in the importance of structural health monitoring. To foster further economic expansion, a number of nations, like China and India amongst others, are increasing the amount of money they put into the construction of infrastructure projects like new bridges and buildings. As the number of initiatives to improve civil infrastructure continues to rise, there will be an increased demand for structural health monitoring systems. These systems are used to maintain and monitor the status of individual structures and to prevent catastrophic breakdowns North America to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Companies Covered: Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A., Campbell Scientific, Inc., COWI A/S, GEOKON, Geocomp Corporation and other Prominent Key Players.
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