Pune, March 30, 2023 (GLOBE NEWSWIRE) -- The SNS Insider reported that the Structural Health Monitoring Market was valued at USD 2.37 billion in 2022, and it is anticipated to grow at a compound annual growth rate (CAGR) of 14.4% from 2023 to 2030, ultimately reaching USD 6.98 billion.
Structural Health Monitoring (SHM) refers to the process of continuous monitoring, inspection, and evaluation of the structural health of a building, bridge, or other infrastructure system. SHM typically involves the use of sensors, such as accelerometer, strain gauges, and temperature sensors, which are strategically placed on the structure to collect data on its behavior and performance. This data is then processed and analyzed using advanced algorithms and machine learning techniques to identify any anomalies or changes in the structural behavior.
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Structural Health Monitoring Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.37 Billion |
| Market Size by 2030 | US$ 6.98 Billion |
| CAGR From 2023 to 2030 | 14.4% |
| Key Segments | • By Solution Type (Hardware, Software & Services) • By Application Type (Bridges & Dams, Building & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment) • By Technology Type (Wired, Wireless) |
| Company Profiles | Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, Structural Monitoring Systems. |
Market Analysis
The structural health monitoring market is set to witness significant growth due to the rapid expansion in the infrastructure sector. With increasing government initiatives towards SHM system standardization and public safety, the demand for these systems is expected to rise further. In addition, stringent regulations pertaining to the sustainability of structures and declining costs of sensors are expected to drive the growth of this market. SHM is a crucial aspect of infrastructure development and maintenance, as it enables the continuous monitoring of the structural health of buildings, bridges, and other critical infrastructure.
Impact of Russia-Ukraine Conflict
The impact of the conflict has been a shift in demand for SHM services. In areas affected by the conflict, such as eastern Ukraine, there has been an increased demand for SHM services as buildings and infrastructure are damaged or destroyed. On the other hand, in areas where there is a risk of conflict, such as Crimea, there has been a decrease in demand for SHM services as investors and developers are hesitant to invest in new projects.
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Key Regional Development
The structural health monitoring market in North America is experiencing a significant boost due to several reasons, such as the increased focus of governments on repairing and maintaining civil infrastructure, the aging infrastructure, and investments made by various governments. Countries like the United States and Canada have recognized the importance of structural health monitoring systems to ensure the safety and security of their structures and people. As the infrastructure in North America and Europe continues to age rapidly, there is a pressing need for civil infrastructure like bridges, dams, and tunnels to adopt structural health monitoring methods.
Recent Developments Related to Structural Health Monitoring Market
- Sercel, a leading provider of seismic acquisition and imaging solutions, has announced its acquisition of Morphosense, a French company specializing in structural health monitoring and integrity management. The acquisition will expand Sercel's capabilities in the field of structural health monitoring, an increasingly important area for industries such as oil and gas, renewable energy, and civil engineering.
- FDH Infrastructure Group, LLC has recently expanded its portfolio by acquiring Smart Tower Systems, a move that adds cutting-edge structural health monitoring sensor technology to the company's offerings. This acquisition marks an important milestone for FDH Infrastructure Group, LLC as it seeks to diversify and strengthen its position in the infrastructure industry.
Key Takeaway from Structural Health Monitoring Market Study
- The SHM market is primarily dominated by the hardware segment due to the high cost of integral components such as sensors and data acquisition systems. Hardware components play a crucial role in the SHM process as they are responsible for collecting and transmitting data about the structure being monitored.
- The wired segment accounts for a larger share in the SHM market due to its reliability in data transfer over long distances. Wired systems are commonly used for continuous monitoring of various structures as they offer reliable connectivity without any limitation on distance.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Structural Health Monitoring Market Segmentation, By Solution Type
9. Structural Health Monitoring Market Segmentation, By Application Type
10. Structural Health Monitoring Market Segmentation, By Technology Type
11. Regional Analysis
12.Company Profiles
13.Competitive Landscape
14.Conclusion
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