Westford, USA, July 02, 2023 (GLOBE NEWSWIRE) -- The global Structural Health Monitoring market size is expected to reach USD 7595 million by 2030 and exhibit a CAGR of 14.7% in the forecast period (2023−2030), according to Skyquest's latest research report. The advancements in sensor and data acquisition technologies, stringent regulations and standards, the need for real-time monitoring and predictive maintenance, rising demand for cost-effective and efficient structural health management solutions, ageing infrastructure, and the need for structural integrity assessment is fueling the market's growth.
According to SkyQuest's latest global research of the structural health monitoring market, growing adoption of wireless sensor networks, increasing use of IoT and cloud-based solutions, integration of artificial intelligence and machine learning algorithms, development of advanced data analytics and predictive modelling techniques, the emergence of remote monitoring and real-time reporting, incorporation of non-destructive testing methods in structural health monitoring, utilization of drones and unmanned aerial vehicles for inspection and monitoring, emphasis on sustainability and green infrastructure monitoring, integration of structural health monitoring in smart cities initiatives, focus on long-term asset management and lifecycle monitoring, are the trends that aid in the market's growth.
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Browse in-depth TOC on "Structural Health Monitoring Market"
- Pages - 157
- Tables - 176
- Figures -79
Structural health monitoring (SHM) is a field of engineering that uses sensors to monitor the health of structures over time. This information can be used to identify and predict damage and to take steps to prevent failures.
Prominent Players in Structural Health Monitoring Market
- Acellent
- Aconsense
- Applied Acoustics
- Bridge Diagnostics
- Cirrus Research
- Cowi
- E2S
- Encardio
- Fugro
- HBM
- Honeywell
- Infrasense
- International SOS
- MaaXsensors
- MIDAS
- Norsar
- R.M.I.
- RSM
- Sensit Technologies
- Vibrating Systems and Controls
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 2530.27 Million |
| 2030 Value Projection | 7595 Million |
| CAGR | 14.7% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Wireless Technology Demand to Grow Substantially in the Forecast Period
Wireless technology dominated the global online market as they are widely flexible and scalable. They also enable remote monitoring and real-time data transmission, allowing for prompt analysis and decision-making. The advancements in wireless sensor networks, communication protocols, and battery life have contributed to the growing adoption of wireless technology in structural health monitoring applications.
Safety and Risk Mitigation is the Leading Application Segment
In terms of application, the safety and risk mitigation is the leading segment due to the increasing demand for convenience. In addition, many countries around the world have aging infrastructure that requires monitoring and maintenance. Structural health monitoring helps in assessing the condition of aging infrastructure, identifying structural weaknesses or degradation, and planning appropriate repair and maintenance activities. With the increasing need for infrastructure rehabilitation and management, the demand for structural health monitoring solutions is expected to grow.
North America is the leading Market Due to the Infrastructure Network
Region-wise, North America is one of the largest growing markets with a huge emphasis on infrastructure networks. The region has a substantial infrastructure network, including bridges, highways, buildings, and pipelines, which requires ongoing monitoring and maintenance. The presence of stringent safety regulations, the need to manage aging infrastructure, and the adoption of advanced technologies have contributed to the market dominance of structural health monitoring in North America.
A recent report thoroughly analyzes the major players operating within the Structural Health Monitoring market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Structural Health Monitoring.
Key Developments in Structural Health Monitoring Market
- In February 2023, Nova Metrix LLC acquired Vallen Systeme, a German manufacturer of monitoring systems. This acquisition added Vallen Systeme's expertise in acoustic emission and structural health monitoring technologies to Nova Metrix's product offerings.
- In March 2023, Hottinger Baldwin Messtechnik GmbH acquired Digitexx Data Systems, Inc., a leading provider of data acquisition and processing systems for SHM applications. This acquisition strengthened Hottinger Baldwin Messtechnik GmbH's position in the SHM market and expanded its portfolio of data acquisition and processing solutions.
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Key Questions Answered in Structural Health Monitoring Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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