Structural Health Monitoring Market to Surpass Market Valuation of USD 5.32 Billion by 2031 | SkyQuest Technology

Structural Health Monitoring Market size was valued at USD 2.43 billion in 2023 to USD 5.32 billion by 2031, growing at a CAGR of 10.30% during the forecast period (2024-2031).


Westford, USA, Sept. 25, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Structural Health Monitoring Market will reach a value of USD 5.32 Billion by 2031, with a CAGR of 10.30% during the forecast period (2024-2031). The market is likely to be driven by the infrastructure sector's rapid expansion. The growth of the industry is facilitated by the introducing institutional filling and expanding governmental programs directed towards ensuring Public Safety. In addition, a stringent policy regarding the sustainability of structures and the dwindling costs of sensors will likely spur the sector. Structural health monitoring is one technique that civil engineers use in reducing cost maintenance management and improving critical buildings' safety. 

Browse in-depth TOC on the " Structural Health Monitoring Market" 

Pages – 197 

Tables – 95 

Figures – 76 

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Structural Health Monitoring Market Overview: 

Report Coverage  Details  
Market Revenue in 2023  USD 2.43 Billion  
Estimated Value by 2031  USD 5.32 Billion  
Growth Rate  Poised to grow at a CAGR of 10.30%  
Forecast Period  2024–2031  
Forecast Units  Value (USD Billion)  
Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends  
Segments Covered  Offering, Technology, Vertical, Application and Region  
Geographies Covered  North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa  
Report Highlights  Harnessing IoT for real-time data in structural health monitoring 
Key Market Opportunities  Increasing investments in oil & gas and energy projects 
Key Market Drivers  High availability of low-cost sensors 

Structural Health Monitoring Market Segmental Analysis

Global Structural Health Monitoring Market is segmented by Offering, Technology, Vertical, Application, and region.

Based on Offering, the market is segmented into Hardware and Software & Services.

Based on Technology, the market is segmented into Wired, and Wireless.

Based on Vertical, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Other Verticals.

Based on Application, the market is segmented into Agricultural, Cleaning, Educational, Healthcare, Manufacturing, Warehousing & Logistics, and Others.

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Software & Services Offering to Hold Significant Growth due to Increasing Demand for Real-Time Data Analytics 

Factors such as the growing need for monitoring capabilities and data analytics in real-time, steer the highest share of Software & Services segment in the global structural health monitoring market. Sophisticated software systems make it easy to collect and interpret data, increasing the quality of judgments made. This trend lessens the dependence on physical checks enhancing effectiveness and affordability and promotes technology use in many industries. 

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Wired Technology to Lead the Market due to Continuous Monitoring of Critical Infrastructure 

Wired technology dominates the global structural health monitoring market due to its reliability and high data transmission speed. Such interconnectivity facilitates the effective surveillance of essential systems at all times thereby reducing any data losses and improving the precision of the delivered information. Since infrastructure is getting more sophisticated, the emphasis on the wired solutions is further strengthened by the requirement of stable and immediately available communication. 

Asia Pacific to Dominate the Market Due to High Expenditure Spent on Social Projects 

It is anticipated that over the projection period, the Asia Pacific market will have the greatest revenue share. Due to the building industries' explosive growth in China, India, Thailand, and Vietnam, the Asia Pacific market held the greatest revenue share in 2021. The region's infrastructure industry has grown significantly due to the countries being more urbanized. 

Structural Health Monitoring Market Insight 

Drivers: 

  1. Growing Infrastructure Investments 
  1. Monitor and Maintain Aging Structures 
  1. Real-Time Reporting of Structural Health 

Restraints: 

  1. Hesitance among Stakeholders in the Market 
  1. New Technologies over Traditional Methods 
  1. Challenges in Integrating New Monitoring Technologies 

 Prominent Players in Structural Health Monitoring Market 

  • COWI A/S (Denmark)
  • Campbell Scientific, Inc. (US)
  • Geokon (US)
  • Nova Metrix (US)
  • SGS SA (Switzerland)
  • Trimble Inc. (US)
  • Sixense (France)
  • Structural Monitoring Systems PLC. (UK)
  • Acellent Technologies, Inc. (US)
  • Digitexx Data Systems, Inc. (US)
  • BDI (US)
  • Sisgeo (Italy)
  • AVT Reliability (UK)
  • Geomotion Singapore (Singapore)
  • Kinemetrics (US)
  • FEAC Engineering P.C. (US)
  • EFI Global, Inc. (US)
  • Sensuron (US)
  • Infibra Technologies (Canada)
  • Sodis Lab (France)
  • Set Point Technologies (US)
  • Mistras Group (US)
  • Metis Design Corporation (US)
  • Geosig Ltd. (Switzerland)

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Key Questions Answered in Global Structural Health Monitoring Market Report 

  • What is the projected value of the global structural health monitoring market by 2031, and what is the expected CAGR during the forecast period? 
  • Which region is anticipated to dominate the structural health monitoring market, and what factors contribute to its growth? 
  • What are the main drivers supporting the growth of the structural health monitoring market? 

This report provides the following insights: 

Analysis of key drivers (Increased spending on infrastructure development, innovations in sensors, long-term savings from predictive maintenance), restraints (Risks associated with data collection, absence of uniform standards, limited availability of trained professionals), opportunities (Partnerships with technology providers, leveraging big data, integration of IoT technology), and challenges (price wars & margin pressures, ensuring ongoing maintenance) influencing the growth of structural health monitoring market. 

  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the structural health monitoring market. 
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the structural health monitoring market. 
  • Market Development: Comprehensive information on lucrative emerging regions 
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market 
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players. 

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.  

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific. 

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