Dublin, April 27, 2022 (GLOBE NEWSWIRE) -- The "Global Structural Health Monitoring Market Size, Share & Industry Trends Analysis Report By Technology, By End Use, By Offering (Hardware and Software & Services), By Hardware Type, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Structural Health Monitoring Market size is expected to reach $3.8 billion by 2027, rising at a market growth of 13.5% CAGR during the forecast period.
Structural health monitoring (SHM) is a non-destructive diagnostic approach for assessing a structure's present condition. SHM encompasses the use of techniques and tactics for damage characterization and detection in civil, aeronautical, and mechanical engineering applications. Furthermore, the most of infrastructure in wealthy countries was built after WWII and the industrial revolution. As a result, the majority of these buildings are overused and outdated.
In addition, the deterioration of major buildings, like bridges, pipelines, transportation networks, and others, has been exacerbated by population increase and changing lifestyles. SHM can help with real-time continuous evaluation of these structures, allowing for the prediction of maintenance and repairs, resulting in fewer damages and accidents.
Structural health monitoring (SHM) systems have risen to prominence as an intriguing new topic in civil engineering throughout the years. SHM has evolved into a crucial instrument for the design, analysis, and upkeep of modern civil engineering systems and structures. Increased attention on structural health monitoring, outdated infrastructure in North America and Europe, outmoded domestic & global airline aircraft, reduced inspection costs, and frequent incidences of natural disasters are all propelling the development of the structural health monitoring market.
The structural health monitoring sector has grown as a technological breakthrough that is reshaping the engineering sector throughout the world. For many years, structural health monitoring was only considered necessary in a few application areas. In recent years, however, the structural health monitoring market has seen significant adoption across a wide range of sectors. The structural health monitoring market assists in the monitoring of infrastructural/engineering structures by assessing their condition using structural health monitoring sensors and interpreting the data obtained.
COVID-19 Impact Analysis
The worldwide structural health monitoring market has been significantly impacted by the COVID-19 pandemic, owing to a stop in international commerce, protracted lockdowns, and delays in building and maintenance activities.
For the first two to three quarters of 2020, the structural health monitoring market saw a slump as major building, maintenance, and repair operations in the aerospace & defence, civil infrastructure, and energy sectors throughout various nations were halted. Because of the pandemic's supply chain interruptions, players in the structural health monitoring sector have seen a drop in demand for monitoring equipment and services. Nevertheless, the market has begun to revive gradually from 2021, as governments resume infrastructure building to combat the COVID-19 pandemic's high unemployment rate.
Market Growth Factors:
Increased relevance of automated critical infrastructure maintenance and repair
Several critical operations connected to infrastructure repair and maintenance has been automated in recent years. The requirement to maintain social distance with restricted workers at construction sites because to the COVID-19 epidemic has resulted in a drop in productivity. Automation, standardization of essential procedures, and remote working alternatives has all resulted as a result of this. COVID-19 has led in a labor shortage, causing repair and maintenance to be delayed. Because of the restrictions of operating under restricted capacity and social distance, the pandemic has had a profound influence on the building industry.
Furthermore, in the post-COVID-19 period, the rising expenses of physical inspection and constant maintenance is expected to lead to a spike in demand for automated alternatives. Overrun costs may be prevented by automating and standardizing repair and maintenance procedures, since operations and maintenance (O&M) expenditures can be managed more efficiently due to digital control of diverse assets and associated components.
Increasing engineering structures safety concerns to boost market growth
The worldwide structural health monitoring market potential is being driven by technological improvements, as well as the broad availability and decreased cost of sensors. Safety concerns concerning engineering buildings and important infrastructure are unavoidable these days, because loss to the latter has a significant cost impact on both living people and property. As a result, one of the key drivers of revenue in the structural health monitoring industry is concerns about damage protection. Some of the major drivers propelling the whole structural health monitoring market include the reduction in the cost of engineering structure maintenance, and the preservation of life and protection of property.
Marketing Restraining Factor:
Costs of installation and monitoring are significant
The cost of structural health monitoring systems rises as range, repeatability, resolution, accuracy, and precision increase. Although these systems save money in the long run, the installation cost and monitoring is substantial. This is because modern sensors, software, and complicated data collecting systems are being used. These expenses comprise software, hardware, and service costs, and are mostly determined by the complexity of structures and the construction cost, that rises as the complexity grows. Although high installation and monitoring costs are likely to restrict market expansion, the influence of this restraint is anticipated to diminish gradually over the projection period as a result of global competition and falling prices for structural health monitoring systems.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Structural Health Monitoring Market by Technology
3.1 Global Wired Market by Region
3.2 Global Wireless Market by Region
Chapter 4. Global Structural Health Monitoring Market by End Use
4.1 Global Civil Infrastructure Market by Region
4.2 Global Aerospace & Defense Market by Region
4.3 Global Energy Market by Region
4.4 Global Mining Market by Region
4.5 Global Other End Use Market by Region
Chapter 5. Global Structural Health Monitoring Market by Offering
5.1 Global Hardware Market by Region
5.2 Global Hardware Market by Type
5.2.1 Global Sensors Market by Region
5.2.2 Global Data Acquisition Systems (DAS) & Communication Systems Market by Region
5.2.3 Global Others Market by Region
5.3 Global Software & Services Market by Region
Chapter 6. Global Structural Health Monitoring Market by Region
Chapter 7. Company Profiles
7.1 Acellent Technologies, Inc.
7.1.1 Company Overview
7.2 Sixense (Soletanche Freyssinet)
7.2.1 Company Overview
7.3 Nova Ventures Group Corp.
7.3.1 Company Overview
7.3.2 Recent strategies and developments:
7.3.2.1 Acquisition and Mergers
7.4 Structural Monitoring System Plc.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional & Segmental Analysis
7.4.4 Research & Development Expenses
7.5 Digitexx Data Systems, Inc.
7.5.1 Company Overview
7.6 SGS S.A.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.7 Campbell Scientific, Inc.
7.7.1 Company Overview
7.7.2 Recent strategies and developments:
7.7.2.1 Product Launches and Product Expansions:
7.8 COWI A/S
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Segmental and Regional Analysis
7.8.4 Recent strategies and developments:
7.8.4.1 Partnerships, Collaborations, and Agreements:
7.9 GEOKON
7.9.1 Company Overview
7.10. Geocomp Corporation
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Product Launches and Product Expansions:
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