Chicago, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The structural health monitoring market size is projected to grow from USD 2.0 billion in 2022 to reach USD 4 billion by 2027, at a CAGR of 14.6% during the forecast period. The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring industry.
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MarketsandMarkets, a prominent market research firm, has released a comprehensive report on the Structural Health Monitoring (SHM) Market, shedding light on key segments, growth drivers, challenges, opportunities, and key players. The SHM market, encompassing a wide array of offerings, technologies, end-use sectors, and geographic regions, is experiencing significant growth.
Key Segments:
The Structural Health Monitoring market consists of crucial segments, including offerings such as Hardware, Software, and Services. It utilizes various technologies, encompassing Wired and Wireless solutions. End-use sectors that benefit from SHM solutions include Civil Infrastructure, Aerospace & Defense, Energy, and Mining. The geographic regions further contribute to the diverse landscape of the SHM market.
Growth Drivers:
Several factors are driving the growth of the SHM market. The increasing need for proactive maintenance of civil infrastructure to ensure safety and extend the lifespan of critical assets is a key growth driver. Moreover, the aerospace and defense industry is adopting SHM to enhance safety and reduce maintenance costs. The energy sector relies on SHM to monitor the health of energy structures and improve operational efficiency. Additionally, the mining industry benefits from SHM for early detection of structural issues, enhancing safety and productivity. The demand for reliable and cost-effective monitoring solutions across these industries is spurring market growth.
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Challenges:
Despite its growth, the SHM market faces challenges. One such challenge is the complexity of integrating SHM systems into existing infrastructure, which requires expertise and investment. Ensuring the security and integrity of data transmitted through SHM systems is also a concern. Furthermore, gaining user acceptance and demonstrating the long-term benefits of SHM solutions can be challenging.
Opportunities:
The SHM market presents numerous opportunities. The advancement of sensor technologies, wireless communication, and data analytics is opening doors for more accurate and efficient monitoring solutions. Additionally, the growing emphasis on sustainability and the need to monitor aging infrastructure will continue to drive adoption. With the increasing availability of data analytics and cloud computing, SHM solutions are becoming more accessible and cost-effective.
Key Players:
Prominent companies in the SHM market include:
- COWI (Denmark),
- Campbell Scientific (US),
- Geokon (US),
- Nova Metrix LLC (US),
- SGS (Switzerland).
The Structural Health Monitoring market is experiencing substantial growth, driven by the need for improved safety, asset longevity, and operational efficiency in critical infrastructure and industries. Key players in the market continue to innovate to meet evolving demands and seize new opportunities.
