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.
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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:
- Growing Infrastructure Investments
- Monitor and Maintain Aging Structures
- Real-Time Reporting of Structural Health
Restraints:
- Hesitance among Stakeholders in the Market
- New Technologies over Traditional Methods
- 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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