Market Highlights
The structural
health monitoring market trends is projected to reach USD 4.3 Billion at
CAGR of 15% from 2022 to 2030.The global Structural Health Monitoring market is
projected to record a CAGR of ~15% during the forecast period. Structural Health Monitoring is a type of
monitoring that will detect if there are any damages to the structures.
Structural health monitoring can be applied to many different types of
structures such as buildings, bridges, and pipelines. It can also be used on
other objects such as aircraft and ships.
The COVID-19 outbreak has significantly impacted the global
economy by disrupting production and demand, impacting the supply chain in the
market. The government put a contingency plan in place by putting people inside
their houses with no contact with the outside world. The government imposed a
country-wide lockdown to minimize the risk of any further outbreaks.
There was a decrease in the demand for structural health
monitoring market. During this pandemic, people were focusing on necessary
items and were avoiding the unnecessary costs. This has decreased the demand
for infrastructure projects. Furthermore, the government stopped all
unnecessary activities that have stopped various construction and infrastructure
projects.
Market Research Future has recognized the following
companies as the key players in the global Structural Health Monitoring market
Nova Metrix LLC, Geokon, Campbell Scientific, COWI, Geocomp, Acellent
Technologies, Sixense, Pure Technologies, Structural Monitoring Systems, SGS,
and Digi-Texx among others.
Segmental Analysis
The global structural health monitoring market has been
segmented based on offering, technology, end-use, and region. By offering, the
global structural health monitoring market has been segmented into hardware,
software & services. The software & services segment is anticipated to
witness rapid growth in the global structural health monitoring market. As soon
as the data arrives at the sensors, the software starts monitoring and
analyzing its structure. The software provides the visual representation of the
data on structural behavior and allows people to see the changes in real-time
so that damages can be detected at the earliest. To do this, structures need to
be monitored regularly. Structural health monitoring is crucial for any project
with a large infrastructure. Structural failures are also increasing
frequently, which is why this technology has become more urgent. To ensure the
health and integrity of various structures and systems, one can use an approach
based on the data collection from sensors installed around the building or
machine. These include parameters related to loading, stress, strain and
acceleration. Furthermore, it can be challenging for structural engineers to
process and analyze such high volumes of data. To get around this, software
platforms, apps, and other coding solutions are being adopted.
Based on the end-use, the global structural health
monitoring market has been segmented based on civil infrastructure, aerospace
& defense, energy, mining, and others. The civil Infrastructure segment is
expected to be the largest revenue generating segment in the global structural
health monitoring market. The civil infrastructure segment includes bridges,
tunnels, dams, buildings & stadiums. Countries have been investing in
physical infrastructure for a long time now. The US, the UK, Japan, Germany,
and other countries have been making increasingly large investments in this
area as they recognize the potential on offer. It is a positive step towards
future economic growth. Rapid urbanization and an urgent need for high-quality
infrastructure are driving the growth of the world civil infrastructure market.
This brings the increasing number of civil infrastructure projects, which are
set to create a high demand for structural health monitoring systems. In other
words, these systems can be used to maintain and monitor the condition of each
structure and avoid catastrophic failures.
Regional Analysis
Geographically, the global structural
health monitoring market report has been categorized as North America,
Europe, Asia-Pacific, and Rest of the World. In recent years, the North
American market has seen enormous development in the structural health
monitoring sector. Structural health monitoring has been transforming the way
buildings are built and sustained. Companies have been using this service to
detect and prevent structural issues such as building collapse, fire, or
structural failure that can cost thousands of dollars to repair.
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