The global structural health monitoring market was valued at $1.71 billion in 2021 and it is expected to reach $8.2 billion at a CAGR of 14.6% between 2022 and 2032. The market will likely be driven by the infrastructure sector's rapid expansion. Government efforts to standardize SHM systems and improve public safety are intensifying, which is accelerating industry expansion. The market is expected to benefit from strict laws relating to sustainable building practices and falling sensor prices.
A helpful instrument for guaranteeing the integrity and safety of civil infrastructures, tracking the progression of damage, and predicting performance degradation is structural health monitoring (SHM). The ongoing measurement and study of variables impacting structures, such as bridges, buildings, and other structures, is known as structural monitoring. This is utilized to give a current assessment of its state and structural health. It's crucial to spot these as they happen with continual structural health monitoring because even the slightest structural changes might have an impact on your structure or a neighboring one. Utilizing SHM has several benefits, one of which is the cost savings associated with inspection and the impact reduction of natural disaster-related structural disasters. Additionally, it lessens the need for urgent repairs, enhancing public safety. Implementing a damage detection and characterization technique for engineering structures like bridges and buildings is known as structural health monitoring.
Source: SAI Research
Governments throughout the world are being compelled to enact specific rules surrounding SHM due to growing infrastructure development and rising concerns about natural disasters, which are projected to benefit the market. The industry is also expanding as a result of increased attention being paid to low-cost energy harvesting devices and the deployment of distributed optical fiber. The industry is expected to develop as a result of the rising demand for maintenance and construction that are affordable. Moreover, throughout their existence, large structures like buildings, dams, bridges, and other projects are susceptible to a variety of strong loadings, particularly during natural disasters like cyclones, earthquakes, and typhoons. These occurrences may cause substantial harm, including the loss of life, as well as economic and societal difficulties. Because these SHM systems are built to give warnings in the case of a potential catastrophe, the adoption of these systems lowers the cost of maintenance and repairs. Therefore, to increase public safety, several governments are launching campaigns to promote these systems.
Numerous sensors, including those for temperature, vibration, and load, have drastically decreased in price and size in recent years. This is due to the semiconductor industry's rapid technological breakthroughs as well as the fierce competition between many manufacturers, typically in the Asia Pacific region. The cost of installation as well as supplementary materials like cables and other components can be reduced thanks to the availability of compact, affordable sensors. Therefore, it is anticipated that these factors will accelerate market expansion shortly.
The vast majority of structural health monitoring tools now available is built using traditional damage tolerance techniques. Non-destructive inspection (NDI) techniques have subsequently been developed as a result, some of which are time-consuming and call for highly qualified specialists, such as operators or inspectors. Throughout the projected period, it is also anticipated that a lack of qualified personnel to deploy, design, and manage SHM systems will restrain market expansion.
Based on technology, the hardware segment has led the market with a significant share and is also anticipated to drive the market during the forecast period due to the high cost of key SHM system components including sensors and data gathering systems. Furthermore, the installation of several hardware components is necessary to cover structures including buildings, dams, bridges, stadiums, and airframes. On the other hand, the software and services segment is also expected to propel market growth due to technological advancements and the development of software. Artificial intelligence, machine learning, and IoT services are driving the market.
In terms of product type, the bridges and dams category has led the market over the past few years and is also projected to boost market growth in several emerging nations of North America. This segment primarily serves North America's structural health monitoring market. The development of structural health monitoring technologies using embedded or connected non-destructive evaluation sensors that use the information of essential structures is now being demonstrated by the North American structural health monitoring market. Moreover, in other places, there is a growing need for structural health monitoring systems for monitoring and inspecting bridges due to the increasing number of bridges that are both structurally and functionally poor.
Geographically, the North American region has dominated the market with the highest share and is also expected to hold its dominant position during the forecast period from 2022 to 2032. Although it accounts for a sizeable portion of the global structural health monitoring market in terms of value, the North American structural health monitoring market is anticipated to have slower yearly growth throughout the forecast period. Due to reasons including the government's increased focus on civil infrastructure repair and maintenance, the aging infrastructure, and increased investments from various governments, the demand for structural health monitoring systems in this region is rising. To ensure the safety and security of buildings and people, nations like the U.S. and Canada are increasingly depending on structural health monitoring systems. Civil infrastructure like bridges, dams, and tunnels has adopted structural health monitoring techniques as a result of the rapid aging of infrastructure in North America and Europe.
According to the study, key players such as Alcon (U.S), Acellent Technologies (U.S), COWI Holdings (U.S), Campbell Scientific (U.S), Digitexx (Africa), Geokon (U.S), HMB (Germany), Haohai Biological (China), Johnson & Johnson (U.S), James Fisher Strainstall (U.K), Kinemetrics (U.S), Novartis (Switzerland), Nova Scientific Inc (U.S), SGS (Switzerland), Structural Monitoring Systems Inc (Australia), Sixense (UAE), Xylem Inc (U.S), among others are leading the global structural health monitoring market.
|Market Size in 2021||US$ 1.71 Billion|
|Market Volume Projection by 2032||US$ 8.2 Billion|
|Forecast Period 2022 to 2032 CAGR||14.6%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Technology Type: Hardware & Software & Services
By Product Type: Bridges and Dams, Building and Stadium,Airframes and Wind Turbines, Large Machines and Equipment, Vessels and Platforms & Others
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Alcon (U.S), Acellent Technologies (U.S), COWI Holdings (U.S), Campbell Scientific (U.S), Digitexx (Africa), Geokon (U.S), HMB (Germany), Haohai Biological (China), Johnson & Johnson (U.S), James Fisher Strainstall (U.K), Kinemetrics (U.S), Novartis (Switzerland), Nova Scientific Inc (U.S), SGS (Switzerland), Structural Monitoring Systems Inc (Australia), Sixense (UAE), Xylem Inc (U.S), among others.|
The Global Structural Health Monitoring Market – by Technology Type:
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