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Tuesday, 05 July 2022 06:46 GMT

Structural Health Monitoring Market Growth Analysis With Industry Share By Manufacturers, Type And Applications By 2030


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Rapid advancement in sensing technology due to investments in R&D, and reduced cost of structural health monitoring devices

Structural Health Monitoring Market Size – USD 1.87 Billion in 2021, Market Growth – at a CAGR of 14.3%, Market Trends – Increase in seismic activities globally” — Emergen Research

VANCOUVER, BC, CANADA, June 22, 2022 /EINPresswire.com / -- The Global Structural Health Monitoring Market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants. In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency.

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Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.

Additionally, an increase in seismic activities globally has further led to increase in demand for structural health monitoring devices. National Earthquake Information Center in the U.S detects over 20,000 earthquakes around the globe each year and on an average 55 earthquakes per day. Additionally, infrastructural activities such as fracking for oil, dam-build, and pumping gas without refilling, have induced man-made earthquakes. Earthquakes of greater intensity significantly damage civil infrastructure, which is expected to increase demand for structural health monitoring systems and hence drive revenue growth of the market to a greater extent.

High cost of installing monitoring sensors, as well as challenges with accessibility and environmental conditions while placing sensors, are limiting market revenue growth. Finding a suitable spot for placing sensors in buildings, such as bridges, is difficult. However, with rapid adoption of wireless sensors, the market is expected to grow steadily over the forecast period.

Based on the competitive landscape, the market report analyzes the key companies operating in the industry:

Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc., Others

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Some Key Highlights from the Report

On 30 April 2020, Campbell Scientific, Inc., created Granite series, a modular Data-Acquisition (DAQ), which can be centralized or distributed. It reduces total cost of ownership and operation of data. A broad range of measurement modules facilitates expansion of channels and flexibility for all critical SHM measurements.

The hardware segment revenue is expected to account for largest revenue share over the forecast period owing to rapid advancement in sensing technology due to investments in R&D and reduction in cost of installing structural health monitoring. Wired hardware systems allow continuous transmission of data, which facilitates real-time collection of data and enable user to monitor structural health of infrastructure.

The wired segment accounted for a significantly robust revenue share in 2021 owing to its rapid increase in demand for monitoring health of structures. Structural Health Monitoring (SHM) is widely adopted in civil infrastructure for continuous monitoring of structures, which may help to improve life of structure and its performance and preventing sudden failure of structures and loss of life.

The civil infrastructure segment is expected to account for largest revenue share over the forecast period. An increase in investments by governments of developing countries and increase in damage to civil infrastructure due to a rise of seismic activities around the world is expected to increase demand for SHM systems and contribute to revenue growth of this segment

The North America market is registering a significantly robust revenue growth rate during the forecast period. This is due to rising investments in infrastructure development, rapid advancements in sensing technology due to investments in R&D, and presence of major companies such as Nova Ventures, Campbell Scientific, Inc., Geokon, and others

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Emergen Research has segmented the global structural health monitoring market based on offering, technology, end use, and region:

Offering Outlook (Revenue, USD Billion, 2019–2030)

Hardware

Software

Services

Technology Outlook (Revenue, USD Billion, 2019–2030)

Wired

Wireless

End Use Outlook (Revenue, USD Billion, 2019–2030)

Civil Infrastructure

Aerospace and Defense

Energy

Mining

Regional Outlook (Revenue, USD Billion, 2019–2030)

North America

U.S.

Canada

Mexico

Europe

Germany

UK

France

Spain

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

Israel

Rest of Middle East & Africa

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Key Benefits of Buying the Global Structural Health Monitoring Report:

Comprehensive analysis of the changing competitive landscape

Assists in decision making processes for the businesses along with detailed strategic planning methodologies

The report offers an 8-year forecast and assessment of the Global Structural Health Monitoring Market

Helps in understanding the key product segments and their estimated growth rate

In-depth analysis of market drivers, restraints, trends, and opportunities

Comprehensive regional analysis of the Global Structural Health Monitoring Market

Extensive profiling of the key stakeholders of the business sphere

Detailed analysis of the factors influencing the growth of the Global Structural Health Monitoring Market

Thank you for reading our report. To know more about the customization of the report, please get in touch with us, and our team will ensure the report is suited to your requirements.

About Emergen Research

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Shuvajit Bhaduri
EmergenResearch
+16047579756 ext.

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