Global Structural Health Monitoring Market Size, Share & Industry Trends Analysis Report By Technology, By End Use, By Offering, By Hardware Type, By Regional Outlook and Forecast, 2021 – 2027 – Yahoo Finance

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The Global Structural Health Monitoring Market size is expected to reach $3. 8 billion by 2027, rising at a market growth of 13. 5% CAGR during the forecast period. Structural health monitoring (SHM) is a non-destructive diagnostic approach for assessing a structure’s present condition.
New York, March 31, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Global Structural Health Monitoring Market Size, Share & Industry Trends Analysis Report By Technology, By End Use, By Offering, By Hardware Type, By Regional Outlook and Forecast, 2021 – 2027" – https://www.reportlinker.com/p06249536/?utm_source=GNW
SHM encompasses the use of techniques and tactics for damage characterization and detection in civil, aeronautical, and mechanical engineering applications. Furthermore, the most of infrastructure in wealthy countries was built after WWII and the industrial revolution. As a result, the majority of these buildings are overused and outdated.

In addition, the deterioration of major buildings, like bridges, pipelines, transportation networks, and others, has been exacerbated by population increase and changing lifestyles. SHM can help with real-time continuous evaluation of these structures, allowing for the prediction of maintenance and repairs, resulting in fewer damages and accidents.

Structural health monitoring (SHM) systems have risen to prominence as an intriguing new topic in civil engineering throughout the years. SHM has evolved into a crucial instrument for the design, analysis, and upkeep of modern civil engineering systems and structures. Increased attention on structural health monitoring, outdated infrastructure in North America and Europe, outmoded domestic & global airline aircraft, reduced inspection costs, and frequent incidences of natural disasters are all propelling the development of the structural health monitoring market.

The structural health monitoring sector has grown as a technological breakthrough that is reshaping the engineering sector throughout the world. For many years, structural health monitoring was only considered necessary in a few application areas. In recent years, however, the structural health monitoring market has seen significant adoption across a wide range of sectors. The structural health monitoring market assists in the monitoring of infrastructural/engineering structures by assessing their condition using structural health monitoring sensors and interpreting the data obtained.

Impact of COVID 19

The worldwide structural health monitoring market has been significantly impacted by the COVID-19 pandemic, owing to a stop in international commerce, protracted lockdowns, and delays in building and maintenance activities.

For the first two to three quarters of 2020, the structural health monitoring market saw a slump as major building, maintenance, and repair operations in the aerospace & defence, civil infrastructure, and energy sectors throughout various nations were halted. Because of the pandemic’s supply chain interruptions, players in the structural health monitoring sector have seen a drop in demand for monitoring equipment and services. Nevertheless, the market has begun to revive gradually from 2021, as governments resume infrastructure building to combat the COVID-19 pandemic’s high unemployment rate.

Market Growth Factors

Increased relevance of automated critical infrastructure maintenance and repair

Several critical operations connected to infrastructure repair and maintenance has been automated in recent years. The requirement to maintain social distance with restricted workers at construction sites because to the COVID-19 epidemic has resulted in a drop in productivity. Automation, standardization of essential procedures, and remote working alternatives has all resulted as a result of this. COVID-19 has led in a labor shortage, causing repair and maintenance to be delayed. Because of the restrictions of operating under restricted capacity and social distance, the pandemic has had a profound influence on the building industry.

Furthermore, in the post-COVID-19 period, the rising expenses of physical inspection and constant maintenance would lead to a spike in demand for automated alternatives. Overrun costs may be prevented by automating and standardizing repair and maintenance procedures, since operations and maintenance (O&M) expenditures can be managed more efficiently due to digital control of diverse assets and associated components.

Increasing engineering structures safety concerns to boost market growth

The worldwide structural health monitoring market potential is being driven by technological improvements, as well as the broad availability and decreased cost of sensors. Safety concerns concerning engineering buildings and important infrastructure are unavoidable these days, because loss to the latter has a significant cost impact on both living people and property. As a result, one of the key drivers of revenue in the structural health monitoring industry is concerns about damage protection. Some of the major drivers propelling the whole structural health monitoring market include the reduction in the cost of engineering structure maintenance, and the preservation of life and protection of property.

Market Restraining Factors

Costs of installation and monitoring are significant

The cost of structural health monitoring systems rises as range, repeatability, resolution, accuracy, and precision increase. Although these systems save money in the long run, the installation cost and monitoring is substantial. This is because modern sensors, software, and complicated data collecting systems are being used. These expenses comprise software, hardware, and service costs, and are mostly determined by the complexity of structures and the construction cost, that rises as the complexity grows. Although high installation and monitoring costs are likely to restrict market expansion, the influence of this restraint is anticipated to diminish gradually over the projection period as a result of global competition and falling prices for structural health monitoring systems.

Technology Outlook

Based on Technology, the market is segmented into Wired and Wireless. Wired monitoring systems are now commonly employed for the overall evaluation of a variety of structures, including buildings, bridges, and dams. With the use of lead wires, co-axial cables, optical fibres, and other wired communication technologies, the wired structural health monitoring system describes the communication technology among the data acquisition system (DAS), sensors, and other communication devices. Reduced data attenuation, fast operational speed, no transmission range constraint, and large system bandwidth are all benefits of wired monitoring systems.

End Use Outlook

Based on End Use, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Others. During the projection period, civil infrastructure will have the largest market share. Bridges, dams, tunnels, buildings, and stadiums are all part of the civil infrastructure section. Many nations, including the United States, the United Kingdom, Japan, Germany, Qatar, Saudi Arabia, China, and India, are expanding their investments in infrastructure, such as bridges, dams, and buildings, in order to promote economic growth. Globally, rapid urbanisation and an urgent demand for high-quality infrastructure are the primary drivers driving the civil infrastructure industry.

Offering Outlook

Based on Offering, the market is segmented into Hardware and Software & Services. Between 2022 and 2027, the market for software and services will develop at a faster rate. The programme begins monitoring and evaluating the structure as the data from the sensors is received by the data gathering equipment. The monitoring team receives a visual view of the data relevant to structural behavior from the software, allowing them to examine the data and spot faults as soon as possible to prevent the structure from failing. Structural health monitoring systems have become increasingly important as the number of big infrastructure projects grows and structural breakdowns become more common.

Hardware Type Outlook

Based on Hardware Type, the market is segmented into Sensors, Data Acquisition Systems (DAS) & Communication Systems and Others. Sensors are expected to be a more significant revenue source in the industry than other types of hardware solutions. Sensor advancements, increased use of smart materials, and smart constructions with integrated sensors are all contributing to the market’s growth.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. During the projected period, the structural health monitoring market in Asia Pacific is predicted to develop at the fastest rate. Increased infrastructure investments and severe government rules requiring the adoption of structural health monitoring for diverse structures to minimise catastrophic failures are two important drivers driving market expansion. The rising population throughout many Asia Pacific nations has resulted in fast urbanisation and industrialisation, resulting in the start of various infrastructure projects, which has fueled market expansion.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A, Campbell Scientific, Inc., COWI A/S, GEOKON, and Geocomp Corporation.

Strategies deployed in Structural Health Monitoring Market

Feb-2021: GEOCOMP announced the launch of the Structural Health Monitoring (SHM) system. The launch has been the largest and most sophisticated system either leveraged on a bridge structure at the United States on the latest Governor Mario M. Cuomo Bridge in the State of New York. The SHM system aimed to offer a comprehensive and forward-thinking solution that uses the company’s state-of-the-art software, instrumentation expertise, and monitoring equipment that helps bridge engineers in decision making related to the operation, maintenance, inspection, and asset management.

Nov-2020: COWI entered into an agreement with The Port of Oslo, Norway’s largest public commercial port. Under this agreement, the company would offer engineering services such as electrification solutions, HVAC, geotechnics, water and waste, rail, structural design, and environmental measures to make The Port of Oslo the world’s most efficient and environmentally-friendly port city.

Apr-2020: Campbell Scientific launched the GRANITE series, a scalable data-acquisition (DAQ) system that minimizes the cost and could be centralized or distributed as well as guaranteed to work for many years. The launch aimed to expand channel and flexibility for entire significant Structural health monitoring (SHM) measurements.

Dec-2019: Nova Measurements took over Controls S.p.A., designer, manufacturer, and supplier of laboratory and on-site precision testing equipment globally for civil engineering and the construction industries. Through this acquisition, the company aimed to strengthen its latest Nova Measurements platform that focuses on metering, measuring, and monitoring technologies.

Sep-2018: COWI signed an agreement with CCI Seine Estuaire, founded in 2010 to consolidate economic development projects. The agreement focused on Structural Health Monitoring System upgrade at the Pont de Normandie in northern France to enhance safety and traffic flow as well as reduce closures.

Aug-2017: Campbell Scientific introduced the CR1000X, and enhanced data-acquisition product that measures and control datalogger for various applications. The product’s reliability and ruggedness facilitate remote environmental applications such as Mesonet systems, air-quality monitoring, weather stations, hydrological systems, wind profiling, hydrometeorological stations as well as water-quality monitoring.

Apr-2017: Nova Instruments acquired Stresstech Oy, a Finland-based company that provides non-destructive inspection instruments in the industries like Aerospace, Automotive, Energy, and research institutes and universities. From this acquisition, the company aimed to complement its Nova Instruments family by adding a range of non-destructive testing solutions that has been supplied through the company’s subsidiaries including NDT Systems, Dantec Dynamics, Phoenix Inspection Systems, and Technology Design.

Jan-2017: Nova Instruments completed the acquisition of Degree Controls, based in Milford, New Hampshire. The acquisition aimed to enable the company to provide a broad range of fluid mechanics measurement systems for new industrial applications including biosafety cabinet monitors to board-solderable air velocity sensors.

Scope of the Study

Market Segments covered in the Report:

By Technology

• Wired and

• Wireless

By End Use

• Civil Infrastructure

• Aerospace & Defense

• Energy

• Mining, and

• Others

By Offering

• Hardware and

• Software & Services

By Hardware Type

• Sensors

• Data Acquisition Systems (DAS) & Communication Systems

• Others

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• Acellent Technologies, Inc.

• Sixense

• Nova Ventures Group Corp.

• Structural Monitoring System Plc.

• Digitexx Data Systems, Inc.

• SGS S.A.

• Campbell Scientific, Inc.

• COWI A/S

• GEOKON

• Geocomp Corporation

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free
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