Global Structural Health Monitoring Market Projected to Reach USD 16,601.1 Million by 2034, Driven by Increased Infrastructure Development | Future Market Insights, Inc.
Wired SHM Systems Continue to be in High Demand on the Market, as They Remain the Most Popular Type of Structural Health Monitoring Systems.
The structural health monitoring market in United States is anticipated to develop at a CAGR of 10.90% through 2034.
NEWARK, Del., July 10, 2024 /PRNewswire/ — According to the latest industry analysis, the global structural health monitoring market size is estimated to be around USD 4,478.0 million in 2024. It is projected to exhibit a CAGR of 14.0% over the forecast period, with an estimated market size of USD 16,601.1 million by 2034.
The construction and infrastructural development sector, in the last few years, is witnessing a significant boom, especially post-pandemic. Emerging economies are investing a considerable amount of money in constructing public utilities such as bridges, roads, and flyovers. This has resulted in an exponential expansion of the market for structural health monitoring solutions.
Structural failures such as bridge collapses and weakened flyovers have also led to a massive demand for structural health monitoring solutions. Governments across the world have mandated stringent structural integrity assessments to ensure maximum public safety, which is driving the demand for these solutions. The expansion of smart and self-sufficient cities in countries like India, China, Brazil, and Singapore has also amplified the adoption of structural health monitoring equipment.
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Companies involved in the manufacturing of structural health monitoring systems are increasingly integrating artificial intelligence and machine learning algorithms for predicting the mechanical integrity of buildings. Technological advancements, such as the use of drones and unmanned aerial vehicles (UAVs) for regular inspections and surveys, have also fueled the market expansion.
“Continuous innovation is the key in this market. Companies in the structural health monitoring market must come up with new innovations, like the integration of Artificial Intelligence and Machine Learning algorithms to comprehensively assess and analyze structural data in real time,” – says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Why is the Global Market for Structural Health Monitoring Growing?
Innovative Smart Sensors and Wireless Technologies to Bolster Market Growth
As sensors improve and prototype smart sensors are used, the structural health monitoring market continues to be in high demand. A significant contribution to the monitoring of structural health can be made by MEMS, network services, and the development of wireless communication techniques. Smart sensors can handle massive volumes of data generated by monitoring systems by performing onboard operations on their embedded microprocessors, which helps them cope with the large amount of data they generate.
Wireless communication technologies have been extensively researched as a means of alleviating the shortcomings of wired sensing technologies. Traditional monitoring systems can be significantly simplified by wireless communication, which eliminates wiring problems and lowers maintenance costs. Over the next decade, structural health monitoring market demand will be driven by the use of high-tech smart sensors and wireless technology.
The structural health monitoring market is experiencing an upward trend due to growing applications in the architecture and engineering industries. Within the next decade, structural health monitoring systems are expected to see an increase in demand due to a growing focus on reducing the risk of damage to infrastructures, such as bridges, dams, and buildings.
An enhanced ability to understand the behavior of structures can be provided by structural health monitoring, as well as increased use of innovative materials, the identification of damages before they arise, the speeding up of repair and inspection processes, and smarter management and maintenance strategies can all contribute to the growth of the market as a whole. This is a key reason why the structural health monitoring market is likely to be the most important market driver over the next few years.
Key Takeaways from the Market Study
- The wired structural health monitoring segment is set to dominate the structural health monitoring market with a share of 62.40% in 2024.
- Based on components, the structural health monitoring software segment is on track to lead the structural health monitoring industry with a share of 38.30% in 2024.
- The structural health monitoring industry in China is anticipated to develop at a CAGR of 14.50% through 2034.
- The structural health monitoring industry in Germany is estimated to rise at a 5.50% CAGR through 2034.
- The structural health monitoring market in the United States has the potential to increase at 10.90% CAGR through 2034.
- The Germany structural health monitoring industry is predicted to rise by 5.50% CAGR through 2034.
- The structural health monitoring industry in Australia and New Zealand is likely to progress at a CAGR of 17.50% through 2034.
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Competitive Landscape
The structural health monitoring market includes several leading companies, such as Nova Metrix LLC, Campbell Scientific Inc., COWI, Geocomp Corporation, Acellent Technologies Inc., Sixense, Pure Technologies (Xylem, Inc.), and Digitex.
- These companies specialize in offering a range of services to construction companies, both public and private.
- They also offer consulting and monitoring services to stakeholders in various industries such as civil engineering, construction, transportation, and energy.
- These companies play a crucial role in helping construction companies monitor and assess the safety and health of their buildings and infrastructure.
Other Key Players:
- SGS SA
- Kinematics
- GEOKON
- National Instruments Corporation
- Livehooah
- SignaGuard
Recent Developments:
- ABS and Seatrium, in November 2023, achieved structural health monitoring notation for ADMARINE 686, with a digital twin for predictive maintenance.
- IIT Mandi and INRIA developed AI-based structural health monitoring for accurate infrastructure health prediction in September 2023.
- In November 2023, University of Central Florida researchers unveiled four innovations utilizing AI and virtual reality to enhance structural health monitoring. This also included their flagship ‘Virtual Visualization System’.
Energy-based infrastructural activities to provide the much-required thrust for the growth of the USA structural health monitoring market
As per the research conducted by FMI, the USA is expected to hold the maximum market share of nearly 75% in the North American market. The massive increase in the number of infrastructural activities, coupled with a massive investment in the infrastructural sector by the government, is expected to drive the structural health monitoring market in the USA.
Apart from that, a number of stakeholders who are into providing energy-based solutions to their clients have started investing heavily in structural health monitoring systems to develop solid infrastructures. This shows a bright future for the structural health monitoring market in the USA.
Moreover, increased investment in the construction sector is expected to contribute massively to the demand for structural health monitoring. Furthermore, a number of key players who are into providing structural health monitoring solutions in the USA are expected to further expedite the market growth.
Being an epicenter for Earthquakes, Japan presents huge opportunities for the structural health monitoring market
Japan has been consistently hit by earthquakes throughout its recorded history. The adoption of a structural health monitoring system ensures that the buildings remain earthquake-proof.
The Japanese investors are particularly impressed with the cost-effective maintenance of the structural health monitoring systems. This consequently reduces the construction work.
Moreover, being susceptible to the earthquake would mean wanting to have a structure that has been developed on the grounds of performance-based design philosophy. That is to say, SHM collects data on the realistic performance of the structures, which can be kept as a reference for future construction-based activities as well, which is probably a breather, especially for Japanese construction businesses.
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Key Segments in the Global Structural Health Monitoring Market
By Component:
- Hardware
- Sensors
- Data Acquisition Systems
- Software
- Design and Analysis
- Parameter Identification and Tracking
- Service
- Installation Service
- Design and Consulting Service
- Operation and Maintenance Service
By Type:
- Wired Systems
- Wireless Systems
By Application:
- Bridges and Dams
- Buildings and Stadiums
- Vessels and Platforms
- Airframes and Wind Turbines
- Large Machines and Equipment
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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