According to a market report, published by Sheer Analytics and Insights, 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. Superior infrastructure is crucial for regional development and contributes to rising public and private sector productivity. As a result, one of the main factors driving the market's growth is the rapid development of infrastructure around the world. By eliminating the need for maintenance and inspection employees, these solutions aid in cost reduction. These technologies are also being employed in applications including diagnosing ships and platforms in the maritime industry, aircraft frames in aerospace and defense, and inspection of huge machinery, thanks to continual technological improvements. Moreover, the deterioration of infrastructure, such as bridges, pipelines, and transportation networks, has been accelerated by population growth and lifestyle changes. To prevent damage and accidents, these structures need to be continuously inspected in real time. Hence, these primary factors are driving the structural health monitoring market over the past few years.
A well-liked area of civil engineering research is SHM. Designing, evaluating, and maintaining contemporary civil engineering systems and structures all need the use of SHM. The structural health monitoring sector is being driven by increased interest in structural health monitoring, aging infrastructure in North America and Europe, aging domestic and international airline aircraft, declining inspection costs, and an increase in natural disasters. Furthermore, skyscrapers, stadiums, dams, and bridges are examples of civil infrastructure. Economic growth is stimulated by new infrastructure. Tunnels and bridges lower costs expedite transit and promote local trade. A nation's population and economic development are impacted by these institutions. The health of the structure is being monitored by several nations. Leading governments around the world are funding new infrastructure. These major factors are estimated to accelerate market growth during the forecast period.
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The global market for structural health monitoring is being driven by technological advancements, widespread availability, and falling sensor prices. Infrastructure and structures designed for modern engineering must be secure. Damage to it could have an economic impact on people's lives and their possessions. A key component of structural health monitoring revenue is damage avoidance. The structural health monitoring industry is driven by lowering maintenance costs and protecting people and property. In addition to this, The Americas hold the greatest market share, with the need for structural health monitoring rapidly rising across the board. In the US and Europe, methods for structural health monitoring are being vigorously implemented. However, given the expanding infrastructural investments in these nations' buildings, utilities, bridges, and tunnels, countries in the Asia Pacific, including China, Japan, India, and Singapore, as well as the GCC nations of the UAE, Saudi Arabia, and Qatar, offer a significant market opportunity for structural health monitoring.
On the other hand, unfavorable site circumstances present a significant obstacle during structural health monitoring. Monitoring structural health is impacted by several natural and man-made variables. For instance, severe weather frequently disrupts monitoring procedures or harms equipment in numerous regions. The sensors deployed at various locations on the structure sustain severe damage from strong winds, heavy rain, and frequent temperature fluctuations. Although high installation and monitoring costs would hinder market expansion, their impact is anticipated to gradually lessen throughout the projected period due to competition among numerous market participants worldwide and falling structural health monitoring system prices.
According to the study, key players dominating the global structural health monitoring market are 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.
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