Structural Health Monitoring Market Size is projected to reach USD 7.59 Billion by 2030, growing at a CAGR of 14.7%: Straits Research
The Global Structural Health Monitoring Market was valued at USD 2.21 billion in 2021 and is predicted to reach at USD 7.59 billion by 2030, increasing at a CAGR of 14.7% from 2022 to 2030. Asia-Pacific is the dominant and fastest-growing region. It is estimated to grow at a CAGR of 15.2% during the forecast period.
New York, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Structural Health Monitoring identifies and assesses structural deterioration in civil, aeronautical, and mechanical engineering. After World War II and the Industrial Revolution, most developed countries' infrastructure was built. Overworked buildings are now obsolete.
Population expansion and lifestyle changes have exacerbated infrastructure deterioration such bridges, pipelines, and transportation networks. Continuous real-time inspection of these structures can predict maintenance and repairs, reducing damage and accidents.
SHM is a popular civil engineering research field. SHM is vital for designing, analyzing, and maintaining modern civil engineering systems and structures. Increased attention on structural health monitoring, ageing infrastructure in North America and Europe, ageing domestic and international airline aircraft, decreased inspection costs, and more natural disasters are driving the structural health monitoring industry.
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Global Structural Health Monitoring Market: DRIVERS
Infrastructure Boom
Civil infrastructure includes bridges, dams, stadiums, and skyscrapers. New infrastructure spurs economic growth. Bridges and tunnels cut travel expenses, speed travel, and enhance regional trade. These institutions affect a country's population and economic growth. Several countries are monitoring the structure's health. Globally, prominent governments are investing in new infrastructure.
North and South America, Europe, and the Middle East are investing extensively in civil infrastructures to develop new and upgrade old facilities. As the world's population expands, so will the need for more infrastructure and structural inspections.
Construction Safety Will Boost Market Growth
Advances in technology, widespread availability, and lowering prices of sensors are driving the global market for structural health monitoring. Modern engineering buildings and infrastructure must be safe. Damage to the latter might affect people's life and goods economically. Damage prevention is a primary aspect in structural health monitoring revenue. Lowering the costs of maintaining engineered structures and protecting lives and property are driving the structural health monitoring business.
Global Structural Health Monitoring Market: KEY FUTURE OPPORTUNITIES
Asia-Pacific and GCC Expansion Opportunities
Due to their dense populations, India and China, two rapidly urbanizing Asian countries, have prioritized infrastructure development. Therefore, new and existing structures need structural health monitoring technologies. Several Asia-Pacific companies offer structural health monitoring systems. The Americas have the largest market for structural health monitoring. In the US and Europe, structural health monitoring is growing significantly. Due to increased infrastructure developments in China, Japan, India, Singapore, and GCC countries including the UAE, Saudi Arabia, and Qatar, structural health monitoring has room to grow.
Report Scope
Report Metric | Details |
Market Size | USD 7.59 Billion by 2030 |
CAGR | 14.7% (2022-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion ) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, End-User, Connectivity |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Carl Zeiss AG, Abbot Medical Optics, Inc, X-Cel Specialty Contacts, SynergEyes Inc., Bausch & Lomb Incorporated, Johnson and Johnson Vision Care Inc., Alcon Inc., The Cooper Companies Inc., AccuLens Company Inc., CIBA Vision, Novartis International AG, Hoya Corporation, Polylite Sofclear, Contamac, Haohai Biological Technology |
Key Market Opportunities | Growth in Infrastructure Investment |
Key Market Drivers | Efficiency of Structural Health Monitoring Over Traditional Methods |
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Regional Overview of Global Structural Health Monitoring Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the global structural health monitoring market.
North America accounted for about 40% of the market's sales in 2021. Several factors are driving North American demand for structural health monitoring systems. These factors include the government's increased attention on infrastructure repair and upkeep, ageing infrastructure, and greater government investments.
The U.S. and Canada rely more on structural health monitoring systems to protect people and buildings. Due to accelerated ageing in North America and Europe, bridges, dams, and tunnels must employ structural health monitoring devices.
Asia Pacific is expected to have the greatest CAGR. In Asia and the Pacific, the number of bridges, power plants, and smart cities has increased, which has increased the need of structural health monitoring. China and India, among others, are investing more in bridges and buildings to encourage economic growth.
Increasing urbanization and the need for decent infrastructure are driving the Asia-Pacific market. As measures to upgrade civil infrastructure rise, structural health monitoring systems will be in demand. These systems maintain and monitor structures to prevent catastrophic failures.
Key Highlights
The Global Structural Health Monitoring Market Size was valued at USD 2.21 billion in 2021. The market is projected to grow from USD 2.53 billion in 2022 to USD 7.59 billion by 2030, increasing at a CAGR of 14.7% during the forecast period 2022 to 2030.
By Solution, the Global Structural Health Monitoring Market is segmented into Hardware and Software & Services. The hardware segment dominated the market in terms of revenue in 2021.
By Application, the Global Structural Health Monitoring Market is segmented into Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, and Others. In the year 2021, bridges and dams segment dominated the total revenue.
By Technology, the Global Structural Health Monitoring Market is segmented into Wired and Wireless. In 2021, the wired market segment accounted for a higher percentage of the overall market.
By Region or Geography, the Global Structural Health Monitoring Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominates the structural health monitoring market.
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Major Players in Global Structural Health Monitoring Market
Campbell Scientific, Inc.
Nova Ventures
Geokon
CGG SA
Digitexx Data Systems, Inc.
Structural Monitoring Systems plc.
Xylem Inc.
Acellent Technologies, Inc.
Sixense
SGS S.A.
Global Structural Health Monitoring Market: Segmentation
BY SOLUTION
Hardware
Sensors
Data Acquisition Systems
Others
Software & Services
BY APPLICATION
Bridges & Dams
Buildings & Stadiums
Vessels & Platforms
Others
BY TECHNOLOGY
Wired
Wireless
BY GEOGRAPHY
North America
Europe
Asia Pacific (APAC)
Latin America
Middle East and Africa (MEA)
TABLE OF CONTENT
Introduction
Structural Health Monitoring Market Definition
Structural Health Monitoring Market Scope
Research Methodology
Primary Research
Research Methodology
Assumptions & Exclusions
Secondary Data Sources
Market Overview
Report Segmentation & Scope
Value Chain Analysis: Structural Health Monitoring Market
Key Market Trends
Drivers
Restraints
Opportunities
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitution
Threat of New Entrants
Competitive Rivalry
Market Share Analysis
Component Overview
Introduction
Market Size & Forecast
Hardware
Market Size & Forecast
Software
Market Size & Forecast
End-User Overview
Introduction
Market Size & Forecast
Civil
Market Size & Forecast
Aerospace
Market Size & Forecast
Regional Overview
Introduction
Market Size & Forecast
America
North America
U.S.
By Component
By End-User
Canada
By Component
By End-User
Mexico
By Component
By End-User
Latin America
By Component
By End-User
Europe
Market Size & Forecast
Germany
By Component
By End-User
France
By Component
By End-User
U.K.
By Component
By End-User
Italy
By Component
By End-User
Spain
By Component
By End-User
Rest of Europe
By Component
By End-User
Asia Pacific
Market Size & Forecast
Japan
By Component
By End-User
China
By Component
By End-User
Australia
By Component
By End-User
India
By Component
By End-User
South Korea
By Component
By End-User
Rest of Asia-Pacific
By Component
By End-User
Middle East & Africa
Market Size & Forecast
Saudi Arabia
By Component
By End-User
South Africa
By Component
By End-User
Kuwait
By Component
By End-User
Rest of Middle East & Africa
By Component
By End-User
Company Profile
Digitexx Data Systems Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
National Instruments Corporation
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Advitam Inc
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations
Read the Table of Content and Figure @ https://straitsresearch.com/report/structural-health-monitoring-market/toc
Recent Developments
May 2022 - CGG's sensing & monitoring division Sercel bought Geocomp Corporation on 19 May 2022. Geocomp specialises in geotechnical risk management and infrastructure monitoring. This acquisition gives Sercel access to the U.S. infrastructure sector and accelerates S-lynks and S-scan deployment.
April 2022 - On 26 April 2022, U.K.-based Structural Monitoring Systems Plc gained FAA STC clearance for their Comparative Vacuum Monitor (CVM) sensor technology, which identifies fractures on commercial aircraft.
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