Structural Health Monitoring Global Market Report 2024

The structural health monitoring market size has grown rapidly in recent years. It will grow from $2.67 billion in 2023 to $3.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed during the historical period can be attributed to various factors, including increased market recognition and acceptance of structural health monitoring (SHM) practices, efforts focused on disaster mitigation, amplified government initiatives supporting SHM technology adoption, advancements in wireless monitoring systems, and pioneering applications demonstrating the effectiveness of SHM in diverse fields.

The structural health monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The projected growth in the forecast period is expected to be driven by several factors, notably the increasing emphasis on smart city initiatives, the expansion of remote monitoring solutions, integration of machine learning and AI (Artificial Intelligence) technologies, the growth in renewable energy infrastructure, and regulatory emphasis on ensuring structural safety standards. Key trends anticipated in the forecast period encompass advancements in sensor technology enhancing SHM capabilities, integration with the Internet of Things (IoT) for comprehensive data analysis and management, a growing demand for predictive maintenance solutions utilizing SHM data, continued development in infrastructure projects, and increased adoption of SHM technologies in aerospace and defense sectors for ensuring structural integrity and safety.

The rise in occurrences of natural calamities is anticipated to fuel the expansion of the structural health monitoring market in the foreseeable future. Natural calamities, resulting from various Earthly phenomena, can lead to catastrophic consequences. Structural health monitoring proves invaluable in preventing water and flood damage caused by the failure of dams, dykes, pipelines, and similar infrastructure during such disasters. The frequent incidents of natural calamities, exemplified by the 432 catastrophes reported by EM-DAT in 2021, are projected to drive the growth of the structural health monitoring market. These calamities resulted in 10,492 fatalities, impacting 101.8 million people and causing an economic loss exceeding 252.1 billion US dollars globally. Notably, Asia bore the brunt of 40% of all disaster events, 49% of fatalities, and 66% of affected individuals.

The surge in infrastructure development is poised to propel the structural health monitoring market's growth in the coming years. Ongoing infrastructure development necessitates the continuous monitoring of newly constructed structures, implementation of preventive maintenance strategies to maximize asset lifespan, and adherence to government regulations and standards mandating structural monitoring. Structural health monitoring plays a pivotal role in optimizing asset management, enhancing safety and reliability in infrastructure, and supporting smart city initiatives. An illustrative example is the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) initiated by the United States in November 2021. Over the next decade, the IIJA plans to invest $550 billion to enhance roads, bridges, airports, railroads, access to clean drinking water, and broadband internet, with a focus on achieving environmental justice. Consequently, the increase in infrastructure development serves as a key driver for the growth of the structural health monitoring market.

The structural health monitoring market is witnessing a prominent trend driven by technological advancements. Key players in the market are actively engaged in the development of innovative technologies to stay competitive. In June 2021, Quakelogic, a US-based provider of intelligent disaster management solutions, introduced the SMARTMONITORING system. This advanced system integrates structural health monitoring (SHM) and earthquake early warning (EEW) technology, providing round-the-clock monitoring with swift notifications. Leveraging cloud-based technologies and artificial intelligence (AI), the SMARTMONITORING system ensures real-time access to crucial information for decision-makers and their teams. Within just 60 seconds of an alarm-triggering incident, it delivers comprehensive SHM assessment reports and high-quality engineering data, empowering informed decision-making.

Major companies in the structural health monitoring market are actively engaging in strategic partnerships to drive product innovation and fortify their market positions. Strategic partnerships involve companies capitalizing on each other's strengths and resources for mutual benefit and success. In November 2023, the American Bureau of Shipping (ABS), a US-based non-profit organization, entered into a partnership with Seatrium Limited, a Singapore-based shipbuilding and repairing company, aimed at advancing structural health monitoring (SHM) technologies in offshore structures. This collaboration includes assigning a Structural Health Monitoring Notation to ADMARINE 686, the world's first self-elevating drilling unit (SEDU), recognizing its capacity to monitor and analyze critical structural elements. Seatrium Offshore Technology, in conjunction with the Technology Centre for Offshore and Marine, Singapore, is actively developing a structural digital twin for the SEDU using sensor data, enabling advanced structural health monitoring. This initiative aligns with the companies' broader goal of integrating smart technologies into maritime assets, building on their past achievements in deploying smart technologies and developing intelligent LNG bunkering vessels.

In May 2022, Sercel, a leading French designer and manufacturer specializing in high-tech solutions for subsurface exploration, successfully completed the acquisition of Geocomp Corporation. The financial details of the transaction remain undisclosed. This strategic acquisition is poised to enhance Sercel's capabilities and pave the way for expanded services to a broader client base. Geocomp Corporation, based in the United States, is renowned for providing extensive geostructural design and performance monitoring services.

Major companies operating in the structural health monitoring market report are Nova Ventures Group Corp., Geokon, Campbell Scientific Inc., COWI A/S, Geocomp Corporation, Acellent Technologies Inc., Sixense, Structural Monitoring Systems Plc, Digitexx Data Systems Inc., Kinemetrics, National Instruments Corporation, Hottinger Baldwin Messtechnik GmbH, SGS Société Générale de Surveillance SA, James Fisher Strainstall, Advitam Inc., Strainstall Limited, Pure Technologies, RST Instruments Ltd., Smart Structures Inc., Abaqus Technologies Inc., Hexagon AB, Hottinger Bruel & Kjaer (HBK) Test and Measurement, General Electric (GE) Sensing & Inspection Technologies, Dynastar SAS, DRS Technologies, Acellent Technologies, B&K Vibro, ASI Technologies, Applied Acoustic Systems, Agilent Technologies.

Asia-Pacific was the largest region in the structural health monitoring market in 2023. The regions covered in the structural health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the structural health monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main components of structural health monitoring include hardware, software, and associated services. Hardware refers to the physical components of a computer system or its delivery mechanisms that facilitate the storage and execution of software instructions. SHM systems utilize both wired and wireless connectivity for monitoring purposes. These monitoring systems find application in various sectors such as bridges and dams, buildings and stadiums, vessels and platforms, airframes and wind turbines, as well as large machinery and equipment. They serve diverse end-users including civil engineering, aerospace, defense, energy, mining, and other related industries.

The structural health monitoring market research report is one of a series of new reports that provides structural health monitoring market statistics, including structural health monitoring industry global market size, regional shares, competitors with a structural health monitoring market share, detailed structural health monitoring market segments, market trends and opportunities and any further data you may need to thrive in the structural health monitoring industry. This structural health monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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