NEW YORK, Dec. 1, 2016 /PRNewswire/ -- The global structural health monitoring market is estimated to register a value CAGR of 13.8% over the 10-year forecast period 2016 – 2026 and is expected to be valued at US$ 5,771.5 Mn by 2026 end. In 2015, the global structural health monitoring market was valued at US$ 1,405.2 Mn and this is estimated to reach US$ 1,590.6 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 13.2%.
Standardisation of structural health monitoring and availability of low-cost sensors is boosting market growth
Wide availability of low-cost sensors, growing infrastructural development across the globe, and increasing government initiatives towards public safety and structural health monitoring system standardisation are factors expected to drive growth of the global structural health monitoring market over the forecast period.
However, complexity in implementing structural health monitoring solutions for massive structures coupled with a lack of trained professionals could hamper overall market growth to a certain extent during the forecast period.
The global structural health monitoring market is also likely to witness certain key trends such as an increasing focus of solution providers on low-cost energy harvesting monitoring systems and increasing adoption of distributed optic fibre in structural health monitoring solutions.
The global structural health monitoring (SHM) market has been segmented on the basis of Type (Wired SHM System, Wireless SHM System); Component (Hardware, Software, Services); Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machinery & Equipment); and Region (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan).
Wired structural health monitoring system expected to dominate the global structural health monitoring market
The Wired segment is estimated to account for a market revenue share of 65.2% by the end of 2016. This segment is estimated to create incremental $ opportunity of US$ 2,541.0 Mn between 2016 and 2026. The Wireless segment is expected to reach a value of US$ 2,194.1 Mn by 2026, registering a CAGR of 14.8% during the forecast period.
Hardware segment likely to account for a larger market share by 2016 end
In 2015, the Hardware segment was valued at US$ 910.7 Mn and is estimated to reach US$ 1,019.1 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 11.9%. The Software segment is estimated to be valued at US$ 784.9 Mn by 2026, registering a CAGR of 15.7 % during the forecast period.
Bridges & Dams segment expected to be the major market segment by 2016 end
The Bridges & Dams segment was valued at US$ 477.3 Mn in 2015 and is anticipated to reach US$ 549.2 Mn by the end of 2016, reflecting a Y-o-Y growth rate of
15.1%. The Buildings & Stadiums segment is estimated to create incremental $ opportunity of US$ 1,122.8 Mn between 2016 and 2026.
North America expected to dominate the global structural health monitoring market
The North America market is estimated to account for 26.9% share of the global structural health monitoring market by the end of 2016 while the Asia Pacific Excluding Japan (APEJ) market is likely to hold 16.9% share of the overall global structural health monitoring market in 2016. The market in North America is anticipated to be valued at US$ 427.4 Mn by the end of 2016. The Western Europe market is estimated to be valued at US$ 343.2 Mn by the end of 2016.
structural health monitoring market
Top market players are focusing on introducing new testing platforms and mobile-based structural health monitoring platforms to outperform competition
Some of the well-known companies operating in the global structural health monitoring market are National Instruments Corporation, Advitam Inc. (Vinci SA), Digitexx Data Systems, Inc., Acellent Technologies, Inc., Strainstall UK Limited (James Fisher & Sons PLC), Nova Metrix LLC, COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, and Kinemetrics Inc. These companies are entering into collaborations with hardware and software vendors to improve product quality and enhance service and support levels. Top players are also making strategic investments to increase production capacity and are expanding their market footprint through acquisitions.
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