Structural Health Monitoring Market to grow by USD 2.62 Billion from 2024-2028, driven by infrastructure safety needs and AI's impact on market trends - Technavio

NEW YORK, Dec. 5, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global structural health monitoring market size is estimated to grow by USD 2.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 15.8% during the forecast period. Increasing need for infrastructure maintenance and safety is driving market growth, with a trend towards advent of iot in structural health monitoring. However, rise in budgetary constraints poses a challenge. Key market players include Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH, James Fisher and Sons Plc, Kinemetrics Inc., LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc., National Instruments Corp., Nova Ventures Group Corp., Ramboll Group AS, RST Instruments Ltd., Sisgeo S.r.l., STRUCTURAL MONITORING SYSTEMS plc, Vinci, Xylem Inc., and Yokogawa Electric Corp..

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Key Market Trends Fueling Growth

The Structural Health Monitoring (SHM) market is experiencing significant growth, particularly in the infrastructure sector. SHM systems are becoming increasingly important for ensuring public safety and the sustainability of structures such as bridges, dams, buildings, and airframes. Civil engineers and construction companies are adopting SHM systems to monitor the condition of large machines, turbines, and other critical infrastructure. SHM systems use sensors, data acquisition, and analyzing tools to measure structural performance and assess damage in real-time. These systems are also being integrated into smart cities and are essential for predicting natural calamities and preventing economic and social complications. The SHM market includes players in various segments such as infrastructure development, aerospace, mining, energy, and defense. The need for SHM systems is driven by safety regulations, the aging of infrastructure, and the need for productivity growth. Some of the key trends in the SHM market include the use of wireless sensors, predictive solutions, and energy harvesting systems. Cost-effective constructions and the integration of distributed optic fibers are also gaining popularity. Despite the advantages of SHM systems, there are limitations, such as costs and the need for maintenance. However, the benefits of prior warnings and avoiding loss of lives and economic complications far outweigh the costs. In Europe and France, SHM systems are becoming essential for infrastructure projects, and the market is expected to grow significantly in the coming years. The dominance of the SHM industry is also being felt in Latin America, the Middle East, and other nations. Geokon, Acellent Technologies, and Sixense are some of the key players in the SHM systems market, offering hardware, software, and integration services. The market is expected to continue growing as more infrastructure projects are undertaken and the need for reliable and predictive solutions becomes increasingly important. 

The structural health monitoring market has experienced significant growth due to the integration of IoT and Industry 4.0 technologies. IoT networks, consisting of sensors, thermostats, and actuators, enable smart facilities management by collecting and evaluating data. This data leads to energy savings through predictive maintenance and lower operational costs. IoT also ensures timely maintenance, enhancing productivity and equipment longevity. Overall, these technological innovations have made structural health monitoring more efficient and cost-effective. 

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Market Challenges

• The Structural Health Monitoring (SHM) market is witnessing significant growth in various sectors including infrastructure, aerospace, mining, and energy. The need for SHM systems is crucial for ensuring safety and sustainability of structures such as bridges, dams, buildings, and stadiums. However, challenges exist in standardizing SHM systems, cost-effectiveness, and integration with existing infrastructure. Civil engineers and construction companies are increasingly focusing on SHM systems for condition assessment and predictive maintenance of large machines, airframes, wind turbines, and turbines. The adoption of SHM systems is driven by the need for prior warnings during natural calamities and the impact of economic and social complications due to infrastructure failures. The SHM systems market includes sensors, data acquisition, transmission systems, analyzing tools, measuring amplifiers, software, and smart cities applications. The market is segmented into infrastructure projects, aerospace, mining, energy, and others. Governments and private players are investing in SHM technologies for safety regulations and productivity growth. The market is witnessing advancements in wireless real-time measurement, damage assessment, and predictive solutions. However, limitations include the high costs associated with SHM systems and the lack of standardization. The SHM market is expected to grow in Europe, France, Latin America, the Middle East, Mexico, South Africa, and other nations. Key players in the market include Accelent Technologies, Geokon, Sixense, and Geocomp Corporation. The market offers opportunities for sensor technology integration, power plant testing, and repair solutions.
• Small businesses in growing economies often face budget constraints, limiting their ability to invest in structural health monitoring services from reputable companies. This can lead to the procurement of subpar services, which in turn increases maintenance and operational costs and negatively impacts a company's profitability. Additionally, rising labor costs pose another challenge to the structural health monitoring market's growth during the forecast period. These factors can make it difficult for small organizations to effectively monitor and maintain the structural health of their assets, potentially leading to costly repairs or replacements in the future.

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Segment Overview

This structural health monitoring market report extensively covers market segmentation by

1. Component
• 1.1 Hardware
• 1.2 Software
• 1.3 Services
2. Connectivity
• 2.1 Wired
• 2.2 Wireless
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hardware- The structural health monitoring market comprises various sectors, including hardware. Hardware in this context refers to the physical components and devices used to assess the structural health of infrastructure, buildings, bridges, dams, and civil engineering structures. This hardware segment is vital as it gathers data, measures various parameters, transmits signals, and processes information for monitoring purposes. Three significant hardware categories exist within the global structural health monitoring market: sensors, data acquisition systems (DAQ), and communication devices. Sensors are fundamental, capturing data on structural behavior such as strain, vibration, displacement, temperature, and humidity. Common sensors include accelerometers, strain gauges, temperature sensors, displacement transducers, and inclinometers. Data acquisition systems (DAQ) are responsible for collecting, digitizing, and processing data from sensors. They convert analog signals into digital data for further analysis. DAQ systems typically consist of analog-to-digital converters, signal conditioning modules, data loggers, and communication interfaces. Communication devices enable data transmission from the structural health monitoring system to a central monitoring station or cloud-based platform. These devices may utilize wired connections like Ethernet or fiber optic cables or wireless technologies such as Wi-Fi, Bluetooth, cellular networks, or satellite communication systems. In summary, the hardware segment of the global structural health monitoring market encompasses a broad array of components, technologies, and devices that collaborate to facilitate the monitoring, analysis, and maintenance of critical structures. Advancements in sensor technology, data processing capabilities, and communication systems have significantly boosted the effectiveness and growth of structural health monitoring solutions, driving the expansion of the hardware segment in the forecast period.

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Research Analysis

The Structural Health Monitoring (SHM) market encompasses sensors, monitoring systems, and technologies used to assess the condition and performance of infrastructure, including bridges, dams, buildings, stadiums, and large machines such as airframes and turbines. SHM focuses on ensuring the safety, reliability, and predictive maintenance of these structures by providing real-time measurement and damage assessment capabilities. Wireless sensors play a significant role in SHM systems, enabling cost-effective and efficient implementation in various segments, including energy infrastructure and smart cities. Advancements in SHM technologies have led to increased adoption and implementation, with a focus on preventing failures and ensuring public safety. Civil engineers and other stakeholders rely on SHM systems to optimize maintenance costs, enhance infrastructure investments, and improve overall performance and safety. Natural calamities have further the need for SHM systems to assess damage and facilitate quick response and recovery efforts.

Market Research Overview

The Structural Health Monitoring (SHM) market is witnessing significant growth in various sectors including infrastructure, aerospace, mining, defense, and energy. SHM systems are essential for ensuring the safety and sustainability of structures such as bridges, dams, buildings, stadiums, airframes, wind turbines, and large machines. These systems use sensors, data acquisition, transmission systems, analyzing tools, measuring amplifiers, software, and other hardware to monitor the health condition of structures in real-time. SHM systems play a crucial role in public safety, especially in the context of natural calamities and aging infrastructure. The need for SHM systems is increasingly recognized by governments, sports organizations, and industries worldwide. The market is driven by the need for predictive solutions to assess damage and improve reliability, productivity growth, and cost-effective constructions. SHM systems are also being integrated into smart cities and urbanization projects to ensure the safety and integrity of structures. The market is expected to grow significantly in the coming years due to advancements in sensor technology, wireless communication, and energy harvesting systems. However, there are also limitations to the adoption and implementation of SHM systems, including costs and the need for specialized inspection staff. The SHM market is segmented into various applications, including infrastructure projects, buildings and stadiums, vessels and platforms, airframes and wind turbines, large machines and equipments, and power plants. The market is dominated by players such as Geokon, Geocomp Corporation, and Acellent Technologies, among others. The market is expected to grow significantly in regions such as Europe, Asia Pacific, Latin America, Middle East, and Brazil.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Hardware
• Software
• Services
• Connectivity
• Wired
• Wireless
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio