Structural Health Monitoring Market: By Technology, Offering, Verticals, and Region
The global Structural Health Monitoring market size was valued at USD 1,814 Million in 2021 and is projected to reach USD 3,955 Million by 2028, registering a CAGR of 15.3% from 2022 to 2028. Demand for Structural Health Monitoring is growing rapidly in most engineering disciplines, due to advances in microelectronics and nanotechnology. In the civil engineering arena, there are a number of sources driving growth in the industry including aging infrastructure, increasing traffic congestion and loads from new sophisticated transport networks such as high-speed railways, testing of innovative designs at full scale, the advent of big data and needs for real-time assessment of how components will perform under live conditions.
The global Structural Health Monitoring market is segmented on the basis of component, end user, connectivity, and region. Based on component, the Structural Health Monitoring market is fragmented into hardware, software, and services. According to end user, the global Structural Health Monitoring market is categorized into civil, aerospace, defense, mining, energy, and others. By connectivity, the market is classified into wired and wireless.
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Growing Infrastructure Development to Drive demand for Structural Health Monitoring Systems
Aging infrastructure is a huge problem in most developed and developing nations. This has resulted in growing investments by public and private sectors to improve infrastructure facilities such as bridges, roads, airports etc. In addition to aging of existing facilities, there is also an upsurge in the number of sophisticated transport networks being introduced across the globe. High-speed railways for example are no longer limited to a few countries or regions but rather have become a global phenomenon with new railway lines being planned and constructed on every continent. The race toward high-speed rail transportation is evident from recent announcements between China, Russia and many European countries aimed at linking major cities through high-speed rails. In addition to construction of new facilities, roadways are also expanding due to growing need for transport networks. As a result of these trends, contractors are being pressed to improve construction quality and meet the often-stringent regulations that govern transportation infrastructure development.
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A growing number of service providers have entered this market offering SHM systems that are easy to deploy, fast to install and simple to operate. This has resulted in an increasing number of installations across the globe by owners or operators of critical infrastructure facilities. Over the next few years, growing investments in transportation infrastructures will result in further adoption of SHM technologies by owners/ different SHM solutions.
Some of the key vendors in the global Structural Health Monitoring Market are Pure Technologies, Structural Monitoring Systems (Australia), Geocomp Corporation (US), Nova Metrix (US), Campbell Scientific (US), Geokon, Incorporated (US), Digitexx Data Systems (US), SIXENSE Systems (France), Bridge Diagnostics (US), RST Instruments (Canada), Sisgeo (Italy), and Geomotion Singapore (Singapore).
About the Authors:
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