DUBLIN--(BUSINESS WIRE)--The "Global Structural Health Monitoring Market Size, Share & Industry Trends Analysis Report By Technology, By End Use, By Offering (Hardware and Software & Services), By Hardware Type, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Structural Health Monitoring Market size is expected to reach $3.8 billion by 2027, rising at a market growth of 13.5% CAGR during the forecast period.
Structural health monitoring (SHM) is a non-destructive diagnostic approach for assessing a structure's present condition. SHM encompasses the use of techniques and tactics for damage characterization and detection in civil, aeronautical, and mechanical engineering applications. Furthermore, the most of infrastructure in wealthy countries was built after WWII and the industrial revolution. As a result, the majority of these buildings are overused and outdated.
In addition, the deterioration of major buildings, like bridges, pipelines, transportation networks, and others, has been exacerbated by population increase and changing lifestyles. SHM can help with real-time continuous evaluation of these structures, allowing for the prediction of maintenance and repairs, resulting in fewer damages and accidents.
Structural health monitoring (SHM) systems have risen to prominence as an intriguing new topic in civil engineering throughout the years. SHM has evolved into a crucial instrument for the design, analysis, and upkeep of modern civil engineering systems and structures. Increased attention on structural health monitoring, outdated infrastructure in North America and Europe, outmoded domestic & global airline aircraft, reduced inspection costs, and frequent incidences of natural disasters are all propelling the development of the structural health monitoring market.
The structural health monitoring sector has grown as a technological breakthrough that is reshaping the engineering sector throughout the world. For many years, structural health monitoring was only considered necessary in a few application areas. In recent years, however, the structural health monitoring market has seen significant adoption across a wide range of sectors. The structural health monitoring market assists in the monitoring of infrastructural/engineering structures by assessing their condition using structural health monitoring sensors and interpreting the data obtained.
Market Growth Factors:
Increased relevance of automated critical infrastructure maintenance and repair
Several critical operations connected to infrastructure repair and maintenance has been automated in recent years. The requirement to maintain social distance with restricted workers at construction sites because to the COVID-19 epidemic has resulted in a drop in productivity. Automation, standardization of essential procedures, and remote working alternatives has all resulted as a result of this. COVID-19 has led in a labor shortage, causing repair and maintenance to be delayed. Because of the restrictions of operating under restricted capacity and social distance, the pandemic has had a profound influence on the building industry.
Furthermore, in the post-COVID-19 period, the rising expenses of physical inspection and constant maintenance is expected to lead to a spike in demand for automated alternatives. Overrun costs may be prevented by automating and standardizing repair and maintenance procedures, since operations and maintenance (O&M) expenditures can be managed more efficiently due to digital control of diverse assets and associated components.
Increasing engineering structures safety concerns to boost market growth
The worldwide structural health monitoring market potential is being driven by technological improvements, as well as the broad availability and decreased cost of sensors. Safety concerns concerning engineering buildings and important infrastructure are unavoidable these days, because loss to the latter has a significant cost impact on both living people and property. As a result, one of the key drivers of revenue in the structural health monitoring industry is concerns about damage protection. Some of the major drivers propelling the whole structural health monitoring market include the reduction in the cost of engineering structure maintenance, and the preservation of life and protection of property.
Marketing Restraining Factor:
Costs of installation and monitoring are significant
The cost of structural health monitoring systems rises as range, repeatability, resolution, accuracy, and precision increase. Although these systems save money in the long run, the installation cost and monitoring is substantial. This is because modern sensors, software, and complicated data collecting systems are being used. These expenses comprise software, hardware, and service costs, and are mostly determined by the complexity of structures and the construction cost, that rises as the complexity grows. Although high installation and monitoring costs are likely to restrict market expansion, the influence of this restraint is anticipated to diminish gradually over the projection period as a result of global competition and falling prices for structural health monitoring systems.
Market Segments Covered in the Report:
By Technology
- Wired and
- Wireless
By End Use
- Civil Infrastructure
- Aerospace & Defense
- Energy
- Mining, and
- Others
By Offering
- Hardware and
- Software & Services
By Hardware Type
- Sensors
- Data Acquisition Systems (DAS) & Communication Systems
- Others
By Geography
- North America
- Europe
- Asia Pacific
- LAMEA
Key Market Players
- Acellent Technologies, Inc.
- Sixense
- Nova Ventures Group Corp.
- Structural Monitoring System Plc.
- Digitexx Data Systems, Inc.
- SGS S.A.
- Campbell Scientific, Inc.
- COWI A/S
- GEOKON
- Geocomp Corporation
For more information about this report visit https://www.researchandmarkets.com/r/421lmb
