VANCOUVER, B.C., Jan. 2, 2023 /PRNewswire/ -- The structural health monitoring market size reached USD 1.87 Billion in 2021 and is expected to register a CAGR of 14.3% during the forecast period, according to latest analysis by Emergen Research. Increase in number of infrastructure projects due to rise in investments, growing vigilance on existing civil infrastructure to prevent accidents are some of the key factors driving market revenue growth.
There has been a significant rise in infrastructure projects globally which has led to increasing demand for structural health monitoring systems. According to a recent World Bank report, India would need to make investments totaling USD 840 billion over the next 15 years. Government of developing countries like India are investing heavily on large scale infrastructure projects. Currently, in India just 5% of the infrastructure requirements of Indian cities are being funded by private sources and over 75% of municipal infrastructure is currently funded by the federal and state governments, with urban local bodies (ULBs) contributing the remaining 15% of the cost out of their own surplus funds. Structural Health Monitoring (SHM) is being used more frequently in recent years and refer to a variety of systems installed on large-scale civil infrastructures that help and inform operators about the suitability of structures under gradual or abrupt changes to their state, or load and response mechanisms. This is expected to drive revenue growth of the market.
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Drivers:
Increasing number of accidents associated with buildings and other infrastructure and growing vigilance on existing civil infrastructure to prevent accidents, therefore, drive the revenue growth of the market. Houses and buildings accounted for the majority of deaths caused by structural failure of all the structural collapses, including bridges, dams, and damaged houses and buildings. This is expected to increase the demand for structural health monitoring systems and hence is expected to drive revenue growth of the market.
Restraints:
The high cost of installing and monitoring sensors, as well as problems with accessibility and environmental conditions when placing sensors, are limiting the market growth in terms of revenue. Additionally slower adoption of structural health monitoring systems is major restraint in the revenue growth of the market.
Growth Projections:
The structural health monitoring market is expected to register a CAGR of 14.3% over the forecast period and revenue is projected to increase from USD 1.87 Billion in 2021 to USD 6.19 Billion in 2030. Increasing number of accidents associated with buildings and other infrastructure is expected increase to the demand for structural monitoring systems and therefore support revenue growth of the market.
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Current Trends and Innovations:
Increasing number of accidents associated with buildings and other infrastructure has led to the introduction of innovative monitoring systems for structures. It is imperative to create cutting-edge early warning systems (EWS), structural health monitoring (SHM), and structural health monitoring and reinforcement (SHMR) systems in order to stop the occurrence of potentially dangerous events on engineering projects, in structures, and in the environment. By utilizing new sensor technology, which enables ubiquitous, affordable monitoring at the higher spatial and temporal resolution, their effectiveness can be increased. This has led to growing demand for structural monitoring and therefore drive the revenue growth of the market.
Strategic Initiatives:
Major companies included in the market report are Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc.
- On April 30, 2020, Campbell Scientific developed GRANITE series which is a modular DAQ that can be centralized and is guaranteed to work for years thereby reducing total cost of ownership and operation. The new GRANITE series from Campbell Scientific provides the most recent and cutting-edge technologies without compromising its renowned dependability.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 1.87 Billion |
CAGR (2022-2030) | 14.3 % |
Size Forecast to 2030 | USD 6.19 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2019-2020 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Billion, and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Offering, technology, end use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
Key Companies Profiled | Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc, CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc. |
Customization Scope | 10 hours of free customization and expert consultation. |
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Emergen Research has segmented structural health monitoring market on the basis of offering, technology, end-use, and region:
- Offering Outlook (Revenue, USD Billion, 2019-2030)
- Hardware
- Software
- Services
- Technology Outlook (Revenue, USD Billion, 2019-2030)
- Wired
- Wireless
- End-Use Outlook (Revenue, USD Billion, 2019-2030)
- Civil Infrastructure
- Aerospace and Defense
- Energy
- Mining
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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