Structural Health Monitoring Market Growth, Revenue Share Analysis by 2030

The Global Structural Health Monitoring Market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants. In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency.

Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.

Additionally, an increase in seismic activities globally has further led to increase in demand for structural health monitoring devices. National Earthquake Information Center in the U.S detects over 20,000 earthquakes around the globe each year and on an average 55 earthquakes per day. Additionally, infrastructural activities such as fracking for oil, dam-build, and pumping gas without refilling, have induced man-made earthquakes. Earthquakes of greater intensity significantly damage civil infrastructure, which is expected to increase demand for structural health monitoring systems and hence drive revenue growth of the market to a greater extent.

High cost of installing monitoring sensors, as well as challenges with accessibility and environmental conditions while placing sensors, are limiting market revenue growth. Finding a suitable spot for placing sensors in buildings, such as bridges, is difficult. However, with rapid adoption of wireless sensors, the market is expected to grow steadily over the forecast period.

Based on the competitive landscape, the market report analyzes the key companies operating in the industry:

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., Others

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Emergen Research has segmented the global structural health monitoring market based on 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
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. UK
      3. France
      4. Spain
      5. BENELUX
      6. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Israel
      4. Rest of Middle East & Africa

Key Benefits of Buying the Global Structural Health Monitoring Report:

  • Comprehensive analysis of the changing competitive landscape
  • Assists in decision making processes for the businesses along with detailed strategic planning methodologies
  • The report offers an 8-year forecast and assessment of the Global Structural Health Monitoring Market
  • Helps in understanding the key product segments and their estimated growth rate
  • In-depth analysis of market drivers, restraints, trends, and opportunities
  • Comprehensive regional analysis of the Global Structural Health Monitoring Market
  • Extensive profiling of the key stakeholders of the business sphere
  • Detailed analysis of the factors influencing the growth of the Global Structural Health Monitoring Market

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About Emergen Research 

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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