NEW
YORK, July 5, 2024 /PRNewswire/ -- The
global structural health monitoring market size is
estimated to grow by USD
2.61 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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Structural Health
Monitoring Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
15.8%
|
Market growth
2024-2028
|
USD 2619.2
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
13.84
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, Germany, China, UK,
and Japan
|
Key companies
profiled
|
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.
|
Market Driver
The structural health monitoring market is experiencing
significant growth due to the increasing adoption of IoT and
Industry 4.0 technologies. IoT networks, which include sensors,
thermostats, and actuators, are interconnected over the Internet to
collect and evaluate data. This data can be used to optimize energy
usage and implement predictive maintenance, resulting in lower
operational costs and increased productivity. For instance, Boeing
has seen a 13% decrease in annual operational budgets after
implementing IoT-based predictive analysis. Third-party outsourcing
companies, such as Novotek, are also offering IoT solutions for
building management. The demand for IoT in smart buildings is
expected to drive market growth. IoT can transform various
functions in the structural health monitoring market, such as
lighting and refrigeration, fire suppression systems, security and
safety alarms, remote monitoring of facilities, and central HVAC.
For example, smart energy meters in buildings reduce the need for
on-site technicians, and predictive maintenance solutions optimize
machine repairs and lower CAPEX budgets. The Edge building in
Amsterdam, with approximately
8,000 sensors, is a prime example of IoT's potential in structural
health monitoring, providing real-time data on building occupancy,
activity patterns, and environmental data. Overall, IoT's ability
to improve productivity and energy efficiency is expected to drive
market growth in the forecast period.
The Structural Health Monitoring (SHM) market is experiencing
significant growth due to the increasing need for reliable
infrastructure in urbanizing areas and the role of SHM solutions in
assessing the health condition of civil infrastructure.
Developments in wireless, real-time measurement technologies have
made SHM systems more accessible and cost-effective. However,
failures in engineering design and lack of integration with other
systems remain challenges. Europe,
Brazil, Spain, and Italy are key markets for SHM systems, with
cities and infrastructure projects driving the demand. Predictive
solutions for damage assessment and performance monitoring are
becoming essential tools for ensuring the integrity of structures
worldwide. Acellent Technologies and others are leading the way in
SHM technology integration and repair solutions. The SHM systems
market is expected to continue growing on a global basis, providing
essential solutions for the reliability and performance of civil
infrastructure.
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Market Challenges
- Small organizations in growing economies face budget
constraints, often relying on investor funds for structural health
monitoring services. This can lead to the procurement of
low-quality services, increasing maintenance and operation costs,
and negatively impacting profitability. Rising labor costs and the
need for skilled personnel training further hinder market growth.
Additionally, aging assets consume excessive energy, and their
replacement and maintenance add to operational costs. Effective
structural health monitoring becomes less viable under these high
costs. Consequently, budgetary pressures in small organizations
will limit the expansion of the global structural health monitoring
market during the forecast period.
- The Structural Health Monitoring (SHM) market is seeing growing
demand due to the need for infrastructure safety and maintenance.
Large machines and equipment, functionally obsolete and
structurally deficient bridges, and aging infrastructure require
constant monitoring to ensure safety and prevent costly repairs or
replacements. Safety regulations and high-profile events like FIFA
World Cup, Cricket World Cup, Indian Premier League, Olympics, and
even sporting venues in France,
highlight the importance of monitoring structures for potential
issues. SHM systems use sensors to detect damage and provide
real-time data, helping in timely maintenance and reducing costs.
The market includes dams, energy, aerospace, mining, defense, and
construction sectors. Adoption and implementation of these
technologies are a focus for governments and industries alike.
Questions remain around costs and the impact of technologies on
existing systems and processes. Advancements in hardware and
software continue to drive development in this segment.
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challenges - Request a sample report!
Segment Overview
This structural health monitoring market report extensively
covers market segmentation by
- Component
- 1.1 Hardware
- 1.2 Software
- 1.3 Services
- Connectivity
- 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 includes the hardware segment, which comprises the physical
components and devices used to assess the structural integrity of
infrastructure, buildings, bridges, dams, and other civil
engineering structures. This hardware segment is crucial as it
facilitates data acquisition, sensing various parameters, signal
transmission, and information processing. Three primary hardware
segments in this market are sensors, data acquisition systems
(DAQ), and communication devices. Sensors are fundamental to
structural health monitoring systems, capturing data on structural
behavior such as strain, vibration, displacement, temperature,
humidity, and corrosion. Common sensor types include
accelerometers, strain gauges, temperature sensors, displacement
transducers, and inclinometers. Data acquisition systems (DAQ) are
responsible for gathering, 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 for analysis.
These devices may include wired connections like Ethernet or fiber
optic cables, as well as wireless technologies such as Wi-Fi,
Bluetooth, cellular networks, or satellite communication systems.
Together, these hardware components significantly contribute to the
effectiveness of structural health monitoring solutions by enabling
the monitoring, analysis, and maintenance of critical structures.
Advancements in sensor technology, data processing capabilities,
and communication systems have fueled the growth and efficiency of
this market segment.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Structural Health Monitoring (SHM) market encompasses
sensors, monitoring systems, and related technologies used to
assess the condition and performance of various structures and
infrastructure. These include bridges, dams, buildings, stadiums,
large machines, airframes, turbines, and even smart cities. The
need for SHM systems has grown significantly due to the increasing
importance of safety, reliability, and predictive maintenance in
infrastructure and public safety. Real-time wireless measurement
and damage assessment are key features of SHM systems, enabling
early detection of potential failures and reducing costs associated
with repairs and downtime. Advancements in hardware and adoption of
SHM technologies have led to significant investments in this
segment, particularly in the energy industry, where the focus on
safety and efficiency is paramount. SHM systems play a crucial role
in assessing the health and performance of critical infrastructure,
ensuring their continued reliability and safety in the face of
natural calamities and other challenges. Civil engineers and other
professionals rely on SHM data to make informed decisions regarding
maintenance and repair, ultimately improving the overall safety and
efficiency of structures and infrastructure.
Market Research Overview
The Structural Health Monitoring (SHM) market is a critical
segment of the infrastructure sector, focusing on ensuring the
safety and sustainability of structures such as bridges, dams,
buildings, airframes, turbines, and large machines. SHM systems
utilize sensors, data acquisition, analyzing tools, measuring
amplifiers, software, and other hardware to monitor the health of
structures in real-time. The need for SHM systems has grown
significantly due to the importance of public safety,
infrastructure development, productivity growth, and associated
economic and social complications. Natural calamities, power
outages, communication failures, and collapsing buildings have
highlighted the necessity of SHM systems in preventing loss of
lives and minimizing economic and social disruptions. SHM systems
are also essential for smart cities, as they enable prior warnings
and efficient maintenance of infrastructure. Cost-effective
constructions, energy harvesting systems, distributed optic fibers,
and safety regulations are some of the key trends driving the
growth of the SHM market. The market includes various segments,
such as transportation projects, buildings and stadiums, vessels
and platforms, airframes and wind turbines, and large machines and
equipments. Functionally obsolete bridges, structurally deficient
bridges, aging infrastructure, and safety regulations are some of
the challenges faced by the SHM market. The market is expected to
witness significant investments in the coming years, with key
applications including infrastructure development, natural
disasters, and major events such as the FIFA World Cup, Cricket
World Cup, Indian Premier League, and Olympics.
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
-
- 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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