Overview and Scope
Structural health monitoring (SHM) refers to the practice of applying damage
detection and characterization tools to vital structures, including bridges,
wind turbines and tunnels. It is used to assure structural integrity and
safety, track the progression of damage and evaluate how well civil
infrastructures are performing.
Sizing and Forecast
The structural health monitoring market size has grown rapidly in recent years.
It will grow from $2.67 billion in 2023 to $3.09 billion in 2024 at a compound
annual growth rate (CAGR) of 15.7%.
The growth in the historic period
can be attributed to market recognition and acceptance, disaster mitigation
efforts, increased government initiatives, development of wireless monitoring,
pioneering shm applications..
The structural health monitoring market size is expected to see rapid growth in
the next few years. It will grow to $5.52 billion in 2028 at a compound annual
growth rate (CAGR) of 15.7%. The growth
in the forecast period can be attributed to rise in smart cities initiatives,
growth in remote monitoring solutions, integration of machine learning and ai,
expansion in renewable energy infrastructure, regulatory emphasis on structural
safety.. Major trends in the forecast period include advancements in sensor
technology, internet of things (iot) integration, demand for predictive
maintenance, growing infrastructure development, adoption in aerospace and
defense..
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Segmentation & Regional Insights
The structural health monitoring market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Connectivity: Wired, Wireless
3) By Application: Bridges And Dams, Buildings And Stadiums, Vessels And
Platforms, Airframes And Wind Turbines, Large Machinery And Equipment
4) By End User: Civil, Aerospace, Defense, Energy, Mining, Other End Users
Asia-Pacific was the largest region in the structural health monitoring market
in 2023. The regions covered in the structural health monitoring market report
are Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa
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Major Driver Impacting Market Growth
The frequent occurrences of natural calamities are expected to boost the growth
of the structural health monitoring market going forward. Natural calamities
are catastrophic occurrences that arise as a result of any natural phenomenon
on Earth. Structural health monitoring is very helpful to prevent water and
flood damage brought on by collapsed dams, dykes, pipelines and other similar
infrastructure as a result of natural disasters, hence, frequent occurrences of
natural calamities are expected to boost the structural health monitoring
market. For instance, according to a report published by EM-DAT, The
International Disaster Database, a US-based global database on natural and
technological disasters, in 2021, 432 catastrophes caused by natural calamities
occurred in 2021 across the globe. These resulted in 10,492 fatalities,
impacted 101.8 million people and cost the economy over 252.1 billion US
dollars. Asia was the region most severely affected, accounting for 40% of all
disaster events, 49% of all fatalities and 66% of all affected individuals.
Furthermore, in December 2022, according to a report shared by ReliefWeb, a
US-based humanitarian information portal, 436 disasters had occurred in total
in 2021, exceeding the average of 376 per year over the previous 30 years.
Storms and floods typically cause the greatest number of occurrences and, as a
result, the greatest financial damage. Therefore, the frequent occurrences of
natural calamities are driving the growth of the structural health monitoring
market.
Key Industry Players
Major companies operating in the structural health monitoring market are
forming partnerships to develop new products and strengthen their positions in
the market. Strategic partnerships refer to a process in which companies
leverage each other's strengths and resources to achieve mutual benefits and
success. For instance, in November 2023, American Bureau of Shipping (ABS), a
US-based non-profit organization, partnered with Seatrium Limited, a Singapore-based
shipbuilding and repairing company, to advance structural health monitoring
(SHM) technologies in offshore structures. The partnership involves assigning a
Structural Health Monitoring Notation to the world's first self-elevating
drilling unit (SEDU), ADMARINE 686, recognizing its capability to monitor and
analyze key structural elements. Seatrium Offshore Technology, in collaboration
with the Technology Centre for Offshore and Marine, Singapore, is developing a
structural digital twin for the SEDU using sensor data, enabling advanced
structural health monitoring. This effort aligns with the companies' broader
agenda of integrating smart technologies into maritime assets, with previous
recognitions for deploying smart technologies and developing smart LNG
bunkering vessels.
The structural health monitoring market
report table of contents includes:
1. Executive Summary
2.
Structural Health Monitoring Market Characteristics
3.
Structural Health Monitoring Market Trends And Strategies
4.
Structural Health Monitoring Market - Macro Economic Scenario
5. Global
Structural Health Monitoring Market Size and Growth
.
31. Global
Structural Health Monitoring Market Competitive Benchmarking
32. Global
Structural Health Monitoring Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Structural Health Monitoring Market
34.
Structural Health Monitoring Market Future Outlook and Potential Analysis
35.
Appendix
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