The global structural health monitoring market is expected to register a global CAGR of 14.2% during 2017 – 2025, with APEJ, North America and Western Europe accounting for significant market value shares by the end of the forecast period.
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FMI delivers key insights on the global structural health monitoring market in its report titled “Structural Health Monitoring Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025.” Growth in the value of the global structural health monitoring market will remain attractive as the market is expected to grow continuously at a CAGR of 14.2% in terms of value during the forecast period 2017 – 2025. On the basis of component, the services segment is expected to register attractive growth over the forecast period in the global structural health monitoring market. Based on type, the wired structural health monitoring systems segment is expected to gain a higher market share during the forecast period in the global structural health monitoring market. In terms of generation of revenue, bridges & dams are the major contributors among all the application sub-segments in the structural health monitoring market.
The global annual revenue of the structural health monitoring market was valued at US$ 1,903.9 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. Apart from the APEJ region, the developed economies of North America and Western Europe are expected to collectively account for a majority share of the global structural health monitoring market. The North America structural health monitoring, Western Europe structural health monitoring and APEJ structural health monitoring markets are likely to dominate the global structural health monitoring market over the forecast period, with APEJ expected to grow with the highest CAGR during the forecast period.
Since past few years, the adoption of structural health monitoring has been increasing considerably, especially in the bridges and dams segment. These structural health monitoring technologies are expected to facilitate the overall monitoring process of critical engineering structures as they are required for the safety of human lives. The implementation of structural health monitoring technologies helps guard these engineered structures from various damages.
On the basis of FMI analysis, the hardware sub-segment of the component segment is expected to dominate the structural health monitoring market, with sensors being the major revenue generators in the hardware segment of the structural health monitoring market. On the basis of type, the wired structural health monitoring system segment will be a dominating segment in the global structural health monitoring market.
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The APEJ structural health monitoring market is expected to dominate the global structural health monitoring market due to high growth in the overall revenue generated by the hardware segment owing to the significant application of structural health monitoring in bridges and dams. Moreover, the cost and size of various sensors utilised in structural health monitoring have decreased over the last decade due to rapid technological advancements in the semiconductor industry along with intense competition among various manufacturers, especially in the APEJ region. Reduction in the cost of sensors, which are critical components in structural health monitoring systems, is driving the overall market in the APEJ region. The APEJ structural health monitoring market is expected to be a target market for market participants owing to the high growth opportunities in countries such as India and China.
Advancements in wireless technology are estimated to be among major factors driving the global structural health monitoring market in the North American region. Furthermore, major hardware manufacturers are laying emphasis on enhancing DAQ platforms for structural health monitoring systems, which is also boosting the market.
The structural health monitoring market in Western Europe has high potential owing to the implementation of these systems in critical infrastructure. In addition, local players lay emphasis on deploying wireless monitoring systems and sensors to monitor various complex structures in the Western Europe region, which is propelling the structural health monitoring market.
According to FMI analysis, some of the key market participants in the global structural health monitoring market report are National Instruments, Sixense Systems, Digitexx Data Systems Inc., Acellent Technologies Inc., COWI A/S, Kinemetrics Inc., Hottinger Baldwin Messtechnik GmbH, Geocomp Corporation, Nova Metrix LLC and Strainstall UK Ltd.
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