The global structural health monitoring market is anticipated to record 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.
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.” On the basis of components, the services segment is expected to register attractive growth over the forecast period in the global 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.
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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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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.
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