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.
In its research “Structural Health Monitoring Industry: Worldwide Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025,” FMI provides crucial insights into the global structural health monitoring market. The worldwide structural health monitoring market is predicted to develop at a CAGR of 14.2% in terms of value from 2017 to 2025, making it an appealing investment.
In the worldwide structural health monitoring market, the services sector is predicted to develop at a healthy rate over the forecast period. The wired structural health monitoring systems category is likely to have a larger market share in the global structural health monitoring market during the forecast period.
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Bridges and dams are the biggest income generators in the structural health monitoring industry, out of all the application sub-segments.
By the end of 2017, the worldwide annual revenue of the structural health monitoring market was valued at US$ 1,903.9 Mn, and it is predicted to continue to rise steadily in the future years. Apart from the APEJ region, North America and Western Europe’s developed economies are predicted to account for the bulk of the worldwide structural health monitoring market.
The worldwide structural health monitoring market is predicted to be dominated by North America structural health monitoring, Western Europe structural health monitoring, and APEJ structural health monitoring throughout the forecast period, with APEJ expected to rise with the market.
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 hardware sub-segment of the component sector, according to FMI study, is predicted to dominate the structural health monitoring market, with sensors being the key revenue producers in the hardware segment of the structural health monitoring market. The wired structural health monitoring system segment will dominate the worldwide structural health monitoring market in terms of type.
Because of the considerable use of structural health monitoring in bridges and dams, the APEJ structural health monitoring market is predicted to dominate the worldwide structural health monitoring market due to rapid increase in the overall revenue generated by the hardware sector.
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The total market is being driven by lower sensor costs, which are important components in structural health monitoring systems.
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.
Wireless technology advancements are expected to be one of the primary drivers of the global structural health monitoring market in the North American region. In addition, leading hardware manufacturers are focusing on improving DAQ platforms for structural health monitoring systems, which is driving the industry forward.
Because these systems are used in essential infrastructure, the structural health monitoring industry in Western Europe has a lot of promise. Furthermore, in the Western Europe region, local companies are focusing on implementing wireless monitoring systems and sensors to monitor different complex structures, which is fueling 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.
Key Segments Covered
Component
- Hardware
- Sensors
- Data Acquisition System
- Others
Software
- Design & Analysis
- Parameter Identification & Tracking
- Others
Services
- Installation Services
- Design & Consulting Services
- Operation & Maintenance Services
Type
- Wired SHM System
- Wireless SHM System
Application
- Bridges & Dams
- Buildings & Stadiums
- Vessels & Platforms
- Airframes & Wind Turbines
- Large Machinery & Equipment
Key Regions covered:
- Latin America Structural Health Monitoring market
- Western Europe Structural Health Monitoring market
- Eastern Europe Structural Health Monitoring market
- APEJ Structural Health Monitoring market
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