Between 2017 and 2025, the worldwide structural health monitoring market is expected to grow at a 14.2% CAGR, with APEJ, North America, and Western Europe accounting for major 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. In the worldwide structural health monitoring market, the services segment is predicted to develop at a faster rate than the components segment over the forecast period.
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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 use of structural health monitoring has risen dramatically in recent years, particularly in the bridges and dams sector. These structural health monitoring technologies are projected to make the overall monitoring of major engineering structures easier, as they are necessary for human life safety.
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.
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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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