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.
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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Competitive Analysis
Vendors in the structural health monitoring market are now focusing on introducing advanced technologies to enhance their monitoring outputs and efficiency. Examples of some of the structural health monitoring market vendors in this study of the global structural health monitoring market include 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.
Vendors are continuously innovating the structural health monitoring solutions offered by them to penetrate the technology-influenced market. In June 2016, Sixense Systems, an infrastructure solutions provider, announced plans to deploy a structural health monitoring system on the 3rd Bosphorus Bridge located at Istanbul, Turkey.
With reference to structural health monitoring, in June 2016, the company announced plans to implement its EverSense system at the Mohammed VI Bridge, which is Africa’s longest cable bridge, to monitor the strength of the cables that expand and oscillate due to wind forces.
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