Structural Health Monitoring Market Overview:
Global Structural Health Monitoring Market size was valued at $1,133 million in 2016, and is expected to reach at $3,965 million by 2023, registering a CAGR of 18.9% from 2017 to 2023. Over the years, structural health monitoring (SHM) technologies have emerged as an exciting new field within civil engineering. SHM has become an important tool in the design, analysis, and maintenance of modern civil engineering structures and systems.
The structural health monitoring market growth is driven by increased focus on structural health monitoring, obsolete infrastructure in Europe and North America, obsolete aircraft of domestic & international airlines, reduction of inspection costs, and frequent occurrences of natural calamities. In addition, growth in investments in infrastructure and advances in wireless sensor networks create ample opportunities for the global structural health monitoring market. However, high implementation cost and challenges pertaining to data normalization restrain the structural health monitoring market growth.
The global structural health monitoring market is segmented on the basis of component, connectivity, end user, and geography. Based on component, the structural health monitoring industry is categorized into hardware, software, and services. Hardware is further elaborated into data acquisition units, sensors, and others. Sensors generated the highest revenue in 2016, and is expected to maintain its position throughout the analysis period. By connectivity, the market is bifurcated into wired and wireless senor networks. On the basis of end user, it is classified into civil, aerospace, energy, defense, mining, and others. The civil industry is further categorized into tunnels, dams, stadiums, and others. Geographically, the structural health monitoring market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report includes comprehensive analysis of the key players in the structural health monitoring market, such as National Instruments Corporation, Advitam Inc., Digitexx Data Systems, Inc., Acellent Technologies, Inc., Nova Metrix LLC., COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, Strainstall UK Limited, and Kinemetrics Inc.
Structural health monitoring for civil structures is gaining popularity globally in the field of construction management and maintenance. SHM reduces the inspection costs, research time, and enables to better understand the behavior of structures under dynamic loads, seismic protection, in real or near real-time data information. SHM of civil structures ensures better management in post-earthquake scenarios, and support rescue operations. However, the structural monitoring of static and dynamic stress of dams has gained significant attention during the years due to the negative effects of structural responses. In addition, the actual structural responses of dams differ from the initial values computed while designing due to several environmental and other load conditions. These variations are expected to be observed depending on the type of construction, assumptions made in structural modelling, and analysis and differences in proposed design and final structure. The SHM market for tunnels was estimated at $72 million in 2016, and is expected to reach $221 million by 2023, growing at a CAGR of 16.5% from 2017 to 2023.
- This report provides an in-depth analysis of the global structural health monitoring market to identify the potential investment pockets.
- It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
- Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
- Quantitative analysis of the structural health monitoring market from 2016 to 2023 is highlighted to recognize the financial competency of the market.
- Porters Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.
Structural Health Monitoring Market Key Segments:
- Data Acquisition Units
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- National Instruments Corporation
- Advitam Inc.
- Digitexx Data Systems, Inc.
- Acellent Technologies, Inc.
- Strainstall UK Limited (James Fisher & Sons PLC.)
- Nova Metrix LLC.
- COWI A/S
- Geocomp Corporation.
- Hottinger Baldwin Messtechnik GmbH
- Kinemetrics Inc.