Structural Health Monitoring Market Global Demand, Scope and Strategic Outlook, Growth Analysis, Business Opportunities and Future Scope by 2022
In 2021, the global market for structural health monitoring was worth USD 1,814 million. By 2028, it is expected to be worth USD 3,955 million, with a CAGR of 15.3% from 2021 to 2028. During the service life of a building or piece of equipment, structural health monitoring (SHM) is the process of collecting and analyzing data from a wide range of connected sensors. It is a continuous, non-destructive way to find out how bad something is getting and how bad it is getting so you can figure out when it needs to be fixed or maintained.
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Market Overview
Structural health monitoring (SHM) is the process of putting in place a strategy for finding and describing damage in engineering structures, like buildings and bridges. In simple terms, it is the process of learning about the integrity of structures that are already in use in real time. In the SHM process, a system is watched over time by taking measurements of its responses from a number of sensors on a regular basis. SHM is made up of different steps, such as operational evaluation, data acquisition, normalization, and cleaning, feature extraction and data compression, and statistical model development. Structure, sensors, data acquisition systems, a way to transfer and store data, a way to manage data, and ways to interpret and diagnose data are all parts of a SHM system.
The effect of COVID-19 on the market for structural health monitoring
For the first two to three quarters of 2020, the market for structural health monitoring went down because major construction, maintenance, and repair work in the civil infrastructure, aerospace and defense, and energy sectors in different countries stopped. Due to the pandemic, there have been problems with the supply chain, which has caused a drop in the demand for monitoring devices and services. The COVID-19 pandemic caused a lot of people to lose their jobs, but the market has been slowly getting better since 2021, when governments started building new infrastructure again to lower the unemployment rate. Also, the countries’ travel restrictions could cause airlines to stop running, which could lead to more maintenance, repair, and overhaul work in the aviation sector.
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Competition in the Structural Health Monitoring Market
The structural health monitoring market is very competitive because there are so many players. Companies are focusing more and more on putting out new products to get more customers and a bigger share of the market. Some of the biggest companies in the market are Pure Technologies, Structural Monitoring Systems (Australia), Geocomp Corporation (US), Nova Metrix (US), Campbell Scientific (US), Geokon, Incorporated (US), Digitexx Data Systems (US), SIXENSE Systems (France), Bridge Diagnostics (US), RST Instruments (Canada), Sisgeo (Italy), and Geomotion Singapore (Singapore).
The report also gives an analysis of each country. The U.S., Canada, the U.K., Germany, France, Italy, Spain, Russia, China, Japan, India, South Korea, Mexico, Brazil, the U.A.E., Saudi Arabia, and Qatar are some of the major countries covered in the report.
Segments of the global structural health monitoring market
- Component
- Hardware
- Software
- Services
- Connectivity
- Wired
- Wireless
- End User
- Civil
- Aerospace
- Defense
- Energy
- Mining
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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The report gives answers to things like:
- What signs are likely to get the market moving?
- By the end of the forecast period, how much money will the market have made?
- What are the things that affect the Structural Health Monitoring market, and how do they affect it?
- What effect do regulatory requirements have on the Structural Health Monitoring market?
- Which part of the market is expected to have the biggest share?
- Which regions currently contribute the most to the Structural Health Monitoring market as a whole?
- What are the most important changes on the market?
- What are the main ways that the big players in the Structural Health Monitoring market try to get into more places?
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