Summary
Major players in the structural health monitoring market are Nova Ventures Group Corp., Geokon, Campbell Scientific Inc., COWI A/S, Geocomp Corporation, Acellent Technologies Inc., Sixense, Structural Monitoring Systems Plc., Digitexx Data Systems Inc., Kinemetrics, National Instruments Corporation, Hottinger Baldwin Messtechnik GmbH, SGS Société Générale de Surveillance SA, James Fisher Strainstall and Advitam Inc. (Vinci SA).
The global structural health monitoring market is expected to grow from $2.31 billion in 2022 to $2.67 billion in 2023 at a compound annual growth rate (CAGR) of 15.59%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity pricesand supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The structural health monitoring market is expected to reach $4.68 billion in 2027 at a CAGR of 15.13%.
The structural health monitoring market consists of revenues earned by entities by providing quantitative and reliable data on the real conditions of a bridge and observing its evolution and detecting the visual of degradations.The market value includes the value of related goods sold by the service provider or included within the service offering.
The structural health monitoring market also includes sales of fiber optic sensors, accelerometersand vibrating wire transducers which are used in providing structural health monitoring services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Structural health monitoring (SHM) refers to the practice of applying damage detection and characterization tools to vital structures, including bridges, wind turbinesand tunnels. It is used to assure structural integrity and safety, track the progression of damageand evaluate how well civil infrastructures are performing.
Asia-Pacific was the largest region in the structural health monitoring market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major components of structural health monitoring are hardware, softwareand services.Hardware refers to the physical parts of the computer or its delivery mechanisms that allow the software’s written instructions to be stored and executed.
By connectivity, wired and wireless monitoring is involved. It is involved in several applications, such as bridges and dams, buildings and stadiums, vessels and platforms, airframes and wind turbinesand large machinery and equipment that are used by several end-users, such as civil, aerospace, defense, energy, miningand others.
The frequent occurrences of natural calamities are expected to boost the growth of the structural health monitoring market going forward.Natural calamities are catastrophic occurrences that arise as a result of any natural phenomenon on Earth.
Structural health monitoring is very helpful to prevent water and flood damage brought on by collapsed dams, dykes, pipelinesand other similar infrastructure as a result of natural disasters; hence, frequent occurrences of natural calamities are expected to boost the structural health monitoring market.For instance, according to a report published by EM-DAT, The International Disaster Database, a US-based global database on natural and technological disasters, in 2021, 432 catastrophes caused by natural calamities occurred in 2021 across the globe.
These resulted in 10,492 fatalities, impacted 101.8 million peopleand cost the economy over 252.1 billion US dollars. Asia was the region most severely affected, accounting for 40% of all disaster events, 49% of all fatalitiesand 66% of all affected individuals. Furthermore, in December 2022, according to a report shared by ReliefWeb, a US-based humanitarian information portal, 436 disasters had occurred in total in 2021, exceeding the average of 376 per year over the previous 30 years. Storms and floods typically cause the greatest number of occurrences and, as a result, the greatest financial damages. Therefore, the frequent occurrences of natural calamities are driving the growth of the structural health monitoring market.
Technological advancement is the key trend gaining popularity in the structural health monitoring market.Major companies operating in the structural health monitoring market are focusing on developing new technologies.
For instance, in June 2021, Quakelogic, a US-based provider of intelligent disaster management solutions, launched the SMARTMONITORING system, an advanced and integrated structural health monitoring (SHM) and earthquake early warning (EEW) technology.The unique feature of the SMARTMONITORING system is 24/7 structural health monitoring with quick notification.
Cloud-based technologies and artificial intelligence (AI) make fast, real-time information accessible to decision-makers and their teams. Within 60 seconds following an alarm-generating incident, it offers thorough SHM assessment reports and engineering-quality data that may be used to make an informed decision.
In May 2022, Sercel, a France-based designer and manufacturer of high-tech solutions for subsurface exploration, acquired Geocomp Corporation for an undisclosed amount.The acquisition of Geocomp Corporation is anticipated to improve Sercel’s capacity to expand by offering more services to a larger clientele.
Geocomp Corporation is a US-based provider of comprehensive geostructural design and performance monitoring services.
The countries covered in the structural health monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The structural health monitoring market research report is one of a series of new reports that provides structural health monitoring market statistics, including structural health monitoring industry global market size, regional shares, competitors with a structural health monitoring market share, detailed structural health monitoring market segments, market trends and opportunitiesand any further data you may need to thrive in the structural health monitoring industry. This structural health monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
