Global — structural health monitoring market size is expected to reach $3.8 billion in 2027 from $1.6 billion in 2019, growing at a CAGR of 14.5% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 37.0% share of the global market.
Moreover, majority of the infrastructure in developed nations was developed after the Second World War and the industrial revolution. Hence, most of these structures are overused and old. In addition, the growth in population and development in lifestyles have deteriorated the condition of these structures such as bridges, pipelines, transportation systems, and others. SHM can assist in real-time continuous assessment of these structures, which can predict repairs and maintenance, resulting in lowered number of damages and accidents.
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The major players operating in the industry include 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.
Moreover, Asia-Pacific is the highest contributor in the structural health monitoring market followed by North America. Rapidly aging infrastructure and rise in population in these regions drives the structural health monitoring market growth. In addition, various countries in the Asia-Pacific region have increased their focus on the field of structural health monitoring, owing to rise in awareness regarding the benefits of SHM.
The rapid urbanization and frequent occurrences of natural calamities, such as earthquakes, are the major growth drivers for the structural health monitoring market analysis in the Asia-Pacific region.
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According to component, the hardware segment highly contributed toward the structural health monitoring market due to development in sensor technologies in the industry. In addition, the reduction in prices of wireless sensors for SHM applications also assisted in driving the growth of the market.
The COVID-19 pandemic has negatively affected the structural health monitoring market mainly due to halt in international trade, prolonged lockdowns, and ceased construction processes. In addition, the major end-user companies located in countries such as the U.S., China, Germany, the UK, and others are also facing financial impacts due to halted production, which is likely to hinder the market growth during 2020.
The global structural health monitoring market is segmented on the basis of application, end user, component, and region. Based on component, the market is fragmented into hardware, software, and services. According to end user, the market is categorized into civil, aerospace, defense, mining, energy, and others. By connectivity, the market is classified into wired and wireless.
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The global Structural Health Monitoring market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share throughout the study period, and LAMEA is expected to grow at the fastest rate.
Key Findings Of The Study
• By component, the hardware segment dominated the structural health monitoring market share in 2019.
• By end user, the civil segment dominated the market during 2019.
• Depending on connectivity, the wired segment garnered major share of the structural health monitoring market trend in 2019.
• Region wise, Asia-Pacific dominated the market in 2019.
• LAMEA is expected to witness a high growth rate during the structural health monitoring market forecast period.
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