Structural Health Monitoring Market by Offering (Hardware, Services, Software), Technology (Wired Structural Health Monitoring, Wireless Structural Health Monitoring), Monitoring Approach, Vertical - Global Forecast 2024-2030

Structural Health Monitoring Market by Offering (Hardware, Services, Software), Technology (Wired Structural Health Monitoring, Wireless Structural Health Monitoring), Monitoring Approach, Vertical - Global Forecast 2024-2030

The Structural Health Monitoring Market size was estimated at USD 4.31 billion in 2023 and expected to reach USD 4.83 billion in 2024, at a CAGR 12.64% to reach USD 9.92 billion by 2030.

The structural health monitoring (SHM) market comprises solutions, services, and technologies utilized for assessing and analyzing the health and performance of structures such as buildings, bridges, dams, and industrial equipment. It involves various methods and tools to detect and monitor the integrity of these structures to ensure safety and maintain operational efficiency. SHM applications are broad, including civil infrastructure, aerospace, energy utilities, and more, where monitoring structural integrity is crucial. End-users range from construction companies, government bodies responsible for public safety, to industries that rely heavily on maintaining their asset integrity for operational continuity. New opportunities in the SHM market are emerging with advancements in technology. The integration of artificial intelligence and machine learning for predictive analysis, increased use of drones for critical inspections, and the development of advanced materials and sensors are creating new prospects for growth. The increasing need to maintain aging infrastructure, coupled with technological leaps in smart sensors and IoT, is bolstering the demand for SHM systems. Compliance with stringent safety regulations and the pressing need for disaster risk mitigation are further catalyzing market expansion. Although high initial costs, technical complexities, data management challenges, and reluctance to move away from traditional practices pose obstacles, the market presents notable opportunities. Innovations in wireless sensor networks, enhanced data analysis software, advancements in material science, and the standardization of SHM protocols are areas primed for development. These innovations are critical for businesses looking to lead in the SHM market, ensuring the enduring safety and functionality of essential structures across diverse sectors such as civil infrastructure, aerospace, and energy utilities.

Regional Insights

The United States, Canada remain at the forefront with its aging infrastructure and the increasing frequency of natural disasters, there is a high demand for SHM systems. The U.S. government invests significantly in infrastructure maintenance, alongside private sector participation, which fuels the growth of SHM services. Consumers show a higher preference for advanced technologies such as wireless sensor networks and IoT integrations in SHM solutions. European Union (EU) countries have shown a proactive approach in the adoption of SHM. Initiatives for smart cities and sustainable infrastructure advocate the use of SHM systems. European consumers and governments prefer environmentally friendly and energy-efficient systems, creating demand for green SHM solutions. The Asia Pacific region exhibits a fast-growing SHM market due to rapid urbanization, expanding infrastructure, and high occurrence of natural disasters. Countries such as China, Japan, and India present diverse opportunities and challenges, owing to vast infrastructure projects driving the demand for high-quality SHM systems. The Chinese government is implementing strict building codes and regulations that mandate the use of SHM technologies.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Structural Health Monitoring Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Huge benefits associated with structural health monitoring
• Investments in structural health monitoring across various countries worldwide
• Aging infrastructure and government regulations about the sustainability of structures

Market Restraints

• Delayed response to the structural health monitoring in developing countries

Market Opportunities

• Public-private-partnerships for infrastructure development coupled with advancements in the field of sensor technology
• Advent of technologically advanced solution for structural health monitoring

Market Challenges

• Complexity associated with large volumes of data processing and management

Market Segmentation Analysis

• Component: Need of highly advanced component for the real time monitoring of structural health refining predictive maintenance analytics
• Technology: Preference for wireless structural health systems for quick deployment or reconfiguration of more secure monitoring systems
• Vertical: Expandable utilization in aerospace and defense of structural health monitoring for minimal interference with the operational capabilities

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Structural Health Monitoring Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Structural Health Monitoring Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Arahas Unveils Groundbreaking Structural Health Monitoring and Early Warning Technology for Earthquake-Prone Regions in the Indian Subcontinent

Arahas Technologies Pvt. Ltd. in collaboration with California-based Quakelogic has announced the introduction of an advanced Structural Health Monitoring and Early Warning System, specifically architected to bolster earthquake resilience across the Indian Subcontinent. This innovative system integrates real-time structural health monitoring with the prowess of artificial intelligence and advanced analytics to proactively identify potential weaknesses and preserve structural integrity.

ABS Launches Offshore Structural Health Monitoring Notation

In a pioneering development, ADMARINE 686 has been distinguished as the first self-elevating drilling unit (SEDU) in the world to be awarded the ABS SMART (Structural Health Monitoring) Notation. This prestigious acknowledgment by the American Bureau of Shipping (ABS) underscores ADMARINE 686's cutting-edge capabilities for real-time monitoring and detailed assessment of its structural integrity.

Akselos, Yinson and Enauta Sign a Multi-Year Deal in Brazil to Deploy Real-Time Structural Health Monitoring for Atlanta FPSO

Akselos S.A., Yinson Production EPC Pte Ltd., and Enauta have forged a multi-year partnership to implement Akselos' pioneering Digital Twin technology aboard the ABS-classed Atlanta FPSO anchored in Brazil's Santos Basin. This partnership signifies an industry-first endeavor, wherein Akselos' revolutionary RB-FEA technology, reputed for its unparalleled simulation speed—exceeding legacy systems by a factor of a thousand—will be harnessed to enrich Enauta's real-time asset integrity management with comprehensive structural insights and integrate engineering simulations within the FPSO's operational sphere.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Structural Health Monitoring Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Structural Health Monitoring Market, highlighting leading vendors and their innovative profiles. These include Acellent Technologies Inc., AVT Reliability Ltd., Beanair GmbH, Bridge Diagnostics, Campbell Scientific, Inc., COWI A/S, Digitexx Data Systems, Inc., ElastiSense, FEAC Engineering P.C., First Sensor AG by TE Connectivity Ltd., Geocomp, Inc., Geokon, Geomotion (Singapore) Pte Ltd., Hottinger Brüel & Kjaer GmbH, ignaGuard, LLC, Infibra Technologies Srl, James Fisher and Sons PLC, KDM Engineers [India] Pvt. Ltd., Kinemetrics, Inc., Nova Ventures Group Corp., Rst Instruments Ltd., Sensuron LLC, Setpoint Technologies Ltd., SGS S.A., SHM Canada Consulting Limited, Sisgeo Srl, SITES AFLA (Pty) Ltd., Sixense Group, Sodis Lab, Somni Solutions, and Xylem Inc..

Market Segmentation & Coverage

This research report categorizes the Structural Health Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering

Hardware

Sensors

Accelerometers

Corrosion Sensors

Displacement Sensors

Inclinometers and Tiltmeters

Strain Gauges

Temperature Sensors

Services

Post-Installation

Pre-Installation

Software

Technology

Wired Structural Health Monitoring

Wireless Structural Health Monitoring

Monitoring Approach

Active Monitoring

Passive Monitoring

Vertical

Aerospace & Defence

Civil Infrastructure

Energy

Mining

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

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