Structural Health Monitoring Market, By Type (Wired and Wireless SHM System), By Component (Hardware (Sensors, Data Acquisition System and Others), Software (Design & Analysis, Parameter Identification & Tracking and Others ) and Services (Installation Se

Structural Health Monitoring Market, By Type (Wired and Wireless SHM System), By Component (Hardware (Sensors, Data Acquisition System and Others), Software (Design & Analysis, Parameter Identification & Tracking and Others ) and Services (Installation Services ,Design & Consulting Service, Operation & Maintenance Services), By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines and Large Machinery & Equipment), and By Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

The process used for implementing damage detection for engineering designs such as dams, buildings, and bridges is referred to as Structural Health Monitoring (SHM). The SHM system is used for analyzing and monitoring the health of various structure such as buildings, bridges, dams, stadiums, and large machineries. There are different methods involved in structural health monitoring including data acquisition, operational evaluation, normalization, cleansing, and statistical model development. SHM systems elements include structure, sensors, data acquisition systems, data transfer and storage mechanism, data management, and data interpretation and diagnosis. SHM provides the safety of the structure by monitoring and evaluating its various parameters such as crack detection, damage detection, strain monitoring, and impact monitoring to protect the structure from any type of danger.

The Structural Health Monitoring market was valued for US$ 1,989.0 Mn in 2021.

Market Dynamics

Growing advancement in wireless technology is expected to drive the growth of global structural health monitoring market (SHM). This wireless technology eliminated the use of wire and stopped the installation and protection of cable wire which reduced the cost of wireless SHM. These solutions are helpful in providing safety levels as they can be arranged remotely or before installation and replaced easily for the maintenance. Moreover, ease of connectivity, ample control over these systems, and enhanced communication are expected to propel growth of the global structural health market over the forecast period. For instance, Zig Bee is a wireless mesh network system who consumes low power and is used for wireless control and monitoring applications. Low power consumption provides long life batteries, while mesh networking provides high reliability and extensive range of connectivity.

Software and services is also driving the growth of this market owing to the growing importance of civil projects. SHM processes are becoming essential to identify the failures in the various structural designs such a dams, bridges, highway and buildings. The main approach of SHM is to collect data about the whole condition of the structures. The demand for software application and software algorithm is increased for the collection of various kinds of structural data. For instance, SCADA and MATLAB are used for identifying the damage detection in the engineering structures. These software’s detect damage at the initial stage and provides safety from any type of hazard. Hence, these factors are expected to hamper the market growth up to a certain extent.

Key features of the study:

• This report provides an in-depth analysis of the global structural health monitoring market and provides market size (US$ 1,989.0 million) and compound annual growth rate (CAGR 15.8%) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global structural health monitoring market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• Key companies covered in the Global Structural Health Monitoring Market includes Nova Metrix LLC, National Instruments Corporation, Kinemetrics Inc., Advitam Inc. (Vinci SA), Hottinger Baldwin Messtechnik GmbH, Digitexx Data Systems, Inc., Geocomp Corporation, Acellent Technologies, Inc., Strainstall UK Limited (James Fisher & Sons PLC), and COWI A/S.
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
• The global structural health monitoring market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global structural health monitoring market.

Detailed Segmentation

• Global Structural Health Monitoring Market, By Type:
• Wired SHM System
• Wireless SHM System
• Global Structural Health Monitoring Market, By Component:
• Hardware
• Sensors
• Data Acquisition System
• Others
• Software
• Design & Analysis
• Parameter Identification & Tracking
• Others
• Services
• Installation Services
• Design & Consulting Services
• Operation & Maintenance Services
• Global Structural Health Monitoring Market, By Application:
• Bridges & Dams
• Buildings & Stadiums
• Vessels & Platforms
• Airframes & Wind Turbines
• Large Machinery & Equipment
• Global Structural Health Monitoring Market, By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
• Company Profiles
• Nova Metrix LLC *
• Company Overview
• Product Portfolio
• Financial Performance
• Key Strategies
• Recent Developments
• National Instruments Corporation
• Kinemetrics Inc.
• Advitam Inc. (Vinci SA)
• Hottinger Baldwin Messtechnik GmbH
• Digitexx Data Systems, Inc.
• Geocomp Corporation
• Acellent Technologies, Inc.
• Strainstall UK Limited (James Fisher & Sons PLC)
• COWI A/S

“*” marked represents similar segmentation in other categories in the respective section.