Structural Health Monitoring Market with COVID-19 Impact by Offering (Hardware, Software & Services), Technology (Wired, Wireless), End Use (Civil Infrastructure, Aerospace & Defense, Energy, Mining) and Geography - Global Forecast to 2027

Structural Health Monitoring Market with COVID-19 Impact by Offering (Hardware, Software & Services), Technology (Wired, Wireless), End Use (Civil Infrastructure, Aerospace & Defense, Energy, Mining) and Geography - Global Forecast to 2027

The structural health monitoring market is estimated to grow from USD 2.0 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 14.6% between 2022 and 2027. The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring systems.

“Wireless structural health monitoring technology expected to grow at highest CAGR between 2022 and 2027”

The market for wireless structural health monitoring systems is expected to grow at the highest CAGR during the forecast period. Wireless systems used in the structural health monitoring system consist of autonomous data acquisition nodes to which conventional sensors, such as strain gauges, accelerometers, linear voltage displacement transducers, and inclinometers, could be attached. A wireless sensor network provides numerous advantages over the wired sensor network in terms of deployment, management, and cost. Increased adoption of wireless technology significantly reduces monitoring costs as the need for installation and protection of cables is eliminated. Also, the wireless system is flexible in nature. In other words, various sensors used in the wireless structural health monitoring system are organized by wireless transmission, which makes updating, adding, moving, and replacing of sensors easy after the initial installation.

“The civil infrastructure segment is expected to hold the largest share of structural health monitoring during the forecast period.

Civil infrastructure consists of structures, such as bridges, dams, buildings & stadium, and tunnels. The development of new infrastructure ultimately results in the economic growth. Structures for transportation, such as bridges and tunnels, are essential as they reduce the cost of travel, save time, and facilitate regional trade. Hence, many regions such as the US, the UK, Germany, Japan, China, South Korea, India, Qatar, and Saudi Arabia are extensively investing in civil infrastructures to develop new infrastructure facilities and renovate the old infrastructures. The growing demand for new infrastructure globally, is expected to increase the need for regular monitoring of structures to reduce the risk of structural failure.

“Structural health monitoring market in Asia Pacific to grow at the highest rate between 2022 and 2027”

The structural health monitoring market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing investments related to infrastructure and stringent regulations by governments for the adoption of structural health monitoring techniques for various structures are some of the important factors driving the market growth in this region. The increasing population in many Asia Pacific countries has led to rapid urbanization, which, in turn, is expected to create growth opportunities for the market players in the coming years as many construction projects are being sanctioned.

The breakup of primaries conducted during the study is depicted below:
By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 –20%
By Designation: C-Level Executives – 35%, Directors – 30%, and Others – 35%
By Region: Americas– 40%, Europe – 25%, Asia Pacific – 20%, and RoW – 15%

Research Coverage

The report segments the structural health monitoring market and forecasts its size, by value, based on region (Americas, Europe, Asia Pacific, and Rest of the World), offering (hardware, and software & services), technology (wired, wireless), and end use (civil infrastructure, aerospace & defense, energy, mining, and others). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of the market.

Key Benefits of Buying This Report
This report includes the market statistics pertaining to offering, technology, end use and region
An in-depth value chain analysis has been done to provide deep insight into the structural health monitoring market.
Major market drivers, restraints, opportunities, and challenges have been detailed in this report.
The report includes an in-depth analysis and ranking of key players.