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    Structural Health Monitoring (SHM) Systems Market Report

    Structural Health Monitoring (SHM) Systems Market Report
    Report code - SRHL318 Delivery - 2 Weeks
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    Global Structural Health Monitoring (SHM) Systems Market, Trends, and Market Analysis
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    Impact of COVID-19 on Structural Health Monitoring (SHM) Systems Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Structural Health Monitoring (SHM) Systems Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Structural Health Monitoring (SHM) Systems Market is projected to grow from USD xx million in 2020 to USD xx million by 2026 at a CAGR of over 7.4% during the forecast period.

    Figure: Global Structural Health Monitoring (SHM) Systems Market Size, 2020-2026 (USD Million)

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    What are Structural Health Monitoring Systems?

    Structural Health Monitoring (SHM) refers to the collection and analysis of data collected through a broad array of connected sensors during the service life of a structure or equipment. SHM is a non-destructive and continuous method of quantifying and identifying the deterioration state of the object to predict the necessity of repair and maintenance.

    Key Players

    Key players operating in the global Structural Health Monitoring (SHM) systems market are-

    • Acellent Technologies (The U.S),
    • Campbell Scientific, Inc. (The U.S),
    • COWI A/S (Denmark),
    • Digitexx (Vietnam), Geocomp Corporation (The U.S),
    • Geokon, Incorporated (The U.S);
    • GeoSIG Ltd. (Switzerland),
    • HBM (Germany),
    • James Fisher and Sons plc (UK), and
    • Kinemetrics (The U.S).

    Market Dynamics

    The market is mainly driven by the automation and standardization in maintenance & repair of civil infrastructure in the post-COVID-10 period, and rising capital investments in structural health monitoring across various countries in the world.

    In addition to this, stringent government regulations regarding the sustainability of structures, loss of capital and lives due to catastrophic failure of building infrastructure in the past years, and declining cost of SHM systems, further augment the market growth.

    Segment Analysis

    Solution Trends

    On the basis of solution, the global Structural Health Monitoring (SHM) systems market has been bifurcated into hardware and software & services.

    Among these, the hardware segment accounted for the highest market share in 2020 and is likely to register a steady CAGR during the review period. This is mainly attributed to the significant cost of integral elements of SHM systems such as sensors and data acquisition systems.

    Regional Trends

    By region, the North American market witnessed the highest market share in 2020 and is projected to grow at a robust CAGR during the review period.

    • This can be attributed to rapidly aging infrastructures such as dams, buildings, bridges, and tunnels in the region which is stirring up the demand for structural health monitoring systems.
    • Thus, to improve structural lifespan and enhance public safety, the installation of these systems is needed, which further boosts regional growth.

    COVID-19 Impact on Global Structural Health Monitoring (SHM) Systems Market

    The COVID-19 pandemic has moderately affected the Structural Health Monitoring (SHM) systems industry. This is due to a downturn for the first few months of 2020 as major maintenance, construction, and repair activities in the aerospace & defense, civil infrastructure, and energy sectors across the globe were put on a halt in the first half of 2020 to curb the spread of the virus. However, the SHM systems market grow steadily from the beginning of 2021 as the governments worldwide are beginning to resume infrastructure development work to lower the unemployment rate caused by the pandemic.

    Critical Questions Answered in the Report

    • What are the key trends in the global Structural Health Monitoring (SHM) Systems market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of the COVID-19 on global Structural Health Monitoring (SHM) Systems market?
    • What are the key strategies adopted by the major vendors to lead in the global Structural Health Monitoring (SHM) Systems market?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the Structural Health Monitoring market hopes to have the greatest opportunity to convert-

    • Structural Health Monitoring (SHM) Systems companies
    • Hospitals
    • Construction companies
    • Academic Institutions
    • Research Centers & Organizations

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The structural health monitoring systems market is expected to witness an impressive growth of 7.4% CAGR in the foreseeable future.

    Acellent Technologies (The U.S), Campbell Scientific, Inc. (The U.S), COWI A/S (Denmark), Digitexx (Vietnam), Geocomp Corporation (The U.S), Geokon, Incorporated (The U.S); GeoSIG Ltd. (Switzerland), HBM (Germany), James Fisher and Sons plc (UK) and Kinemetrics (The U.S) are among the key players in the structural health monitoring systems market.

    North America witnessed the highest share in the structural health monitoring systems market in 2020.

    The hardware segment accounted for the highest market share in 2020 and is likely to register a steady CAGR.

    Structural Health Monitoring (SHM) Systems companies, Hospitals, Construction companies, Academic Institutions, Research Centers & Organizations are the target audience in the structural health monitoring systems market.

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