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    Structural Health Monitoring (SHM) Systems Market Analysis

    Structural Health Monitoring (SHM) Systems Market Analysis
    Report code - SRHL318 Delivery - 2 Weeks
    Structural Health Monitoring (SHM) Systems Market Size, Share, Trends & Forecast Analy See more...

    Market Insights

    The structural health monitoring (SHM) systems market is projected to grow from USD 2.18 billion in 2022 to USD 4.93 billion by 2028 at a CAGR of over 14.56% during the forecast period.

    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.

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    The market is mainly driven by the automation and standardization in the 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.

    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.

    Structural Health Monitoring (SHM) Systems Market Report Overview

    Market Size in 2028

    USD 4.93 billion

    Market Size in 2022

    USD 2.18 billion

    CAGR (2022-2028)

    14.56%

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    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).

    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 2021 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 Insights

    By region, the North American market witnessed the highest market share in 2021 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.

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    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Structural Health Monitoring (SHM) Systems Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

     

    Target Audience

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

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    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 to sales@Stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    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.

    The structural health monitoring systems market size is expected to reach USD 4.93 billion in 2028.

    North America witnessed the highest share in the structural health monitoring systems market in 2021.

    The hardware segment accounted for the highest market share in 2021 and is likely to register a steady CAGR.

    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 market.

    The structural health monitoring systems market is expected to witness an impressive growth of 14.56% CAGR during 2022-2028.