Structural Health Monitoring (SHM) Systems Size, Share, Trends & Forecast Analysis: 2022-2028
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Structural Health Monitoring (SHM) Systems Size, Share, Trends & Forecast Analysis: 2022-2028
The report on the Global Structural Health Monitoring (SHM) Systems Market is segmented by Solution (Hardware [Sensors, Data Acquisition Systems, Others], Software & Services), By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment), By Technology (Wired, Wireless) and Region. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Structural Health Monitoring (SHM) systems market. The historic years considered for the study are 2016-2029, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2028.
The report on the Global Structural Health Monitoring (SHM) Systems Market is segmented by Solution (Hardware [Sensors, Data Acquisition Systems, Others], Software & Services), By Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment), By Technology (...
The Global 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.
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.
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.
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.
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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 Trends
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.
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.
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. The following are the key features of the report:
Market structure: Overview, industry life cycle analysis, supply chain analysis
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors
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.
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Structural Health Monitoring (SHM) Systems companies, Hospitals, Construction companies, Academic Institutions, Research Centers & Organizations are the target audience in the market.
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.