Structural Health Monitoring (SHM) Systems Market Size, Share, Trends & Forecast Analysis: 2022-2028
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Structural Health Monitoring (SHM) Systems Market Size, Share, Trends & Forecast Analysis: 2022-2028
Structural Health Monitoring (SHM) Systems Market, by Solution (Hardware [Sensors, Data Acquisition Systems, Others], Software & Services), Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment), Technology (Wired, Wireless)and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Structural Health Monitoring (SHM) Systems Market, by Solution (Hardware [Sensors, Data Acquisition Systems, Others], Software & Services), Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machines & Equipment), Technology (...
"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 an object to predict the necessity of repair and maintenance.
The market is mainly driven by the automation and standardization in the maintenance & repair of civil infrastructure in the post-COVID-19 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 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 will grow steadily from the beginning of 2021 as governments worldwide are beginning to resume infrastructure development work to lower the unemployment rate caused by the pandemic.
Structural Health Monitoring (SHM) Systems MarketReport Overview
Market Size in 2028
USD 4.93billion
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:
"The hardware segment accounted for the largest market share."
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
"The North American marketaccounted for the largest market share."
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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In-depth analysis of the Structural Health Monitoring (SHM) Systems Market
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Global, regional and country level historical data and forecasts
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Market segment analysis and forecast
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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.
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.