The global market for structural health monitoring (SHM) market is poised for substantial growth, with projections indicating a rise from USD 4,478.0 million in 2024 to surpass USD 16,601.1 million by 2034. This forecast reflects an impressive compound annual growth rate (CAGR) of 14.0% during the forecast period, driven by increasing investments in infrastructure monitoring and advancements in sensor technologies worldwide.
Structural health monitoring systems are crucial for assessing the integrity and performance of civil infrastructure, buildings, and industrial assets in real-time. These systems utilize sensors and data analytics to detect potential defects, enhance safety measures, and optimize maintenance strategies.
Structural failures such as bridge collapses and weakened flyovers have also led to a massive demand for structural health monitoring solutions. Governments across the world have mandated stringent structural integrity assessments to ensure maximum public safety, which is driving the demand for these solutions. The expansion of smart and self-sufficient cities in countries like India, China, Brazil, and Singapore has also amplified the adoption of structural health monitoring equipment.
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Companies involved in the manufacturing of structural health monitoring systems are increasingly integrating artificial intelligence and machine learning algorithms for predicting the mechanical integrity of buildings. Technological advancements, such as the use of drones and unmanned aerial vehicles (UAVs) for regular inspections and surveys, have also fueled the market expansion.
“Continuous innovation is the key in this market. Companies in the structural health monitoring market must come up with new innovations, like the integration of Artificial Intelligence and Machine Learning algorithms to comprehensively assess and analyze structural data in real time,” opines an FMI analyst.
Key Takeaways from the Market Study
- The wired structural health monitoring segment is set to dominate the structural health monitoring market with a share of 62.40% in 2024.
- Based on components, the structural health monitoring software segment is on track to lead the structural health monitoring industry with a share of 38.30% in 2024.
- The structural health monitoring industry in China is anticipated to develop at a CAGR of 14.50% through 2034.
- The structural health monitoring industry in Germany is estimated to rise at a 5.50% CAGR through 2034.
- The structural health monitoring market in the United States has the potential to increase at 10.90% CAGR through 2034.
- The Germany structural health monitoring industry is predicted to rise by 5.50% CAGR through 2034.
- The structural health monitoring industry in Australia and New Zealand is likely to progress at a CAGR of 17.50% through 2034.
Competitive Landscape
The structural health monitoring market includes several leading companies, such as Nova Metrix LLC, Campbell Scientific Inc., COWI, Geocomp Corporation, Acellent Technologies Inc., Sixense, Pure Technologies (Xylem, Inc.), and Digitex.
- These companies specialize in offering a range of services to construction companies, both public and private.
- They also offer consulting and monitoring services to stakeholders in various industries such as civil engineering, construction, transportation, and energy.
- These companies play a crucial role in helping construction companies monitor and assess the safety and health of their buildings and infrastructure.
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Recent Developments:
- ABS and Seatrium, in November 2023, achieved structural health monitoring notation for ADMARINE 686, with a digital twin for predictive maintenance.
- IIT Mandi and INRIA developed AI-based structural health monitoring for accurate infrastructure health prediction in September 2023.
- In November 2023, University of Central Florida researchers unveiled four innovations utilizing AI and virtual reality to enhance structural health monitoring. This also included their flagship ‘Virtual Visualization System’.
Key Segments in the Global Structural Health Monitoring Market
By Component:
- Hardware
- Sensors
- Data Acquisition Systems
- Software
- Design and Analysis
- Parameter Identification and Tracking
- Service
- Installation Service
- Design and Consulting Service
- Operation and Maintenance Service
By Type:
- Wired Systems
- Wireless Systems
By Application:
- Bridges and Dams
- Buildings and Stadiums
- Vessels and Platforms
- Airframes and Wind Turbines
- Large Machines and Equipment
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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