The global structural health monitoring market is poised for significant growth, with revenues expected to reach a staggering US$13,155.4 million by the year 2032, according to recent market analysis. This surge is driven by the escalating demand for evaluating and monitoring the structural health of critical assets such as bridges, dams, buildings, wind turbines, and machinery.
In 2022, the market for structural health monitoring recorded revenues of US$3,409.4 million, marking a substantial milestone in the sector’s growth trajectory. The market is projected to expand at an impressive Compound Annual Growth Rate (CAGR) of 14.5% from 2022 to 2032, underscoring the increasing emphasis on ensuring the safety and durability of infrastructural elements.
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Key Takeaways: Structural Health Monitoring Market
- By component, the software segment is anticipated to account for the leading share of around 40% in 2022 while the hardware segment is estimated to grow at the highest CAGR of 17.6% through 2032.
- By type, the wireless SHM system segment is expected to grow at a highest CAGR of 14.8% between 2022 & 2032
- By application, the vessels and platforms segment is anticipated to grow at a CAGR of 19.0% during the forecast period.
- South Asia and Pacific structural health monitoring market is expected to progress at the highest CAGR of around 17.8% through 2032.
- The structural health monitoring market in Japan is expected to grow at a CAGR of around 18.6% through 2032.
- In India, sales of structural health monitoring systems are expected to grow at a CAGR of close to 19.9% over the next ten years.
“Demand for structural health monitoring is increasing in monitoring of bridges and dams because dam monitoring instrumentation plays an important role in security monitoring for people and dams, offering important details on the performance of the dam and detecting issues at an early and preventable step. says FMI analyst.
Competition Analysis and Regional Trends
The competition in the structural health monitoring market is intensifying, with various players vying to offer innovative solutions and advanced technologies. As demands for precision, reliability, and real-time data analysis continue to rise, market participants are focusing on delivering cutting-edge solutions to gain a competitive edge.
Additionally, regional trends indicate a significant market traction in various parts of the world. As infrastructure projects gain momentum across different regions, the need for efficient structural health monitoring solutions is becoming increasingly evident, driving market growth on a global scale.
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Key Components and Sensors
The realm of structural health monitoring encompasses a range of components such as data acquisition systems, data diagnostics, and digital processing. Diverse sensors are instrumental in this domain, including microwave sensors, imaging ultrasonic sensors, smart sensors or sensor coatings, acoustic emission sensors, inclinometers slope indicators, and fiber Bragg diffraction grating sensors. These technologies collectively contribute to ensuring the integrity and safety of structures.
With the global structural health monitoring market poised for exponential growth, it is evident that the sector is evolving to meet the demands of an expanding infrastructure landscape. As the world’s critical assets undergo increasing scrutiny, the market is set to play a pivotal role in enhancing the longevity and reliability of vital structures.
Key Segments Profiled in the Global Structural Health Monitoring Market
Structural Health Monitoring Market by Component:
- Structural Health Monitoring in Hardware
- Structural Health Monitoring in Sensors
- Structural Health Monitoring in Data Acquisition Systems
- Structural Health Monitoring in Others
- Structural Health Monitoring in Software
- Structural Health Monitoring in Design and Analysis
- Structural Health Monitoring in Parameter Identification and Tracking
- Structural Health Monitoring in Others
- Structural Health Monitoring in Service
- Structural Health Monitoring in Installation Service
- Structural Health Monitoring in Design and Consulting Service
- Structural Health Monitoring in Operation and Maintenance Service
Structural Health Monitoring Market by Type:
- Wired Structural Health Monitoring Systems
- Wireless Structural Health Monitoring Systems
Structural Health Monitoring Market by Application:
- Structural Health Monitoring for Bridges and Dams
- Structural Health Monitoring for Building and Stadiums
- Structural Health Monitoring for Vessels and Platforms
- Structural Health Monitoring for Airframes and Wind Turbines
- Structural Health Monitoring for Large Machines and Equipment
Structural Health Monitoring Market by Region:
- North America Structural Health Monitoring Market
- Latin America Structural Health Monitoring Market
- Europe Structural Health Monitoring Market
- East Asia Structural Health Monitoring Market
- South Asia & Pacific Structural Health Monitoring Market
- Middle East and Africa (MEA) Structural Health Monitoring Market
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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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