Structural Health Monitoring Market(By Solution, By Application, By Technology: Wired, Wireless) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 - 2028

Published Date : Jun 2021 | No. of Pages : 150+ Pages | Category : Construction and Manufacturing

The global structural health monitoring market was valued at $1.6 billion in 2020 and is expected to reach $4 billion by 2028, registering a CAGR of 14.7% from 2021 to 2028. Structural health monitoring (SHM) refers to collection and analysis of data collected through a wide array of connected sensors during the service life of a structure or equipment. It is a non-destructive and continuous method of identifying and quantifying the deterioration state of the object to predict the necessity of repair and maintenance.

Over the years, structural health monitoring (SHM) technologies have emerged as an exciting new field within civil engineering. SHM has become an important tool in the design, analysis, and maintenance of modern civil engineering structures and systems. The growth of structural health monitoring market is driven by increased focus on structural health monitoring, obsolete infrastructure in Europe and North America, obsolete aircraft of domestic & international airlines, reduction of inspection costs, and frequent occurrences of natural calamities. In addition, growth in investments in infrastructure and advances in wireless sensor networks create ample opportunities for the global structural health monitoring market share. However, high implementation cost and challenges pertaining to data normalization restrain the structural health monitoring market growth.

Structural health monitoring for civil structures is gaining popularity globally in the field of construction management and maintenance. SHM reduces the inspection costs as well as research time, and enables to better understand the behavior of structures under dynamic loads, seismic protection, in real or near real-time data information. SHM of civil structures ensures better management in post-earthquake scenarios, and support rescue operations. However, the structural monitoring of static and dynamic stress of dams has gained significant attention during the years due to the negative effects of structural responses. In addition, the actual structural responses of dams differ from the initial values computed while designing due to several environmental and other load conditions. These variations are expected to be observed depending on the type of construction, assumptions made in structural modelling, and analysis and differences in proposed design and final structure.

Further, high focus of the governments of different countries toward development and adoption of latest technologies is a major driving factor for the growth in implementation of structural health monitoring systems. For instance, under its Transport and Research and Innovation Monitoring and Information System (TRIMIS) program, the European government conducted COST Action TU1402: Quantifying the Value of Structural Health Monitoring activity. The COST Action TU1402 was active between 2014 and 2019 and was aimed at gaining scientific evidence regarding the high value of SHM as well as its societal and industrial impact for infrastructural management and design. The impact and evidence of the optimal and target use of SHM resulted in reduction of operational expenditure by up to 90% and risk reduction by propelling reliability, robustness, and safety enhancement.

Solution Insights

Based on solution, the market has been categorized into hardware and software & services. The hardware segment dominated the market in terms of revenue in 2017 owing to significant cost of integral elements of SHM systems such as sensors and data acquisition systems. Hardware components are required to be installed in large numbers to cover structures such as buildings, dams, bridges, stadiums, and airframes.

In terms of different types of hardware solutions, sensors are projected to be a more prominent revenue contributor in the market. Advancements in sensor technologies, increasing usage of smart materials, and smart structures with embedded sensors are supplementing the growth of the market.

Technology Insights

By technology, the market can be bifurcated into wired and wireless SHM. The wired segment accounted for a larger share in the market in 2017. Wired systems are widely adopted for continuous monitoring of distinct types of structures as there is no limitation on long-distance data transfer as they provide reliable connectivity. Additionally, wired SHM systems are already being used for assessment worldwide of various structures including buildings, dams, and bridges in different countries.

Moreover, wireless SHM systems are projected to register a CAGR of 18.5% over the forecast period. The segment has emerged as a technology that will significantly influence the field of structural monitoring and infrastructure asset management.

Application Insights

On the basis of application, the SHM market has been divided into buildings & stadiums, bridges & dams, airframes & wind turbines, vessels & platforms, and large machine & equipment. Bridges & dams accounted for over 32.0% of the overall revenue in 2017. In 2014, according to the U.S. Department of Transportation (DOT), more than 61,000 bridges across the country were structurally deficient, which needed significant monitoring and inspection for maintenance and repair work. Similarly, in other regions, growing number of functionally obsolete and structurally deficient bridges is creating significant demand for structural health monitoring systems for monitoring and inspection of bridges.

Building & stadiums are poised to witness a noteworthy CAGR of 18.1% over the forecast period. Rising number of sporting events such as FIFA World Cup and Olympics are creating demand for infrastructure including stadiums. Furthermore, governments are also promoting the use of these systems as they increase security of the infrastructure.

Regional Insights

The North America market was valued at USD 430 million in 2020. Rapidly aging infrastructure such as buildings, dams, bridges, and tunnels in North America is stirring up the demand for structural health monitoring systems.

According to the Federal Highway Administration (FHWA), in the U.S., more than 30.0% of structures, including bridges and dams, have surpassed their 50 years of infrastructure design life. Therefore, in order to improve structural lifespan and enhance public safety, installation of these systems is needed. Such factors are anticipated to stoke the growth of the regional market. Increasing use of monitoring systems in the U.S. is playing a vital role in the growth of the market in the region.

Governments in North America and South America are taking initiatives towards adoption of monitoring systems in different applications to ensure public safety. Moreover, expansion in infrastructure facilities in Canada and Brazil are driving the market in these countries.

Furthermore, the Asia Pacific market is anticipated to witness the highest CAGR of 19.2% from 2021 to 2028. Increasing infrastructural construction activities and growing stringency of government regulations in the region are likely to propel the market in the region. Furthermore, some countries such as Indonesia and Japan are prone to earthquakes and thus, SHM systems are in high demand in these regions to enhance public safety.

Competition Analysis

The key players profiled in this report include National Instruments Corporation, Advitam Inc., Digitexx Data Systems, Inc. Acellent Technologies, Inc., Nova Metrix LLC, COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, Strainstall UK Limited, and Kinemetrics Inc.

Market Segmentation

Solution Type

    • Hardware
      • Sensors
      • Data Acquisition Systems
      • Others
    • Software & Services

Application TypeBridges & Dams

    • Building & Stadiums
    • Vessels & Platforms
    • Airframes & Wind Turbines
    • Large Machines & Equipment

Technology Type

    • Wired
    • Wireless

Regional Outlook

    • North America
      • The U.S.
      • Canada
      • Mexico
    • Europe
      • The U.K.
      • Germany
    • Asia Pacific
      • China
      • Japan
      • India
    • South America
      • Brazil
    • Middle East & Africa

Report Scope

The Structural health monitoring market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Structural health monitoring market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Structural health monitoring market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Structural health monitoring market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Structural health monitoring market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Structural health monitoring capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Structural health monitoring by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Structural health monitoring market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Structural health monitoring market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Structural health monitoring market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Structural health monitoring industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Structural health monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Structural health monitoring market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Structural health monitoring market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Structural health monitoring market. These factors have benefited the growth of the global market for Structural health monitoring. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Structural health monitoring. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Structural health monitoring are as follows:

History Year: 2017-2020

Base Year: 2020

Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);

Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.

Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

To define, describe and forecast the market by type, application and region.

To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.

To identify significant trends and factors driving or inhibiting the market growth.

To analyze the opportunities in the market for stakeholders by identifying the high growth segments.

To strategically analyze each submarket with respect to individual growth trend and their contribution to the market

To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.

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