Global Structural Health Monitoring Market – Vertical Analysis and Forecast (2020-2027)
Global Structural Health Monitoring Market size was valued at US$ 1.50 Bn in 2019 and is expected to reach US$ 1.77 Bn by 2027 to exhibit a CAGR of 18.24 % during the forecast period.
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Global Structural Health Monitoring market growth is driven by high capital investments for structural health monitoring across several countries, stringent government regulations relating to sustainability of structures, improved focus on structural health monitoring, outdated infrastructure in Europe and North America, outdated aircraft of domestic & international airlines, decrease of inspection costs, and frequent occurrences of natural calamities.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
High implementation cost, incorrect results due to errors in readings, slow progress in developing countries restrain the structural health monitoring market growth. Technical challenges and operational factors, the necessity for large amounts of data processing and management and requirement of skilled labors are the major challenges to the growth of the market. Development in investments in infrastructure and advances in wireless sensor networks, use of innovative sensor technologies and integration technology generate ample opportunities for the global structural health monitoring market.
Wireless technology is projected to grow at a higher rate during the forecast period because, in wireless technology, the use of wires is eliminated, thus stopping the need for installation and protection of cables is reduced the cost of the wireless structural health monitoring system.
Civil infrastructure is expected to grow at a high rate during the forecast period due to civil infrastructure services contain many critical structures, like bridges, dams, tunnels, highways, and buildings. All these structures are directly associated with the whole demographic and economic growth of any country. Also, many governments are taking initiatives to monitor the whole health of the structure. Similarly, major countries in different regions are heavily investing in building new infrastructural facilities.
Software and services expected to hold the highest share of the market owing to the growing importance of large civil projects and frequent existences of structural failure, and structural health monitoring systems are becoming more and more essential. The primary approach of any structural health monitoring system is to continuously assemble the data about the whole condition of the structure. To collect the vast data the adaption of modified software applications, software platform, and software algorithms are increased. For example, software such as MATLAB and SCADA play a vital role in early damage detection. They regulate the damage at an early stage and facilitate the required repair to maintain a high level of safety.
North America region is expected to hold the largest share of the market during the forecast period owing to the increased use of monitoring systems in the US is the main factor behind the market progress in the Americas. The governments of South and North American countries are taking initiatives for the adoption of monitoring systems in diverse applications. The old infrastructure in the US and fast-growing infrastructure services in Brazil and Canada are driving the market progress in this region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, vertical-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global structural health monitoring market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by technology, price, financial position, technology portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global structural health monitoring market.
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Global Structural Health Monitoring Market, by Technology:
• Wired
• Wireless
Global Structural Health Monitoring Market, by Component:
• Hardware
• Software
• Services
Global Structural Health Monitoring Market, by Vertical:
• Civil Infrastructure
• Aerospace & Defense
• Energy
• Mining
• Others
Global Structural Health Monitoring Market, by Region:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America
Key Players operating in the Global Structural Health Monitoring Market:
• Nova Metrix
• Geokon
• Campbell Scientific
• Cowi
• Geocomp
• Acellent
• Sixense
• Pure Technologies
• Structural Monitoring Systems
• Digitexx
• First Sensor
• Bridge Diagnostics
• Sisgeo
• Rst Instruments
• Avt Reliability
• Geomotion Singapore
• ova Metrix
• Campbell Scientific
• Strainstall
• Hottinger Baldwin Messtechnik
• Kinemetrics
• Feac Engineering
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