Structural Health Monitoring Market is expected to grow at a robust 14.5% CAGR during Forecast 2022 to 2032
According to Future Market Insights (FMI), the global structural health monitoring market is expected to grow from US$ 3409.4 Mn in 2022 to US$ 13,155.4 Mn by 2032, with overall demand rising at 14.5% CAGR throughout the forecast period.
Rapid expansion of building and construction industry across the world along with increasing application of structural health monitoring for checking and monitoring the structural integrity of buildings and infrastructure is driving the growth in the global market.
Structural health monitoring is a procedure of utilizing damage diagnosis and characterization techniques for essential structures like wind turbines, tunnels, and bridges. It is a non-destructive in-place structural assessment process that makes use of numerous sensor types fixed or embedded in the structure. The benefits that the structural health monitoring system provides are the major factor driving the market growth.
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Structural health monitoring offers a useful tool for making sure safety and integrity and detecting the evolution of damage. It has advantages such as improving the performance, functionality, and safety of current structures and determining a structure’s ability to withstand earthquakes.
Monitoring and evaluating structural conditions is useful for timely and affordable maintenance. It reduces building work as a result and increases maintenance activity. Data on the realistic performance of structures is collected through the structural health monitoring technique. In the near future, this data may be used to create better structures. Thus, the market expansion will primarily be fueled by all of the advantages provided by the structural health monitoring technique.
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 6% through 2032.
- By type, the wireless SHM system segment is expected to grow at a highest CAGR of 8% between 2022 & 2032
- By application, the vessels and platforms segment is anticipated to grow at a CAGR of 0% during the forecast period.
- South Asia and Pacific structural health monitoring market is expected to progress at the highest CAGR of around 8% through 2032.
- The structural health monitoring market in Japan is expected to grow at a CAGR of around 6% through 2032.
- In India, sales of structural health monitoring systems are expected to grow at a CAGR of close to 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.
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Growing Infrastructural Development and Increasing Concerns Associated with Natural Calamities are the Major Factors Driving the Market Growth
Growing infrastructural development and increasing concerns related with natural calamities are the important factors increasing the growth of the structural health monitoring market. The industry is expected to develop because of the increasing demand for cost effective maintenance and construction.
Large constructions, like bridges, dams, buildings, and other structures, must be restored and monitored throughout their lives. For monitoring the structural integrity of these structures, people use solutions like stricture health monitoring.
Adoption of structural health monitoring can lower the price of maintenance and repairs and help in reducing fatalities especially during earthquakes, cyclones, and strong winds..
More Valuable Insights on Structural Health Monitoring Market
Future Market Insight’s report on the structural health monitoring research is segmented into four major sections – component (hardware (sensors, data acquisition system, and others)), (software (design and analysis, parameter identification and tracking, and others)), (service (installation service, design and consulting service, and operation and maintenance service)), type (wired SHM system, and wireless SHM system), application (bridges and dams, buildings and stadiums, vessels and platforms, airframes and wind turbines and large machines and equipments), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the structural health monitoring outlook.
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Structural Health Monitoring Market Outlook by Category
- Data Acquisition Systems
- Design and Analysis
- Parameter Identification and Tracking
- Installation Service
- Design and Consulting Service
- Operation and Maintenance Service
- Wired SHM System
- Wireless SHM System
- Bridges and Dams
- Buildings and Stadiums
- Vessels and Platforms
- Airframes and Wind Turbines
- Large Machines and Equipments
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)