Global structural health monitoring market size to be reached

VANCOUVER, Sept. 25, 2023 (Globe Newswire) — Global Structural health monitoring market According to the latest analysis by Emergen Research, it was valued at USD 1.87 billion in 2021 and is expected to register a revenue CAGR of 14.3% during the forecast period. Rapid advancement in sensing technology due to investments in research and development and cost reduction of structural health monitoring devices are some key factors driving the revenue growth of the structural health monitoring market. Sensors are widely used by companies across a variety of industries, with process plants installing sensors to digitize process control operations and connect key processes within the plant. Additionally, it can also be used for data collection and analysis to achieve higher levels of process efficiency. Intelligent sensing can be linked with artificial intelligence (AI) and machine learning (ML) to support decision-making and increase performance optimization. Additionally, the wide availability of affordable sensors for real-time monitoring of structural components to extend lifespan, reduce maintenance costs, and ensure a high level of public safety. Recruitment has increased. Fiber optic sensors (FOS) or other types of sensing devices can provide information about localized behavior within a component, such as monitoring fatigue cracks in critical components. In addition, sensors are placed directly on crack-prone parts of the structure, and the number of sensors is based on the technician’s assessment. However, rising demand for structural health monitoring hardware devices is expected to drive market revenue growth.

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Additionally, the increase in seismic activity worldwide is further increasing the demand for structural health monitoring equipment. The National Earthquake Information Center in the United States detects more than 20,000 earthquakes around the world each year, averaging 55 earthquakes per day. Additionally, infrastructure activities such as hydraulic fracturing of oil, building dams, and pumping gas without backfilling are causing man-made earthquakes. Larger earthquakes cause significant damage to civil infrastructure and are therefore expected to increase the demand for structural health monitoring systems, significantly driving market revenue growth.

High installation cost of surveillance sensors, challenges in accessibility and environmental conditions during sensor installation are limiting the market revenue growth. Finding suitable locations to install sensors inside buildings such as bridges can be difficult. However, the market is expected to grow steadily during the forecast period due to rapid penetration of wireless sensors.

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Research scope

Report details result
Market size in 2021 $1.87 billion
CAGR (2022–2030) 14.3%
Size forecast to 2032 8.09 billion dollars
Base year of estimation 2021
historical data 2019–2020
Forecast period 2022-2030
quantitative unit Revenue from 2022 to 2030 (USD Billion), CAGR (%)
Report scope Earnings forecast, company ranking, competitive environment, growth factors, trends
Target segment Offerings, technologies, end uses, regions
regional range North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Scope of target countries United States, Canada, Mexico, Germany, United Kingdom, France, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of Asia Pacific, Brazil, Rest of Latin America, Saudi Arabia, United Arab Emirates Federation of Nations, Israel and other Middle Eastern countries East Africa
Overview of major companies Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc, CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS SA, and Digitexx Data Systems, Inc.
Customization range 10 hours of free customization and expert consultation.

Major companies and competitive environment

The global structural health monitoring market is consolidated by a few large and medium-sized players, accounting for the majority of the market revenue. Established companies are engaged in various R&D activities and initiatives to develop and introduce new and more efficient technologies in the structural health monitoring market. The key companies included in the global market report are:

  • Nova Ventures
  • geocon
  • campbell scientific company
  • Structural Monitoring System Company
  • CGG S.A.
  • Acelent Technologies Co., Ltd.
  • sixth sense
  • Xylem Co., Ltd.
  • SGS SA
  • Digitex Data Systems Co., Ltd.

strategic development

On May 19, 2022, CGG announced that its sensing and monitoring division Sercel has acquired Geocomp Corporation, a US-based company specializing in services and products for geotechnical risk management and infrastructure monitoring. Did. This acquisition will give Sercel access to the US infrastructure market and accelerate the deployment of its S-lynk and S-scan infrastructure monitoring solutions.

On April 26, 2022, Structural Monitoring Systems Plc, a UK-based company engaged in the development and commercialization of testing and monitoring technologies, received a supplement from the Federal Aviation Administration (FAA) regarding Comparative Vacuum Monitor (CVM) sensor technology. Obtained type certificate (STC) approval.Detects cracks in commercial aircraft

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Key highlights of the report

  • April 30, 2020 Campbell Scientific, Inc. creates the Granite Series, a modular data acquisition (DAQ) that can be centralized or decentralized. Reduces total cost of data ownership and operational costs. A wide range of measurement modules facilitates channel expansion and flexibility for all important SHM measurements.
  • Hardware segment revenue is expected to account for the largest share of revenue during the forecast period due to rapid advancements in sensing technology due to investments in research and development and reduction in installation cost of structural health monitoring. Wired hardware systems can transmit data continuously, facilitating real-time data collection and allowing users to monitor the structural health of their infrastructure.
  • The wireline segment accounted for a very strong revenue share in 2021 due to the rapid increase in demand for monitoring the health of structures. Structural Health Monitoring (SHM) is widely adopted in civilian infrastructure to continuously monitor structures, improve the lifespan of structures and their performance, and prevent sudden failure of structures and loss of life. helps prevent.
  • The private infrastructure sector is expected to account for the largest share of revenue during the forecast period. Increased investments by governments of developing countries and increased damage to public infrastructure due to increased seismic activity across the world are expected to increase demand for SHM systems and contribute to revenue growth in this segment.
  • The North American market registers a very robust revenue growth rate during the forecast period. This is due to increased investment in infrastructure development, rapid advances in sensing technology due to investment in research and development, and the presence of leading companies such as Nova Ventures, Campbell Scientific, Inc., and Geokon.

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Emergen Research segments the global structural health monitoring market on the basis of product, technology, end-use, and region.

  • Offering Outlook (Revenue, USD billion, 2019-2030)
  • Technology Outlook (Revenue, USD Billion, 2019-2030)
  • End-use outlook (Revenue, USD billion, 2019-2030)
    • civil engineering infrastructure
    • aerospace and defense
    • energy
    • mining
  • Regional Outlook (Revenue, USD Billion, 2019-2030)
    • North America
      1. we
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. England
      3. France
      4. Spain
      5. benelux
      6. rest of europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of Asia Pacific
    • latin america
      1. Brazil
      2. Rest of Latin America
    • middle east and africa
      1. Saudi Arabia
      2. United Arab Emirates
      3. Israel
      4. rest of the middle east and africa

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