The latest report by IMARC Group, titled “Structural Health Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the structural health monitoring market demand. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global structural health monitoring market size reached US$ 2.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2032, exhibiting a growth rate (CAGR) of 11.3% during 2024-2032.
Structural health monitoring (SHM) refers to the process of implementing a system of sensors, data acquisition, and analysis tools to assess the condition and performance of structures in real-time. This technology is used to monitor buildings, bridges, dams, tunnels, and other infrastructure to ensure their safety, durability, and functionality. SHM systems detect and evaluate changes or damages in the structure, such as cracks, deformations, or material degradation, providing early warning signs to prevent catastrophic failures. Characteristics of SHM include continuous real-time monitoring, high accuracy in detecting structural anomalies, and the ability to perform predictive maintenance. These systems often integrate advanced technologies such as wireless sensors, data analytics, artificial intelligence (AI), and cloud computing to enhance their effectiveness and efficiency.
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Market Trends:
The global market is primarily driven by the increasing need for ensuring public safety and infrastructure resilience. In line with this, continual advancements in sensor technology and data analytics are enhancing the accuracy and reliability of monitoring solutions, thereby propelling the market growth. Furthermore, the rising incidence of natural disasters and the need for early warning systems highlighting the importance of structural health monitoring, is also creating lucrative opportunities in the market. Besides this, stringent government regulations and standards for building safety and integrity mandating the adoption of these technologies are impelling the market.
In addition to this, increased investments in infrastructure development and the need to monitor aging infrastructure in developed regions to prevent catastrophic failures are driving higher product uptake. Moreover, the increasing adoption of wireless and cloud-based monitoring systems is facilitating real-time data collection and analysis, which is influencing expansion in the market. The rapid integration of artificial intelligence (AI) and machine learning (ML) in monitoring systems improving predictive maintenance capabilities is enhancing the market appeal.
Apart from this, rapid expansion of smart city initiatives incorporating structural health monitoring as a critical component for sustainable urban development, is fostering growth in the market. Likewise, the rising awareness and emphasis on cost-effective maintenance practices to optimize lifecycle costs of infrastructure assets is further fueling the market demand for these systems.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Acellent Technologies Inc.
- Bridge Diagnostics Inc.
- Campbell Scientific Inc.
- COWI A/S
- Digitexx Data Systems Inc.
- FEAC Engineering
- HBK – Hottinger Brüel & Kjær (Spectris plc)
- James Fisher and Sons plc
- National Instruments Corporation
- RST Instruments Ltd.
- Sisgeo S.r.l.
- Sixense Enterprises Inc
Structural Health Monitoring Market Segmentation:
Our report has categorized the market based on region, component, technology, implementation method and vertical.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Wired
- Wireless
Breakup by Implementation Method:
- New Construction
- Retrofitting
Breakup by Vertical:
- Civil Infrastructure
- Aerospace and Defense
- Energy
- Mining
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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