Structural Health Monitoring Market 2022 Outlook, Current and Future Industry Landscape Analysis 2025
Structural Health Monitoring Market
The global structural health monitoring market is expected to register a global CAGR of 14.2% during 2017-2025, with APEJ, North America and Western Europe expected to hold significant market value shares by the end of the forecast period.
FMI provides key insights on the global Structural Health Monitoring Market in its report titled “Structural Health Monitoring Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025”. The growth of the global Structural Health Monitoring market value will remain attractive as the market is projected to continue growing at a CAGR of 14.2% in value over the forecast period 2017-2025. On the basis of component, the service segments are: The global structural health monitoring market is expected to register attractive growth during the forecast period. Based on type, the Wired Structural Condition Monitoring Systems segment is expected to gain a higher market share in the global Structural Condition Monitoring market during the forecast period. In terms of revenue generation, bridges and
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The global annual revenue of the structured health monitoring market was valued at US$ 1,903.9 million by the end of 2017 and is projected to grow at a steady rate over the coming years. Excluding the APEJ region, the developed countries of North America and Western Europe are expected to collectively account for the majority of the global structural health monitoring market. The North American Structural Health Monitoring, Western European Structural Health Monitoring and APEJ Structural Health Monitoring market are likely to dominate the global Structural Health Monitoring market during the forecast period, with APEJ projected to grow at the highest CAGR during the forecast period.
The adoption of structural condition monitoring has increased significantly over the past few years, especially in the bridge and dam sector. This structural health monitoring technology is expected to facilitate the overall monitoring process of critical engineering structures necessary for human safety. Implementation of structural condition monitoring technology helps to protect these engineered structures from various damage.
Based on the FMI analysis, the hardware subsegment of the component segment is expected to dominate the structural health monitoring market, with sensors becoming the major revenue generator in the hardware segment of the structural health monitoring market. Based on type, the Wired Structural Condition Monitoring Systems segment will be the dominant segment in the global Structural Condition Monitoring market.
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The APEJ Structural Health Monitoring market is expected to dominate the global Structural Health Monitoring market owing to the high growth of the overall revenue generated in the hardware sector owing to the significant application of Structural Health Monitoring in bridges and dams. Additionally, the cost and size of various sensors used for structural health monitoring has decreased over the past decade due to rapid technological advancements in the semiconductor industry along with fierce competition among various manufacturers, especially in the APEJ region. The cost reduction of sensors, an important component of structural condition monitoring systems, is driving the overall market in the APEJ region.
Advances in wireless technology are estimated to be one of the key factors driving the global structured health monitoring market in North America. In addition, major hardware manufacturers are revitalizing the market by focusing on enhancing DAQ platforms for structural health monitoring systems.
The structural health monitoring market in Western Europe has great potential because of the implementation of these systems in critical infrastructure. Local players are also deploying wireless monitoring systems and sensors to monitor various complex structures in Western Europe, which is driving the structural health monitoring market.
According to FMI analysis, the major market players in the global Structural Condition Monitoring market report are National Instruments, Sixense Systems, Digitexx Data Systems Inc., Acellent Technologies Inc., COWI A/S, Kinemetrics Inc., Hottinger Baldwin Messtechnik GmbH. , Geocomp Corporation, Nova Metrix LLC and Strainstall UK Ltd.
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Main sectors coveredElement
data acquisition system
design and analysis
Parameter identification and tracking
Design and consulting services
Operation and maintenance services
Wired SHM system
wireless SHM system
bridges and dams
buildings and stadiums
Ships and Platforms
Aircraft and wind turbines
large machinery and equipment
North American Structural Health Monitoring Market
Latin America Structural Health Monitoring Market
Western European Structural Health Monitoring Market
Eastern European Structural Health Monitoring Market
APEJ Structural Health Monitoring Market
Japanese Structural Health Monitoring Market
MEA Structural Condition Monitoring Market
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