Global Structural Health Monitoring Market

Global Structural Health Monitoring Market Size, Share, Growth Analysis, By Offering(Hardware, Software & services), By Technology(Wired, Wireless), By End-use(Civil Infrastructure, Aerospace & Defense), By Installation Type(New Installation, Retrofit), By Method(Visual Inspection, Non-destructive Evaluation), By Application(Damage Detection, Crack Detection) - Industry Forecast 2022-2028


Report ID: SQMG35E2008 | Region: Global | Published Date: September, 2022 | Pages: 157

Global Structural Health Monitoring Market Insights

Global Structural Health Monitoring Market size was valued at USD 1.4 billion in 2021 and is expected to reach USD 2.7 billion by 2028, at a CAGR of 10.1% during the forecast period (2022–2028).

Structural health monitoring (SHM) involves the observation and analysis of a system over time using periodically sampled response measurements to monitor changes to the material and geometric properties of engineering structures such as bridges and buildings. The SHM process involves selecting the excitation methods, the sensor types, number and locations, and the data acquisition/storage/transmittal hardware commonly called health and usage monitoring systems. The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring systems. This technology is an integration of data acquisition and transmission systems, sensors, analyzing tools, and measuring amplifiers, and software. The system plays a key role in detecting damages using predictive maintenance, boosts safety of the structure, and enables automatic response, thus saving time and costs. The market has observed gradual recovery from 2021 as the governments are resuming infrastructure development work to reduce the unemployment rate caused by the COVID-19 pandemic. Moreover, the halting of operations of the airlines due to travel restrictions imposed by the countries could increase the maintenance, repair, and overhaul activities in the aviation sector.

In the most realistic scenario, the global structural health monitoring market has witnessed a growth of ~8%–10% in 2021 owing to the increasing infrastructure investments globally and the subsequent increase in the construction projects. The market is expected to witness robust growth from 2022. A rapid expansion in the infrastructure sector is poised to drive the market. Increasing government initiatives towards SHM system standardization and public safety are also boosting market growth. Stringent regulations pertaining to sustainability of structures and declining cost of sensors are projected to provide a fillip to the market.

To get more reports on the above market click here to Buy The Report

Global Structural Health Monitoring Market Segmental Analysis

Global structural health monitoring market has been segmented based on offering, technology, end use, installation type, method, application, and region. Based on offering, global structural health monitoring market is segmented into hardware, software & services. On the basis of technology, global structural health monitoring market is segmented into wired & wireless. According to end use, global structural health monitoring market is segmented into civil infrastructure, aerospace & defense, energy, mining, and others. By installation type, the market is segmented into new installation and retrofit. By method, the market is segmented into visual inspection and non-destructive evaluation. By application, the market is segmented into damage detection, crack detection, strain monitoring, wire break monitoring, leakage detection, multimodal sensing, corrosion monitoring, hotspot monitoring, impact monitoring and deflection monitoring. By region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and MEA.

Analysis by Offering

The software & services segment to grow at a higher rate during forecast period. As the data is being received from the sensors by the data acquisition systems, the software starts monitoring and analyzing the structure. Software provides the visual representation of the data pertaining to the structural behavior to the monitoring team so that the team can analyze this data, and damages can be detected at the earliest to safeguard the structure from failure. With the increasing number of large infrastructure projects and frequent occurrences of structural failures, structural health monitoring systems are becoming more and more crucial. The basic approach of any structural health monitoring system is to continuously collect data about the overall condition of the structure from various installed sensors. Parameters related to loading, stress, strain, acceleration, temperature, and video signal, among others are included in this data. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. To resolve this challenge, software platforms, customized software applications, and software algorithms are being adopted. For example, software such as MATLAB and SCADA play a crucial role in the early damage detection; they determine the damage at an early stage and facilitate necessary repair to maintain a high level of safety.

Hardware components are required to be installed in large numbers to cover structures such as buildings, dams, bridges, stadiums, and airframes. In terms of different types of hardware solutions, sensors are projected to be a more prominent revenue contributor in the market. Advancements in sensor technologies, increasing usage of smart materials, and smart structures with embedded sensors are supplementing the growth of the market.

Analysis by Technology

Wired type structural health monitoring systems to account for larger market share during the forecast period. At present, wired monitoring systems are already being used widely for the overall assessment of numerous structures such as bridges, buildings, and dams. The wired structural health monitoring system defines the communication technology between sensors, the data acquisition system (DAS), and other communication devices with the help of lead wires, co-axial cables, optical fibers, and other wired communication technologies. Wired monitoring systems offer several advantages such as reduced data attenuation, high speed of operation, no limitation on a transmission range, and high system bandwidth. The website Telegeography.com estimates there were 426 submarine cables in service around the world as of early 2021, and that 1.3 million kilometres of cables are currently in service globally. Wireless SHM systems are projected to register a notable CAGR over the forecast period. The segment has emerged as a technology that will significantly influence the field of structural monitoring and infrastructure asset management.

Analysis by End Use

Civil infrastructure to account for the largest market share during the forecast period. Many countries such as the US, the UK, Japan, Germany, Qatar, Saudi Arabia, China, and India are increasingly investing in building infrastructural facilities, such as bridges, dams, buildings, ultimately supporting economic growth. Rapid urbanization and an urgent need for high-quality infrastructure are the major factors driving the market growth for the civil infrastructure segment globally. Thus, the increasing number of civil infrastructure projects is expected to result in high demand for structural health monitoring systems to maintain and monitor the condition of each structure and avoid catastrophic failures. The U.S. Department of Transportation (DOT), more than 61,000 bridges across the country were structurally deficient, which needed significant monitoring and inspection for maintenance and repair work. Similarly, in other regions, growing number of functionally obsolete and structurally deficient bridges is creating significant demand for structural health monitoring systems for monitoring and inspection of bridges. Building & stadiums are poised to witness a noteworthy CAGR of 17.8% over the forecast period. Rising number of sporting events such as FIFA World Cup and Olympics are creating demand for infrastructure including stadiums. Furthermore, governments are also promoting the use of these systems as they increase security of the infrastructure.

To get detailed analysis on other segments, Request For Sample Report

Global Structural Health Monitoring Market Regional Insights

The Asia Pacific market is expected to account for largest revenue share during the forecast period. The Asia Pacific market accounted for largest revenue share in 2021 owing to rapid growth in the construction industry in India, China, Thailand, and Vietnam. An increase in urbanization in countries of the region has led to significant growth of the infrastructure sector in the region. In China, Special-Purpose Bonds (SPBs) are being issued by government for local governments to fund infrastructure projects and about 50% of total fund was used for municipal administration, transport, infrastructure, and industrial park infrastructure sectors. In addition, 30% of total expenditure was spent on social projects such as affordable housing, health, and sanitation, and others. Similarly, in March 2021, India passed a bill to set up National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in the country. Additionally, Ministry of Road Transport and Highways has created Indian Bridge Management System (IBMS), which is an inventory of all bridges in the country and rates their structural condition. It will help the government to monitor and conduct timely repair and rehabilitation work based on criticality of structure. This is expected to increase demand for structural health monitoring systems in civil infrastructure and hence drive revenue growth of the market in the region.

The North America market is expected to register a robust revenue growth rate during the forecast period. This is due to growing vigilance on existing civil infrastructure to prevent accidents as well as rapid advancements in sensing technology.

The Europe market is expected to register a steady revenue growth rate during the forecast period owing to increasing content contribution in Research & Development (R&D) along with growing government initiatives in adopting SHM systems. In 2020, the Italian Ministry of Infrastructures and Transport approved new guidelines for risk assessment, classification, safety evaluation, and monitoring of bridges and highlighted role of SHM and Bridge Management Systems (BMSs). The European Union developed Structural Assessment, Monitoring, and Control (SAMCO) association for infrastructure maintenance and prevention.

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Global Structural Health Monitoring Market Dynamics

Drivers

  • High Availability of Low-Cost Sensors to Propel the Global Structural Health Monitoring Market Growth

In the recent past, the cost and size of various sensors such as temperature, vibration, and load have reduced significantly. This is owing to rampant advancements in technology in the semiconductor industry combined with intense competition among different manufacturers, typically in Asia Pacific. Such sensors play a vital role in the SHM system and facilitate by collecting and formulating information required for monitoring and testing of various structures such as dams and bridges. Furthermore, availability of small and cost-effective sensors allow reduction in overall cost, which includes installation and additional material costs such as cables and other components. Thus, these factors are expected to propel the market growth in the near future.

Restraints

  • Lack of Skilled Professionals to Hinder the Global Structural Health Monitoring Market Growth

Majority of structural health monitoring devices present in the market are based on conventional damage tolerance technology. This, in turn, has led to development of non-destructive inspection (NDI) techniques, some of which are laborious and require highly skilled professionals, i.e. operator/inspectors. For instance, applications in aircraft and ships require disassembly of components, which in turn requires grounding of aircraft and docking of ships, thus resulting in loss of time. Furthermore, the low availability of skilled professionals for implementing, designing, and maintaining SHM systems are expected to hinder the global structural health monitoring market growth over the forecast period.

  • High installation and monitoring costs as an increment in range, resolution, repeatability, precision, and accuracy leads to an increase in the cost of systems. Though these systems help reduce costs in the long term, the cost involved in installation and monitoring them is high. This is due to the adoption of advanced sensors, software, and complex data acquisition systems. These costs include hardware, software, and service costs and depend majorly on the complexity of structures and the cost of construction, which increases with the increasing complexity of structures. Though high installation and monitoring costs would slow down market growth, the impact of this restraint is expected to decrease gradually during the forecast period owing to the competition among several market players globally and the declining prices of structural health monitoring systems.

Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report

Global Structural Health Monitoring Market Competitive Landscape

The global structural health monitoring market is consolidated with a few large and medium-sized players accounting for majority market revenue. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the global structural health monitoring market. These key players are making high investments in R & D to develop innovative solutions and gain a competitive edge over others. The market is fragmented in nature owing to the presence of a large number of manufacturers offering SHM solutions. Companies are focusing on strategies such as mergers and acquisitions, joint ventures, product launches, and partnerships to sustain and retain their share in the highly competitive arena. These strategies help them in expanding their global and regional presence as well as offer enhanced product portfolio to their customers.

Top Players in Global Structural Health Monitoring Market

  • Campbell Scientific, Inc.
  • Nova Ventures
  • Geokon
  • CGG SA
  • Digitexx Data Systems, Inc.
  • Structural Monitoring Systems plc.
  • Xylem Inc.
  • Acellent Technologies, Inc.
  • Sixense
  • SGS S.A.

Recent Developments

  • On 19 May 2022, CGG announced that its sensing & monitoring division Sercel acquired Geocomp Corporation, a U.S.-based company that specializes in services and products for geotechnical risk management and monitoring of infrastructure. This acquisition gives Sercel access to the infrastructure market in the U.S. and will accelerate deployment of its S-lynks and S-scan infrastructure monitoring solutions.
  • On 26 April 2022, Structural Monitoring Systems Plc a U.K.-based company engaged in development and commercialization oftesting and monitoring technology had received a Supplemental Type Certificate (STC) approval from Federal Aviation (WSS Ss CTS Administration (FAA) for its Comparative Vacuum Monitor (CVM) sensor technology, which detects cracks on commercial aircraft.

Global Structural Health Monitoring Key Market Trends

There is a clear need for reliable and timely data in construction and critical infrastructure management. Until recently, data collection for structural health monitoring (SHM) was primarily a manual process in which engineers had to go out in the field to take key measurements. The problem with manual data collection is that it is slow, unreliable, and inefficient. The rise of the Internet of Things (IoT) provides a boost to the civil and structural engineering industries. Significant cost reductions in sensors and connectivity, combined with the expansion of platform-as-a-service business models, now allow for the collection of large amounts of data remotely, aggregation, and critical analysis to generate actionable insights.

Global Structural Health Monitoring Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global structural health monitoring market analysis, increase in number of infrastructure projects due to rise in investments, growing vigilance on existing civil infrastructure to prevent accidents, rapid advancement in sensing technology due to investments in R&D, and reduced costs of structural health monitoring devices are major factors driving revenue growth of the market over the forecast period.

Report Metric Details
Market size value in 2021 USD 1.4 billion
Market size value in 2028 USD 2.7 billion
Growth Rate 10.1%
Base year 2021
Forecast period 2022–2028
Forecast Unit (Value) USD Billion
Segments covered
  • Offering
    • Hardware, Software & services
  • Technology
    • Wired, Wireless
  • End-use
    • Civil Infrastructure, Aerospace & Defense, Energy, Mining, Others
  • Installation Type
    • New Installation, Retrofit
  • Method
    • Visual Inspection, Non-destructive Evaluation
  • Application
    • Damage Detection, Crack Detection, Strain Monitoring, Wire Break Monitoring, Leakage Detection, Multimodal Sensing, Corrosion Monitoring, Hotspot Monitoring, Impact Monitoring, Deflection Monitoring
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Campbell Scientific, Inc.
  • Nova Ventures
  • Geokon
  • CGG SA
  • Digitexx Data Systems, Inc.
  • Structural Monitoring Systems plc.
  • Xylem Inc.
  • Acellent Technologies, Inc.
  • Sixense
  • SGS S.A.
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Structural Health Monitoring Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Structural Health Monitoring Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Structural Health Monitoring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Structural Health Monitoring Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Structural Health Monitoring Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Structural Health Monitoring Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$3,500
BUY NOW GET SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

SPEAK TO AN ANALYST

FAQ's

Global Structural Health Monitoring Market size was valued at USD 1.4 billion in 2021 and is expected to reach USD 2.7 billion by 2028, at a CAGR of 10.1% during the forecast period (2022–2028).

The global structural health monitoring market is consolidated with a few large and medium-sized players accounting for majority market revenue. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the global structural health monitoring market. These key players are making high investments in R & D to develop innovative solutions and gain a competitive edge over others. The market is fragmented in nature owing to the presence of a large number of manufacturers offering SHM solutions. Companies are focusing on strategies such as mergers and acquisitions, joint ventures, product launches, and partnerships to sustain and retain their share in the highly competitive arena. These strategies help them in expanding their global and regional presence as well as offer enhanced product portfolio to their customers. 'Campbell Scientific, Inc.','Nova Ventures','Geokon','CGG SA','Digitexx Data Systems, Inc.','Structural Monitoring Systems plc.','Xylem Inc.','Acellent Technologies, Inc.','Sixense','SGS S.A.'

High Availability of Low-Cost Sensors to Propel the Global Structural Health Monitoring Market Growth

The Asia Pacific market is expected to account for largest revenue share during the forecast period. The Asia Pacific market accounted for largest revenue share in 2021 owing to rapid growth in the construction industry in India, China, Thailand, and Vietnam. An increase in urbanization in countries of the region has led to significant growth of the infrastructure sector in the region. In China, Special-Purpose Bonds (SPBs) are being issued by government for local governments to fund infrastructure projects and about 50% of total fund was used for municipal administration, transport, infrastructure, and industrial park infrastructure sectors. In addition, 30% of total expenditure was spent on social projects such as affordable housing, health, and sanitation, and others. Similarly, in March 2021, India passed a bill to set up National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in the country. Additionally, Ministry of Road Transport and Highways has created Indian Bridge Management System (IBMS), which is an inventory of all bridges in the country and rates their structural condition. It will help the government to monitor and conduct timely repair and rehabilitation work based on criticality of structure. This is expected to increase demand for structural health monitoring systems in civil infrastructure and hence drive revenue growth of the market in the region.

Speak With Our Analyst

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Structural Health Monitoring Market

Product ID: SQMG35E2008

$3,500
BUY NOW GET SAMPLE