Structural Health Monitoring Market size to grow by USD 1,998.53 million from 2022 to 2027|The increasing need for infrastructure maintenance and safety drives the market - Technavio

NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The structural health monitoring market size is forecast to increase by USD 1,998.53 million from 2022 to 2027, at a CAGR of 14.1%, according to the recent market study by Technavio. The growth of the market will be driven by the increasing need for infrastructure maintenance and safety, the expansion of smart cities, and the growing focus on sustainability and environmental conservation. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH, James Fisher and Sons Plc, LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc., National Instruments Corp., Nova Ventures Group Corp., RST Instruments Ltd., Sisgeo S.r.l., STRUCTURAL MONITORING SYSTEMS plc, Vinci, Xylem Inc., Yokogawa Electric Corp., Kinemetrics Inc., and Ramboll Group AS.

• Campbell Scientific Inc: The company offers structural health monitoring system such as VSPECT system.
• CGG SA: The company offers structural health monitoring system called Structural health Monitoring under its subsidiary Geocomp.

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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Expense Management Software Market - Segmentation Assessment

The market is segmented by Component (Hardware, Software, and Service), and Connectivity (Wired, Wireless) and Geography (North America, Europe, Asia, and the Rest of the World (ROW))

• The hardware segment is estimated to witness significant growth during the forecast period. The hardware segment in the global structural health monitoring market encompasses physical components and devices utilized to monitor the structural integrity of infrastructure, buildings, bridges, dams, and other civil engineering structures. These hardware components play a vital role in data acquisition, sensing various parameters, transmitting signals, and processing information for structural health monitoring purposes.

Market Dynamics 

Key Driver 

The increasing need for infrastructure maintenance and safety is a major factor notably driving the market growth. The growing emphasis on infrastructure maintenance and safety is a significant driving force behind the global structural health monitoring market. These monitoring systems provide real-time information about infrastructure conditions, enabling the identification and proactive handling of potential issues, and preventing costly and hazardous situations. Major incidents like bridge collapses and building failures highlight the need for preventive action to ensure structural security and integrity. Early detection of structural problems through health monitoring is essential for timely maintenance, avoiding potential disasters and expensive emergency repairs. Organizations recognize the cost-saving potential of structural health monitoring solutions, motivating strong investment in the market. As a result, companies specializing in structural health monitoring technologies are continuously developing innovative solutions to meet the increasing demand for infrastructure safety and maintenance, driving further advancements in the industry during the forecast period.

Major Trends

The advent of IoT in structural health monitoring is an emerging trend shaping market growth. Technological advancements in the global structural health monitoring market have led to an increased demand for smart facilities management solutions. These interconnected devices collect and analyze data to optimize energy consumption and improve efficiency in performing tasks. IoT technology, including predictive maintenance, reduces operating costs and enhances productivity. Moreover, IoT enables remote maintenance of devices and machines, making it a preferred solution for outsourcing providers. These factors lead to increased productivity and energy efficiency in buildings. With IoT, buildings can monitor motion, light, temperature, humidity, and infrared, allowing each luminaire to become a point of intelligence connected to the building's IT network via power-over-ethernet (PoE) cables. This setup provides valuable data on building occupancy, activity patterns, and environmental conditions. As IoT continues to influence structural health monitoring, the market is expected to experience significant growth during the forecast period.

Significant Challenge 

The rise in budgetary constraints is a major challenge hindering market growth. Small organizations in growing economies often face significant budget shortages and rely on funds from investors and venture capitalists (VCs). These financial constraints lead to the awarding of low-quality services and prevent them from entering contracts with established monitoring companies for Structural Health. Consequently, this impacts the organization's overall structural health monitoring capabilities and results in high maintenance and operation costs, affecting profitability. Additionally, the increasing costs associated with training and retaining skilled personnel further hinder market growth. Aging assets used by organizations contribute to excessive energy consumption in buildings, leading to higher operating costs when replacing and maintaining these assets. Due to the high cost of maintenance, efficient Structural Health Monitoring becomes challenging for small organizations. Consequently, budgetary constraints, especially for small organizations, will impede the growth of the global structural health monitoring market during the forecast period.

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What are the key data covered in this Structural Health Monitoring Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the structural health monitoring market between 2023 and 2027
• Precise estimation of the structural health monitoring market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the structural health monitoring market across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of structural health monitoring market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Connectivity
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global structural health monitoring market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global structural health monitoring market 2017 - 2021 ($ million)

• 4.2 Component Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Component Segment 2017 - 2021 ($ million)

• 4.3 Connectivity Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Connectivity Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments
• Exhibit 30: Chart on Component - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component - Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Hardware - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 6.4 Software - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 6.5 Services - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Component 
• Exhibit 46: Market opportunity by Component ($ million)
• Exhibit 47: Data Table on Market opportunity by Component ($ million)

7 Market Segmentation by Connectivity

• 7.1 Market segments
• Exhibit 48: Chart on Connectivity - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Connectivity - Market share 2022-2027 (%)

• 7.2 Comparison by Connectivity 
• Exhibit 50: Chart on Comparison by Connectivity
• Exhibit 51: Data Table on Comparison by Connectivity

• 7.3 Wired - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Wired - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Wired - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Wired - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Wired - Year-over-year growth 2022-2027 (%)

• 7.4 Wireless - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Wireless - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Wireless - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Wireless - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Wireless - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Connectivity 
• Exhibit 60: Market opportunity by Connectivity ($ million)
• Exhibit 61: Data Table on Market opportunity by Connectivity ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 Asia - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Asia - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Asia - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Asia - Year-over-year growth 2022-2027 (%)

• 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)

• 9.7 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.8 Germany - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027 
• Exhibit 95: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Campbell Scientific Inc. 
• Exhibit 111: Campbell Scientific Inc. - Overview
• Exhibit 112: Campbell Scientific Inc. - Product / Service
• Exhibit 113: Campbell Scientific Inc. - Key offerings

• 12.4 CGG SA
• Exhibit 114: CGG SA - Overview
• Exhibit 115: CGG SA - Business segments
• Exhibit 116: CGG SA - Key offerings
• Exhibit 117: CGG SA - Segment focus

• 12.5 COWI Holding AS
• Exhibit 118: COWI Holding AS - Overview
• Exhibit 119: COWI Holding AS - Business segments
• Exhibit 120: COWI Holding AS - Key offerings
• Exhibit 121: COWI Holding AS - Segment focus

• 12.6 Digitexx Systems Ltd. 
• Exhibit 122: Digitexx Systems Ltd. - Overview
• Exhibit 123: Digitexx Systems Ltd. - Product / Service
• Exhibit 124: Digitexx Systems Ltd. - Key offerings

• 12.7 Geosense Ltd.
• Exhibit 125: Geosense Ltd. - Overview
• Exhibit 126: Geosense Ltd. - Product / Service
• Exhibit 127: Geosense Ltd. - Key offerings

• 12.8 Hottinger Bruel and Kjaer GmbH 
• Exhibit 128: Hottinger Bruel and Kjaer GmbH - Overview
• Exhibit 129: Hottinger Bruel and Kjaer GmbH - Product / Service
• Exhibit 130: Hottinger Bruel and Kjaer GmbH - Key offerings

• 12.9 James Fisher and Sons Plc 
• Exhibit 131: James Fisher and Sons Plc - Overview
• Exhibit 132: James Fisher and Sons Plc - Business segments
• Exhibit 133: James Fisher and Sons Plc - Key offerings
• Exhibit 134: James Fisher and Sons Plc - Segment focus

• 12.10 Kinemetrics Inc.
• Exhibit 135: Kinemetrics Inc. - Overview
• Exhibit 136: Kinemetrics Inc. - Product / Service
• Exhibit 137: Kinemetrics Inc. - Key offerings

• 12.11 National Instruments Corp. 
• Exhibit 138: National Instruments Corp. - Overview
• Exhibit 139: National Instruments Corp. - Product / Service
• Exhibit 140: National Instruments Corp. - Key news
• Exhibit 141: National Instruments Corp. - Key offerings

• 12.12 Nova Ventures Group Corp. 
• Exhibit 142: Nova Ventures Group Corp. - Overview
• Exhibit 143: Nova Ventures Group Corp. - Product / Service
• Exhibit 144: Nova Ventures Group Corp. - Key offerings

• 12.13 RST Instruments Ltd.
• Exhibit 145: RST Instruments Ltd. - Overview
• Exhibit 146: RST Instruments Ltd. - Product / Service
• Exhibit 147: RST Instruments Ltd. - Key offerings

• 12.14 Sisgeo S.r.l.
• Exhibit 148: Sisgeo S.r.l. - Overview
• Exhibit 149: Sisgeo S.r.l. - Product / Service
• Exhibit 150: Sisgeo S.r.l. - Key offerings

• 12.15 STRUCTURAL MONITORING SYSTEMS plc 
• Exhibit 151: STRUCTURAL MONITORING SYSTEMS plc - Overview
• Exhibit 152: STRUCTURAL MONITORING SYSTEMS plc - Business segments
• Exhibit 153: STRUCTURAL MONITORING SYSTEMS plc - Key offerings
• Exhibit 154: STRUCTURAL MONITORING SYSTEMS plc - Segment focus

• 12.16 Vinci
• Exhibit 155: Vinci - Overview
• Exhibit 156: Vinci - Business segments
• Exhibit 157: Vinci - Key offerings
• Exhibit 158: Vinci - Segment focus

• 12.17 Xylem Inc.
• Exhibit 159: Xylem Inc. - Overview
• Exhibit 160: Xylem Inc. - Business segments
• Exhibit 161: Xylem Inc. - Key offerings
• Exhibit 162: Xylem Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations 
• Exhibit 169: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Email: [email protected]
Website: www.technavio.com

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