Structural Health Monitoring Global Market to Reach $3.8 Billion by 2027 at a CAGR of 14.5%

DUBLIN, Nov. 23, 2022 /PRNewswire/ -- The "Structural Health Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to  ResearchAndMarkets.com's offering.

The global structural health monitoring market reached a value of US$ 1.7 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 3.8 Billion by 2027, exhibiting at a CAGR of 14.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Structural health monitoring (SHM) refers to the process of observing and scanning 3D, aerospace, civil, mechanical and infrastructural structures to detect faults and abnormalities. The information is collected through multiple sensors that transmit continuous data throughout the service life of the structure. It involves the use of non-destructive acoustic emission, ultrasonic and thermal imaging technologies to prevent any anomalies caused by deterioration, incorrect construction, lack of quality control or excessive accidental or environmental load. SHM is widely used for bridges, power and wind energy plants, water, gas and oil pipelines, tunnels, rigs and pavements. It is also utilized for detecting internal or external wear and malfunction in marine vessels, aircraft and heavy commercial automobiles.

Structural Health Monitoring Market Trends:

The increasing requirement for standardization and automation for the repair and maintenance of civil and infrastructural constructions is one of the key factors driving the market growth. Due to rapid digitization and the advent of smart sensors, SHM is widely used for the design, analysis, and maintenance of modern civil engineering structures and systems. Contractors are also able to utilize SHM solutions for remote monitoring of construction processes to exercise control over quality.

Additionally, various technological advancements, such as the integration of innovative communication modules and data acquisition systems for the processing and analysis of information, are acting as other growth-inducing factors. These solutions enable the consumers to include electrical, magnetic, thermal, physical and chemical variables for improved analysis of the structural health. Other factors, including the implementation of favorable government policies to promote public safety, along with extensive infrastructural development, especially in the emerging economies, are anticipated to drive the market toward growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global structural health monitoring market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on 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
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

5 Global Structural Health Monitoring Market

6 Market Breakup by Component

7 Market Breakup by Technology

8 Market Breakup by Implementation Method

9 Market Breakup by Vertical

10 Market Breakup by Region

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape

Companies Mentioned

• Acellent Technologies Inc.
• Bridge Diagnostics Inc.
• Campbell Scientific Inc.
• COWI A/S
• Digitexx Data Systems Inc.
• FEAC Engineering
• HBK - Hottinger Bruel & Kjar (Spectris plc)
• James Fisher
• Sons plc
• National Instruments Corporation
• RST Instruments Ltd.
• Sisgeo S.r.l.
• Sixense Enterprises Inc.

For more information about this report visit https://www.researchandmarkets.com/r/cax619

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SOURCE Research and Markets