Structural Health Monitoring Market to grow by USD 2619.2 million between 2024-2028
According to a research report “ Structural Health Monitoring Market” by Component (Hardware, Software, Services) Connectivity (Wired, Wireless) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2619.2 million at a CAGR of 15.8% during the forecast period. In the business landscape, the significance of infrastructure maintenance and safety has emerged as a major catalyst for the global Structural Health Monitoring (SHM) market. Factors such as the aging infrastructure in countries like India and China, which necessitates regular inspection and monitoring to preserve functionality and safety, and the potential hazardous consequences of infrastructure failures, including loss of life, property damage, and economic disruptions, are driving the demand for advanced SHM solutions. These systems offer real-time data on infrastructure conditions, enabling proactive identification and resolution of potential issues, thereby mitigating risks and ensuring business continuity..
Browse market data tables, figures, and in-depth TOC on “Structural Health Monitoring Market” by Component (Hardware, Software, Services) Connectivity (Wired, Wireless) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028.
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By Component, the Hardware segment is projected to dominate the market size in 2024.
In the structural health monitoring market, wired systems represent a significant segment due to their dependable and secure data transmission capabilities. These systems, which consist of sensors, data acquisition units, and a wired network infrastructure, offer immunity to electromagnetic interference and are commonly deployed in applications where proximity to the monitoring station permits cable installation. Wired SHM systems ensure reliable data collection, processing, and storage for optimal structural performance assessment.
By Connectivity, Wired segment is expected to hold the largest market size for the year 2024.
In the structural health monitoring market, hardware segment plays a pivotal role by providing the physical infrastructure for acquiring and transmitting critical data. Key components include sensors, which capture vital structural information such as strain, vibration, temperature, and humidity, enabling proactive infrastructure maintenance and ensuring safety and efficiency.
North America is forecasted to hold the largest market size by region in 2024.
The Structural Health Monitoring (SHM) market is experiencing significant growth due to the increasing demand for infrastructure durability and safety. SHM systems employ advanced sensors and analytics to assess the condition of structures in real-time, enabling predictive maintenance and reducing downtime. This proactive approach not only enhances safety but also minimizes costs associated with structural damage and repairs. Businesses across industries, particularly those with large-scale infrastructure, are recognizing the value of SHM solutions in mitigating risks and ensuring operational efficiency.
The Structural Health Monitoring Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the context of rapidly developing smart cities, the Structural Health Monitoring (SHM) market has gained significant attention. SHM is an essential segment of infrastructure systems, focusing on the real-time assessment of the health condition of buildings, stadiums, dams, bridges, turbines, airframes, and large machines. This technology is crucial for public safety, as it helps prevent failures and ensure the reliability and safety of critical structures. Advancements in SHM have led to the implementation and adoption of predictive maintenance and hardware sensors for health monitoring. These investments have become necessary due to the increasing costs associated with damages caused by natural calamities and other factors. The need for efficient energy management in various industries further emphasizes the importance of SHM in ensuring the performance and safety of critical infrastructure. SHM systems utilize wireless sensors and hardware to measure the condition of structures in real-time, providing valuable data for assessment and damage measurement. This information is vital for civil engineers to prioritize maintenance and ensure the overall safety and reliability of the infrastructure. The continued focus on advancements in SHM is expected to drive market growth in the coming years.
Market Research Overview
In the infrastructure development sector, the Structural Health Monitoring (SHM) market plays a significant role in ensuring the integrity and reliability of critical structures such as power plants, wind turbines, bridges, dams, and buildings. Key players in this market include Geocomp Corporation, Acellent Technologies, and Geokon, among others. The Asia Pacific region, particularly nations like South Africa, Mexico, and those in the Middle East, have shown growing demand for SHM solutions due to aging infrastructure and the need for predictive maintenance. SHM systems use sensor technology to collect real-time data on the health condition of structures, enabling early detection of damages and potential failures. These systems are essential for various sectors, including civil infrastructure, energy, mining, aerospace, and defense. The SHM market is driven by the increasing focus on safety regulations, the adoption of advanced technologies, and the need for cost-effective constructions. The SHM systems market caters to various applications, including monitoring the performance of SHM systems, assessing the health condition of structures, and providing predictive assessments for damage measurement. The market is segmented into various sectors, including transportation projects, construction, and civil infrastructure. The growth of smart cities and the implementation of distributed optic fibre and energy harvesting systems are expected to further boost the market's expansion.
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