The Structural Health Monitoring Market is segmented by Component (Hardware, Software, and Services), Connectivity (Wired and Wireless), and Geography (North America, Europe, Asia, and Rest of World (ROW)). As per the Global Forecast research report 2024-2028 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. There are several companies that are contributing to the market as per this report. Advent of IoT in structural health monitoring .
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.
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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.
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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.
In the structural health monitoring market, revenue is derived from the sales of IT systems and applications, monitoring devices, telehealth technologies, and consulting services to healthcare providers and businesses. According to Technavio, market size is determined by the collective earnings of equipment manufacturers, suppliers, pharmaceutical companies, biotechnology firms, technology vendors, and life sciences service providers. Market expansion will be influenced by cost reduction pressures in both the healthcare and IT spending sectors. - The Structural Health Monitoring Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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