The availability of Low-Cost Sensors is driving the Structural Health Monitoring Market.
The structural health monitoring market worldwide is expected to grow with a CAGR of 19.0% during the forecast period from 2019 to 2027, starting from US$ 1.70 Bn in 2018. Extensive accessibility of low-cost sensors and growing infrastructural development across the globe shall drive the structural health monitoring market. In addition, structural health monitoring is an essential piece of equipment for engineers and helps them to maintain various civil arrangements and improve safety. Further, changing government regulations towards the compulsory implementation of SHM systems shall drive the growth of the structural health monitoring market. Hence, we expect the structural health monitoring market to show significant growth during the forecast period.
Market Synopsis
The Civil Infrastructure Segment will Led the Market
The structural health monitoring market is segmented into aerospace & defense, civil infrastructure, mining, energy, and others (automotive, industrial machinery, transportation, and marine structures). The civil infrastructure segment shall be largest at a faster rate during the forecast period. It includes critical structures such as dams, bridges, highways, buildings, and tunnels. Thus, the continually developing civil infrastructure sector is set to propel market growth. Due to the aforementioned reasons, we expect the civil infrastructure segment to remain dominant during the forecast period 2019-2027.
The Asia Pacific to Grow Significantly during the Forecast Period
In 2018, North America had a significant share in the global structural health monitoring market. It holds over 1/3rd share of the total revenue of the global structural health monitoring market. In order to improve public safety and expand the structural lifespan, the enactment of the structural health monitoring system is necessary. Further, Asia Pacific is expected to hold around 1/4th of the total revenue during the forecast period. The growing infrastructure changes in the regions and changes in government policies shall drive the market in the region. Thus, we expect the Asia Pacific region to be the fastest-growing region throughout the forecast period.
Some prominent players operating in the structural health monitoring market are Advitam, Inc., COWI A/S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik, Nova Metrix LLC, Sodis Lab, Starinstall Uk ltd. among others.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The structural health monitoring market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global structural health monitoring market based on offering, technology, vertical, and geography.
Frequently Asked Questions
The market for Structural Health Monitoring is expected to reach US$ 1.70 Bn in 2028.
The Structural Health Monitoring market is expected to see significant CAGR growth over the coming years, at 19.0%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Advitam, Inc., COWI A/S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik, Nova Metrix LLC, Sodis Lab are some of the major players in the global market.
