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 2023 to 2030, starting from US$ 2.02 Bn in 2021. Extensive accessibility of low-cost sensors, growing infrastructural development across the globe shall drive the structural health monitoring market. A structural health monitoring is an essential equipment for engineers and help 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 structural health monitoring market. Hence, we expect that the structural health monitoring market will show significant growth during the forecast period.

Civil Infrastructure Segment will Led the Market

The structural health monitoring market is segmented into aerospace & defense, civil infrastructure, mining, energy, 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 the market growth. Due to aforementioned reasons, we expect that the civil infrastructure segment will remain dominant during the forecast period 2023-2030.

Asia Pacific to Grow Significantly during the Forecast Period

In 2021, North America has a significant share in the global structural health monitoring market. It holds over 1/3rd share in the total revenue of the global structural health monitoring market. In order to improve the 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 that Asia Pacific region will be the fastest growing region throughout the forecast period.

Some of the prominent players operating in the structural health monitoring market 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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Structural Health Monitoring market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Structural Health Monitoring market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Structural Health Monitoring market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Structural Health Monitoring market?
• Which is the largest regional market for Structural Health Monitoring market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Structural Health Monitoring market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Structural Health Monitoring market worldwide?