Structural health monitoring (SHM) is carried out to inspect known or unknown structural responses with respect to damage detection and characterization strategy in both privately and government-owned areas. Most of the countries across the globe have old structures, which need to be properly inspected before a disaster occurs. Poor planning and outdated inspection methods have accounted for tremendous human and property loss across many developed and the developing countries globally. This has led to the development and careful consideration in deploying pro-active monitoring systems that would enhance the lifecycle of the structure.
According to a new report published by Allied Market Research, titled, Structural Health Monitoring Market by Component, Connectivity, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023″, the global structural health monitoring market size was valued at $1,133 million in 2016, and is projected to reach $3,965 million by 2023, growing at a CAGR of 18.9% from 2017 to 2023. The civil industry accounted for nearly half of the total structural health monitoring market in 2016.
Imposition of stricter government regulations on safety standards of civil infrastructures has posed a wide opportunity for structural health monitoring market. Another key factor impacting the structural health monitoring industry is the growth in penetration of wireless sensor network (WSN). These systems are expected to play a significant role for SHM in the near future, due to their intrinsic advantages. These technologies play a better role in structural response data processing and real-time monitoring operations and is used as a substitute for traditional wired SHM systems. These systems can be easily, flexibly, and reliably deployed and maintained and are also highly cost-effective in terms of time, economic benefit, and real-time operation compared to wired systems. It has been predicted that WSN technologies would assure structural safety and integrity in the future.
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Structural health monitoring (SHM) is a process aimed at providing accurate and timely information about the condition and performance of a building structure. It can either be a short- or a long-term process. In developing countries, such as China and India, owing to negligence and non-availability of technology, SHM is not utilized to its full potential. However, imposition of stringent government regulations on safety standards of civil infrastructures provides a major opportunity for SHM market in these countries.
Wireless sensor networks are considered to be a powerful approach for automated monitoring of structural response data. Over the last few years, many civil structures are deployed with smart wireless networks to overcome the economical impediment of SHM system and achieving more accuracy. Wireless SHM are receiving tremendous demand due to their advantages including low cost, low maintenance, and low installation cost.
Key Findings of the Structural Health Monitoring Market:
In terms of value, the services segment is anticipated to register highest growth rate during the analysis period.
Sensors generated the highest revenue in 2016.
Aerospace sector is anticipated to grow at the highest rate by 2023.
North America is projected to maintain its lead position throughout 2023 and is expected to grow at a CAGR of 18.5%, in terms of value.
U.S. occupied two-thirds of the total North America market in 2016.
Asia-Pacific is expected to grow at a CAGR of 21.6% from 2017 to 2023.
The growth in infrastructure activities in the developing countries, such as China and India, and surge in government regulations propel the market growth for Asia-Pacific.
The key companies profiled in the report include National Instruments Corporation, Advitam Inc., Digitexx Data Systems, Inc., Acellent Technologies, Inc., Nova Metrix LLC., COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, Strainstall UK Limited, and Kinemetrics Inc.
