Structural Health Monitoring Market size was valued at USD 2.20 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 5.32 billion by 2031, growing at a CAGR of 10.30% during the forecast period (2024-2031). High growth in the infrastructure sector is expected to be the primary driver for the structural health monitoring market. Government initiatives in public safety and standardization of SHM systems are motivating the sector’s growth. Moreover, stringent regulations of buildings on environmental friendliness and declining costs of sensors are predicted to boost the industry. Natural catastrophes and the construction of new infrastructures have led to an increased pressure of making legislations regarding SHM from governments around the globe. This is expected to boost the industry. Growth in the industry through the vast demand in distributed optical fiber and cheap energy harvesting equipment is being witnessed. Infrastructures with economically cost construction and maintenance lead to the industry’s expansion.
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Shift to Automated Data Collection in Structural Health Monitoring
Both the timeliness and accuracy of data are highly required in managing and developing critical infrastructure. SHM’s overall procedure of manual data gathering involved engineers physically visiting the field sites to take crucial measurements. Manual data gathering is labor-intensive, irregular, and ineffectual. Internet of Things (IoTs) is a source of expansion for the structural and civil engineering industries. The development of platform as a service business models, along with tremendous reductions in sensor points and connectivity, enable the collection of enormous volumes of data that can be aggregated and critically analyzed at a distance to provide insights that may be used. One of the most notable innovations in structural health monitoring nowadays is SmartRockTM scientific technology offered by Giatec. This system can be programmed to send real-time information on the strength of concrete and curing conditions using IoT sensors implanted in concrete. By providing cloud-based analytics, Giatec has expanded its capacity and furnished engineers to monitor infrastructure in remote locations and make swift decisions through informed choices.
New Technologies Revolutionize Aircraft Maintenance with the Adoption of CVM Technology
UK-based Structural Monitoring Systems Plc is a firm specialized in developing and commercializing testing and monitoring technologies. This company received the Comparative Vacuum Monitor (CVM) sensor technology that is validated by the FAA for Supplemental Type Certificate (STC back in April 2022. The high-tech sensor helps in detecting fractures on commercial airplanes, thus making the aviation sector much safer and dependable. It would be an important milestone if the ‘STC’ clearance meant advanced monitoring systems at the firm would now reach more people.
Mergers, Acquisitions, and Collaborations Strategies for Growth in SHM
The consolidated global structural health monitoring market is where large and medium-scale players contribute to the major market share in terms of revenue. The leading companies are involved in numerous R&D activities and programs to create innovative and advanced technological products under the structural health monitoring global market. To design new products and take an edge over the competition, these large companies are spending huge amounts on R&D. As there are various players selling SHM solutions in the market, it is highly fragmented by nature. Companies are trying their best to stay alive and hold their share in this market and are adopting the strategies of partnership, joint ventures, new product launches, and mergers and acquisitions to sustain themselves. By using such tactics, they can offer their customers a better product selection as well as build up their international and local presence.
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Key Innovations by Market Players Include:
In May 2022, CGG announced the acquisition of Geocomp Corporation, a U.S.-based business which specializes in services and solutions for geotechnical risk management and infrastructure monitoring. The acquisition was made by Sercel, the sensing and monitoring division of CGG. This will enable Sercel to quickly deploy its S-lynks and S-scan products into the US infrastructure sector.
In April 2022, WSS Ss CTS Administration, which is part of the Federal Aviation has approved Structural Monitoring Systems Plc of a UK-based company that develops and commercializes testing and monitoring technology, for its Comparative Vacuum Monitor (CVM) sensor technology, which finds cracks on commercial aircraft.
In January 2022, Oracle Corporation announced that Xerox has selected Oracle Cloud to power the development of new initiatives aimed at solving some of the world’s most important challenges. With Oracle Cloud solutions, Xerox is accelerating the adoption of next-generation technologies across customer bases – 3D printing for manufacturing; structural health monitoring for critical infrastructure; and augmented reality for better customer service.
This report covers the following segments:
A. Offering
Hardware [Sensors (Accelerometers, Displacement sensors, Tilt meters & inclinometers, Strain gauges, Corrosion sensors, Temperature sensors, Other sensor types), Data Acquisition Systems, Other Hardware Types],
Software & Services
B. Technology
Wired
Wireless
C. Vertical
Civil Infrastructure [Bridges, Tunnels, Dams, Buildings & Stadiums]
Aerospace & Defense
Energy
Mining
Other Verticals
D. Application
Agricultural
Cleaning
Educational
Healthcare
Manufacturing
Warehousing & Logistics
Others
This report covers following players:
COWI A/S (Denmark)
Campbell Scientific, Inc. (US)
Geokon (US)
Nova Metrix (US)
SGS SA (Switzerland)
Trimble Inc. (US)
Sixense (France)
Structural Monitoring Systems PLC. (UK)
Acellent Technologies, Inc. (US)
Digitexx Data Systems, Inc. (US)
BDI (US)
Sisgeo (Italy)
AVT Reliability (UK)
Geomotion Singapore (Singapore)
Kinemetrics (US)
FEAC Engineering P.C. (US)
EFI Global, Inc. (US)
Sensuron (US)
Infibra Technologies (Canada)
Sodis Lab (France)
Set Point Technologies (US)
Mistras Group (US)
Metis Design Corporation (US)
Geosig Ltd. (Switzerland)
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Factors Supporting SHM Revenue Growth
The significant reasons for the market revenue growth during the forecast period is the increase in investment in infrastructural projects, growing awareness of civil infrastructures already in place to reduce the occurrence of accidents, rapid progression of sensing technology because of the increasing trend of R&D investments, and reduced costs of structural health monitoring devices.
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To view the original version on ABNewswire visit: High Availability of Low-Cost Sensors Aids Structural Health Monitoring Market to Generate CAGR of 10.30% by 2031