Global Structural Health Monitoring Market Size to Reach USD 8.09 Billion in 2032 | Emergen Research

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Rapid advancement in sensing technology due to investments in R&D, and reduced cost of structural health monitoring devices are driving global structural health monitoring market revenue growth

Vancouver, Sept. 25, 2023 (GLOBE NEWSWIRE) — The global structural health monitoring market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants. In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency. Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.

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Additionally, an increase in seismic activities globally has further led to increase in demand for structural health monitoring devices. National Earthquake Information Center in the U.S detects over 20,000 earthquakes around the globe each year and on an average 55 earthquakes per day. Additionally, infrastructural activities such as fracking for oil, dam-build, and pumping gas without refilling, have induced man-made earthquakes. Earthquakes of greater intensity significantly damage civil infrastructure, which is expected to increase demand for structural health monitoring systems and hence drive revenue growth of the market to a greater extent.

High cost of installing monitoring sensors, as well as challenges with accessibility and environmental conditions while placing sensors, are limiting market revenue growth. Finding a suitable spot for placing sensors in buildings, such as bridges, is difficult. However, with rapid adoption of wireless sensors, the market is expected to grow steadily over the forecast period.

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Scope of Research

Report Details Outcome
Market Size in 2021 USD 1.87 Billion
CAGR (2022–2030) 14.3%
Size Forecast to 2032 USD 8.09 Billion
Base Year for Estimation 2021
Historical Data 2019–2020
Forecast Period 2022–2030
Quantitative Units Revenue in USD Billion, and CAGR in % from 2022 to 2030
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Offering, technology, end use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc, CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc.
Customization Scope 10 hours of free customization and expert consultation.

Major Companies and Competitive Landscape

The global structural health monitoring market is consolidated with a few large and medium-sized players accounting for majority market revenue. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the structural health monitoring market. Some major companies included in the global market report are:

  • Nova Ventures
  • Geokon
  • Campbell Scientific, Inc.
  • Structural Monitoring Systems plc.
  • CGG SA
  • Acellent Technologies, Inc.
  • Sixense
  • Xylem Inc.
  • SGS S.A.
  • Digitexx Data Systems, Inc.

Strategic Development

On 19 May 2022, CGG announced that its sensing & monitoring division Sercel acquired Geocomp Corporation, a U.S.-based company that specializes in services and products for geotechnical risk management and monitoring of infrastructure. This acquisition gives Sercel access to the infrastructure market in the U.S. and will accelerate deployment of its S-lynks and S-scan infrastructure monitoring solutions.

On 26 April 2022, Structural Monitoring Systems Plc a U.K. based company engaged in development and commercialization of testing and monitoring technology had received a Supplemental Type Certificate (STC) approval from Federal Aviation Administration (FAA) for its Comparative Vacuum Monitor (CVM) sensor technology, which detects cracks on commercial aircraft

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Some Key Highlights from the Report

  • On 30 April 2020, Campbell Scientific, Inc., created Granite series, a modular Data-Acquisition (DAQ), which can be centralized or distributed. It reduces total cost of ownership and operation of data. A broad range of measurement modules facilitates expansion of channels and flexibility for all critical SHM measurements.
  • The hardware segment revenue is expected to account for largest revenue share over the forecast period owing to rapid advancement in sensing technology due to investments in R&D and reduction in cost of installing structural health monitoring. Wired hardware systems allow continuous transmission of data, which facilitates real-time collection of data and enable user to monitor structural health of infrastructure.
  • The wired segment accounted for a significantly robust revenue share in 2021 owing to its rapid increase in demand for monitoring health of structures. Structural Health Monitoring (SHM) is widely adopted in civil infrastructure for continuous monitoring of structures, which may help to improve life of structure and its performance and preventing sudden failure of structures and loss of life.
  • The civil infrastructure segment is expected to account for largest revenue share over the forecast period. An increase in investments by governments of developing countries and increase in damage to civil infrastructure due to a rise of seismic activities around the world is expected to increase demand for SHM systems and contribute to revenue growth of this segment
  • The North America market is registering a significantly robust revenue growth rate during the forecast period. This is due to rising investments in infrastructure development, rapid advancements in sensing technology due to investments in R&D, and presence of major companies such as Nova Ventures, Campbell Scientific, Inc., Geokon, and others

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Emergen Research has segmented the global structural health monitoring market based on offering, technology, end use, and region:

  • Offering Outlook (Revenue, USD Billion, 2019–2030)
    • Hardware
    • Software
    • Services
  • Technology Outlook (Revenue, USD Billion, 2019–2030)
    • Wired
    • Wireless
  • End Use Outlook (Revenue, USD Billion, 2019–2030)
    • Civil Infrastructure
    • Aerospace and Defense
    • Energy
    • Mining
  • Regional Outlook (Revenue, USD Billion, 2019–2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. UK
      3. France
      4. Spain
      5. BENELUX
      6. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. Israel
      4. Rest of Middle East & Africa

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