Structural Health Monitoring Market
Structural Health Monitoring Market (Solution - Software, Hardware, and Services; Connectivity - Wired and Wireless; Application - Civil (Brides, Dams, and Tunnels) and Aviation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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Structural Health Monitoring Market: Snapshot
To surge ahead of their competitors, keen players in the global structural health monitoring market are resorting to different strategies. For example, they are pouring money into development of innovative products powered with sophisticated technologies. Major companies in the civil engineering domain are entering into carefully-considered mergers and acquisitions in order to bolster their operations and expand their outreach. All of the aforementioned have had a positive impact on the market.
Apart from that, rapid pace of infrastructural development worldwide and focus of governments on their safety is also serving to drive the global structural health monitoring market. Widespread interest of governments and autonomous bodies to protect heritage structures too is positively influencing the market. However, the high cost of installing the sensors is posing a major challenge to the market.
According to a report by Transparency Market Research, the global structural health monitoring market will likely rise at a steady CAGR of 10.09% from 2017 to 2025 to become worth US$4.09 mn by 2025-end from US$1.57 mn in 2016.
Industries Drive Demand for Services Segment
Depending upon solution, the global structural health monitoring market has been broadly categorized into software, hardware, and services. Among them, the segment of services generated maximum revenue in 2016 on the back of growing demand for installation and maintenance of the structural health monitoring systems by various industries, worldwide. In terms of growth rate, the services segment is predicted to clock maximum CAGR of 10.26% during the period between 2017 and 2025.
Connectivity-wise again, the market can be broadly split into wired and wireless. Currently, the wireless segment contributes the most to the revenue due to the availability of low cost wireless sensors and increased adoption of wireless sensors in structural health monitoring systems by industries across the globe. In the years ahead too, the segment is expected to retain its leading share by surpassing the wired segment with a CAGR of 10.24% over the forecast period.
Aging Infrastructure Catapults North America Market to Fore
From a geographical standpoint, North America holds a dominant share in the global structural health monitoring market. By rising at a 10.49% CAGR from 2017 to 2025, the market is expected to grow its leading share in the next couple of years as well. The TMR report predicts the market to become worth US$1.31 bn by 2025. The market in the region is being majorly boosted by the aging infrastructure such as bridges, tunnels, and power plants that need structural health monitoring. Europe trails North America in terms of market size. However, by clocking 9.50% CAGR over the course of the forecast period, it is predicted to trim some of its share to come in the third position by 2025.
The second position in the global structural health monitoring market will be taken by Asia Pacific by 2025 by surpassing all other regions in terms of growth rate. The market in the region is anticipated to rise at a 11.38% CAGR from 2017 to 2025. The structural health monitoring is gaining popularity in Asia Pacific, because of considerable development of the infrastructure projects such as bridges, power plants, and smart cities. The market in the region is being powered primarily by China and Japan.
COWI A/S, Digitexx Data Systems, Inc., Wiss, Janney, Elstner Associates, Inc., ACELLENT TECHNOLOGIES, INC., National Instruments Corporation, ATKINS, Kinemetrics, Nova Metrix LLC, CTL Group, OSMOS Group, and First Sensor are to name a few prominent participants in the global structural health monitoring market.
Prospering Construction Sector to Bring Immense Growth Prospects for Structural Health Monitoring Market
The structural health monitoring market is expected to gain immensely on the back of the rising need for testing and monitoring of airframes, turbines, and other structures like bridges, stadiums, dams, and buildings. The forecast period of 2017-2025 will be a stable one in terms of the growth of the structural health monitoring market.
- The booming construction sector is a prominent factor regarding the growth of the structural health monitoring market. The rapid infrastructural development and the rising urbanization around the world may prove to be vital growth multipliers for the structural health monitoring market. Governments of various countries are also paying attention to the protection of heritage sites and structures. This factor will bring tremendous growth prospects for the structural health monitoring market during the assessment period of 2017-2025.
- Technological advancements are playing a crucial role in the growth of the structural health monitoring market. Many players in the structural health monitoring market are adopting technologies like wireless sensors for imparting extensive convenience to the end-ser. Hence, these factors will have a great influence on the growth of the structural health monitoring market.
- The growing need for cost-effective construction maintenance is also adding extra stars of growth to the structural health monitoring market. Massive structures like bridges and other types are vulnerable to great losses during natural calamities like floods and earthquakes. Structural health monitoring systems help in identifying the current status of the structure and also assist the durability of the structure during these calamities. Therefore, these factors may help in improving the growth rate of the structural health monitoring market.
- The coronavirus pandemic affected the growth of the structural health monitoring market in a negative manner. All the construction activities were stalled for a brief period due to the imposition of lockdown restrictions by various countries. However, the governments have introduced various relaxations and have allowed construction activities to resume operations with all the SOPs in place. Thus, this aspect will help the structural health monitoring market in reviving growth.
Global Structural Health Monitoring Market: Overview
The “Structural Health Monitoring Market [Solution – Software, Hardware, Services; Connectivity – Wired and Wireless; Application – Civil (Brides, Dams, Tunnels), Aviation, Others] – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025” report provides an in-depth analysis of the global Structural Health Monitoring market for the period 2017 – 2025, wherein 2016 is the base year, data for the year 2015 is considered as historical information and the years from 2015 to 2025 is the forecast period. The report also provides compound annual growth rate (CAGR %) from 2017 to 2025 for all the segments in the scope of study. The report covers key trends prevailing in the global structural health monitoring market. The report also describes various factors impacting the global structural health monitoring market growth during the forecast period including market drivers, restraints, and opportunities.
The study provides a holistic perspective on global structural health monitoring market growth in terms of revenue estimates (in US$ Mn) globally. The market estimates have been analyzed by taking into account the impact of various economic, political, technological, social, and legal and the existing market dynamics influencing market growth.
The report would also include executive summary, providing the overview of the global structural health monitoring market. The report also provides industry development and key market indicators for the global structural health monitoring market. Furthermore, report provides market attractiveness analysis, for each segment based on their CAGR and market share. The report includes Porter’s five forces analysis about the industry competition, market dynamics and the most profitable segments in the market.
Global Structural Health Monitoring Market: Segmentation
This research study on the global structural health monitoring market provides a detailed cross segment and cross country analysis based on the different segments including solution, connectivity and application. Based on the solution, the market is divided into the wired and wireless. Based on application, the market is segmented into civil, aviation, and others. The civil segment is further classified into bridges, dams, and tunnels. The report also covers profiles of major players, their growth strategies and focuses on the recent developments under the competition matrix section and includes market positioning analysis of key players operating in the structural health monitoring market.
Global Structural Health Monitoring Market: Competitive Analysis
The competition matrix for key players in the global structural health monitoring market notes their capabilities and growth potential and also benchmarks the key companies in the global Structural Health Monitoring market on the basis of top line growth, market share, segment growth, infrastructure capabilities, market position, product offerings, R&D focus and future outlook.
Under the company profiles section, the report also includes an overview of the players operating in the market, the annual revenue generated by them in the past two or three years, SWOT analysis, regional breakdown and their relevant business segment revenue. The report also contains market share analysis of the key players in the structural health monitoring market for the year 2016 based on their revenues generated for the same year.
The key players profiled in this report include – COWI A/S, Digitexx Data Systems, Inc., Wiss, Janney, Elstner Associates, Inc., ACELLENT TECHNOLOGIES, INC., National Instruments Corporation, ATKINS, Kinemetrics, Nova Metrix LLC, CTL Group, OSMOS Group, and First Sensor.
The global Structural Health Monitoring Market has been segmented as follows: