Northbrook, IL 60062 -- (SBWIRE) -- 08/31/2023 -- The structural health monitoring market size is projected to grow from USD 2.0 billion in 2022 to reach USD 4 billion by 2027, at a CAGR of 14.6% during the forecast period.
The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring industry.
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The market for software & services to grow at a higher rate between 2022 and 2027
As the data is being received from the sensors by the data acquisition systems, the software starts monitoring and analyzing the structure. Software provides the visual representation of the data pertaining to the structural behavior to the monitoring team so that the team can analyze this data, and damages can be detected at the earliest to safeguard the structure from failure. With the increasing number of large infrastructure projects and frequent occurrences of structural failures, structural health monitoring systems are becoming more and more crucial. The basic approach of any structural health monitoring system is to continuously collect data about the overall condition of the structure from various installed sensors. This data includes parameters related to loading, stress, strain, acceleration, temperature, and video signal, among others. Furthermore, it is challenging for structural engineers to obtain, process, store, and analyze such a huge volume of data. To resolve this challenge, software platforms, customized software applications, and software algorithms are being adopted. For example, software such as MATLAB and SCADA play a crucial role in the early damage detection; they determine the damage at an early stage and facilitate necessary repair to maintain a high level of safety.
Wired type structural health monitoring systems to account for larger market share during the forecast period
At present, wired monitoring systems are already being used widely for the overall assessment of numerous structures such as bridges, buildings, and dams. The wired structural health monitoring system defines the communication technology between sensors, the data acquisition system (DAS), and other communication devices with the help of lead wires, co-axial cables, optical fibers, and other wired communication technologies. Wired monitoring systems offer several advantages such as reduced data attenuation, high speed of operation, no limitation on a transmission range, and high system bandwidth.
Civil infrastructure to account for the largest market share during the forecast period
The civil infrastructure segment comprises bridges, tunnels, dams, buildings, and stadiums. Many countries such as the US, the UK, Japan, Germany, Qatar, Saudi Arabia, China, and India are increasingly investing in building infrastructural facilities, such as bridges, dams, buildings, ultimately supporting economic growth. Rapid urbanization and an urgent need for high-quality infrastructure are the major factors driving the market growth for the civil infrastructure segment globally. Thus, the increasing number of civil infrastructure projects is expected to result in high demand for structural health monitoring systems to maintain and monitor the condition of each structure and avoid catastrophic failures.
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Americas to dominate the structural health monitoring market between 2022 and 2027
The Americas dominated the market with the largest share in the year 2021 and is expected to follow the similar trend during the forecast period. The large share of the Americas market can be attributed to factors such as the rising focus of the government on the repair and maintenance of the civil infrastructure. The key driving factors for the market growth in the Americas include the aging infrastructure and increasing investments from various governments in the region. For instance, in 2021, the US government announced a USD 2-trillion plan to upgrade the country's infrastructure, including roads and bridges. Furthermore, countries such as the US and Canada are increasingly using structural health monitoring systems to ensure the safety and security of structures and people.
Key Market Players
The structural health monitoring companies are COWI (Denmark), Campbell Scientific (US), Geokon (US), Nova Metrix LLC (US), and SGS (Switzerland).