London, UK -- (SBWIRE) -- 10/05/2017 -- According to Future Market Insights analysts, a wide availability of low-cost sensors, growing infrastructural development across the globe, and increasing government initiatives towards public safety and structural health monitoring system standardisation are factors expected to drive growth of the global structural health monitoring market over the forecast period. "Complexity in implementing structural health monitoring solutions for massive structures coupled with a lack of trained professionals could hamper overall market growth to a certain extent during the forecast period." - Analyst, Future Market Insights.
The global structural health monitoring market is also likely to witness certain key trends such as an increasing focus of solution providers on low-cost energy harvesting monitoring systems and increasing adoption of distributed optic fibre in structural health monitoring solutions.
The global structural health monitoring (SHM) market has been segmented on the basis of Type (Wired SHM System, Wireless SHM System); Component (Hardware, Software, Services); and Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machinery & Equipment).
The Hardware segment is expected to reach a market valuation of US$ 3,162.2 Mn by 2026, registering a CAGR of 12.0 % during the forecast period. The Software segment is estimated to create incremental $ opportunity of US$ 601.7 Mn between 2016 and 2026
The Wired segment was valued at US$ 917.6 Mn in 2015 and is estimated to be valued at US$ 1,036.3 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 12.9%. The Wireless segment is estimated to account for a market revenue share of 34.8% by the end of 2016
The Bridges & Dams segment is expected to reach a market valuation of US$ 2,332.8 Mn by 2026, registering a CAGR of 15.6% during the forecast period. The Buildings & Stadiums segment was valued at US$ 359.9 Mn in 2015 and is estimated to reach US$ 408.1 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 13.4%
Regional market projections
The global structural health monitoring market is segmented into the seven regions of North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. In terms of revenue share, the North America structural health monitoring market accounted for a major share of the global structural health monitoring market in 2015, reaching a market valuation of US$ 383.6 Mn in 2015. The APEJ structural health monitoring market is expected to witness a comparatively higher growth rate during the forecast period, owing to a wide availability of low-cost sensors. The APEJ market is anticipated to be valued at US$ 268.4 Mn by the end of 2016.