According to a new market research report published by Acute Market Reports “Structural Health Monitoring Market ((Offering- Hardware (Sensors, Data Acquisitions Systems), Software, Service (Pre-installation, Post installation)), (Technology- Wired, Wireless), (Vertical- Civil Infrastructure, Aerospace & Defense, Energy, Mining, Others (Industrial Machinery, Automotive, Transportation, and Marine Structures))) Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the overall structural health monitoring  market worldwide was valued at US$ 2.02 Bn in 2021 and is set to grow with a CAGR of 19.0% during the forecast period.

Market Insights

Cost reduction because of technological advancement of the structural health system shall drive the structural health monitoring market during the forecast period. Structural health monitoring includes a wide range of sensing technologies to analyze vast amount of real-time data. The system helps to analyze and maintain the health of structure such as structures, bridges, dams, wind turbines, sports ground and heavy machineries. Further, swift expansion of infrastructure sector has surged the demand for structural monitoring systems all across the world. The various assistances of the structural health monitoring system will mark a remarkable growth for the structural health monitoring market during the forecast period.

Based on offering, the hardware segment shall hold a significant share during forecast period. Notably, hardware hold an important part in the structural health monitoring system. It helps in measuring the physical properties of any structure under observation. Based on the data recorded, decisions are then made based upon the corrective actions pertaining to the structure.  The hardware segment further includes sensors, data acquisition systems, cabling, cabinets etc. The demand for these have been rising for the past few years owing to low cost. Thus we expect that the hardware segment will be the largest segment during the forecast period.

Based on the geography, North America dominates the structural health monitoring market in 2021. North America hold more than 33% of the global SHM market. Owing to infrastructural changes huge loss. Asia pacific shall hold more than 20% during the forecast period and shall be the fastest growing region during the forecast period. The advanced infrastructure, support from different governments in the region and need for effective solutions for the conservation of infrastructure facilities shall propel the demand the market for structural health monitoring in the region. Thus, we expect that Asia Pacific region will grow significantly during the forecast period 2023-2030.

Some of the major companies profiled in the report include Advitam, Inc., COWI A/S, Digitexx Data Systems, Inc., Geocomp Corp., Geokon Inc., Geosig Ltd., Hottinger Baldwin Messtechnik, Nova Metrix LLC, Sodis Lab, Starinstall Uk ltd. among others.

Browse the full report at https://www.acutemarketreports.com/report/structural-health-monitoring-market

The Global Structural Health Monitoring Market is Segmented into:

*Complete segmentation list is on report page