Structural Health Monitoring Market Segmentation by Product Type (Software, Hardware, and Others); by Technology (Wired, and Non-Wired); and by End-User Industry (Aerospace & Defense, Civil Infrastructure, Mining, and Electricity) – Global Demand Analysis & Opportunity Outlook 2031
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
May 24, 2022: National Instrument Corporation introduces ActiveUptime, a Maintenance-as-a-Service solution, that facilitates the foreboding maintenance and monitoring of multiple test facilities and equipment.
May 17, 2021: Strainstall includes asset monitoring services under a new brand for the construction of railways, bridges, highways, and other renewables.
The global structural health monitoring market is estimated to garner remarkable revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising requirement for critical infrastructure repairing and automated maintenance, constantly growing airline services and manufacturing, and the increasing automotive and construction industry. Moreover, the significant adoption of hydraulic fracturing methods for mining is also estimated to be a noteworthy growth driver for the market over the forecast period. For instance, it can be observed that the worth of the global construction industry would double from 2020 over the forecast period. The global construction industry was valued at about USD 6 trillion in 2020 which is projected to reach approximately USD 14 trillion during the forecast period. Additionally, Structural Health Monitoring (SHM) is a system that evaluates the overall analysis and measurement of the ongoing process of construction such as, buildings, bridges, and other types of structures. furthermore, the growth of the market is also estimated to grow on the back of the manufacturing of aircraft. As of 2021, the market for global airplane manufacturing amounted to about USD 400 billion.
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The market is segmented by end-user industry into aerospace & defense, civil infrastructure, mining, and electricity, out of which, the civil infrastructure segment is anticipated to hold the largest share in the global structural health monitoring market during the forecast period, on account of the growing construction of multiple structures worldwide. The civil infrastructure segment includes the construction of tunnels, stadiums, dams, and others that is ultimately projected to hike the growth of the market during the forecast period.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global structural health monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness significant growth over the forecast period on the back of rising government initiatives on modification and maintenance of the civil infrastructure, countless aging structures, developing construction, and automotive industry in the region. For instance, the total output of the highway and street construction in 2020 amounted to about USD 140 billion, meanwhile, the federal government of the U.S. spent about USD 1 billion on the construction of highways. A significant requirement to upgrade North America’s aging infrastructure is also anticipated to propel the growth of the market over the forecast period. All these factors are projected to influence the market positively in the region during the forecast period.
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The global structural health monitoring market is further classified on the basis of region as follows:
Our in-depth analysis of the global structural health monitoring market includes the following segments:
Ans: Requirement for critical infrastructure repairing and automated maintenance is the major factor driving the growth of the structural health monitoring market.
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 - 2031.
Ans: The major players in the market are National Instruments Corporation, Advitam Inc., Kinemetrics Inc., Geocomp Corporation, Hottinger Brüel & Kjaer GmbH, Acellent Technologies, Inc., Nova Metrix LLC, Strainstall UK Ltd, Arconic Corporation, and CAV System Ltd.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, technology, end-user industry, and by region.
Ans: The civil infrastructure segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Ans: Critical procedures of installation and requirements for high initial investment are estimated to hamper the market growth.
Ans: North America region will provide more business opportunities for growth of the structural health monitoring market in the future on the back of rising government initiative on the maintenance of civil infrastructure.
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