Global Structural Health Monitoring Market Highlights Over 2022 - 2031
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Structural Health Monitoring Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global structural health monitoring market includes the following segments:
By Product Type
- Software
- Hardware
- Other
By Technology
- Wired
- Non-Wired
By End-User Industry
- Aerospace & Defense
- Civil Infrastructure
- Mining
- Electricity
Growth Drivers
- Requirement for Critical Infrastructure Repairing and Automated Maintenance
- Constant Growth in Airline Services
- Growing Automotive and Construction Industry
Challenges
- Critical Procedure of Installation
- Need for High Initial Investment
Top Featured Companies Dominating the Market
- National Instruments Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Advitam Inc.
- Kinemetrics Inc.
- Geocomp Corporation
- Hottinger Brüel & Kjaer GmbH
- Acellent Technologies, Inc.
- Nova Metrix LLC
- Strainstall UK Ltd.
- Arconic Corporation
- CAV System Ltd
