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The structural health monitoring market size is estimated to grow by USD 2.62 billion at a CAGR of 15.8% between 2023 and 2028. The growth of the market depends on several factors, including the increasing need for infrastructure maintenance and safety, the expansion of smart cities, and the growing focus on sustainability and environmental conservation. Challenges such as the rise in budgetary constraints, a highly saturated market, and regulatory challenges related to structural health monitoring are the key factors hindering the growth of the market. Nevertheless, trends such as the advent of IoT in structural health monitoring, rising focus on big data analytics, and adoption of green cleaning products will shape the growth of the market.
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The market plays a crucial role in ensuring the safety and sustainability of critical infrastructure across various sectors like the infrastructure sector. As standards like SHM system standardization are implemented, the focus on public safety increases, addressing concerns about the longevity of structures such as buildings, bridges, dams, and stadiums. Utilizing advanced sensors and analyzing tools, SHM systems enable civil engineers to monitor the health of large machines, airframes, and turbines in real-time, mitigating risks associated with natural calamities and ensuring predictive maintenance. Particularly in developing countries and smart cities, these systems are pivotal in preventing loss of lives and averting economic and social complications by promoting cost-effective constructions and efficient maintenance strategies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is driven by the escalating demand for infrastructure maintenance and safety. This need is underscored by the imperative to prevent catastrophic incidents such as bridge collapses or building failures. SHM systems, crucial in the infrastructure sector, offer real-time insights into structure conditions, aiding in the identification and resolution of potential issues before they escalate into hazardous situations.
Moreover, SHM facilitates early detection of structural anomalies, allowing for prompt maintenance and averting calamities. Organizations investing in SHM solutions are driven by the prospect of substantial cost savings from avoiding emergency repairs and premature replacements. With smart cities and developing countries increasingly adopting SHM technologies, the global market is witnessing robust growth, spurred by the imperative of ensuring structural integrity and public safety. Hence, such factors are driving the market during the forecast period.
The advent of IoT in structural health monitoring is a primary trend in structural health monitoring. Various technological innovations in the market have increased demand for smart facilities management solutions. These devices are interconnected over the Internet and are used to collect and evaluate data that can be used to reduce the amount of energy required to perform the tasks.
In addition, IoT uses advanced technologies, including predictive maintenance, that result in reduced operating costs and increased productivity. Furthermore, it is possible to ensure that devices or machines are maintained where necessary through the Internet of Things technologies. Increasingly, there are more and more outsourcing providers choosing to provide Internet of Things solutions. These factors will increase productivity while ensuring the energy efficiency of buildings. The building can monitor motion, light, temperature, humidity, and infrared. Each luminaire is directly connected to the building's IT network by using power-other-ethernet (PoE) cables and becomes a point of intelligence that provides data on building occupancy and activity patterns in the building along with environmental data. Hence, the advent of IoT in structural health monitoring is expected to drive market growth in the forecast period.
The rise in budgetary constraints is a major challenge in a market. Small organizations, especially in growing economies, face huge budget shortages and often rely on funds provided by investors and venture capitalists (VCs). Those budgetary constraints, which result in low-quality services being awarded, prevent them from entering into contracts with established and reliable companies for the monitoring of Structural Health. This will also have an effect on the total structural health monitoring capabilities of the organization. These low-quality facilities management services often result in high maintenance and operation costs, thereby affecting the profitability of the company.
Moreover, the steady rise in costs associated with training and retaining skilled personnel within the organization further impedes the growth of the market. There is excessive energy consumption in buildings due to the aging of assets used by organizations. The operating costs of the company increase further when these assets are replaced and maintained. For this reason, efficient Structural Health Monitoring is no longer appropriate as it incurs a high cost of maintenance. Thus, the rise in budgetary constraints, especially in small organizations, will hamper the market growth and trends during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Campbell Scientific Inc. - The company offers a structural health monitoring system such as the VSPECT system.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The hardware segment is estimated to witness significant growth during the forecast period. The global market consists of various segments, one of which is hardware. In structural health monitoring, hardware refers to the physical components and devices used to monitor the structural integrity of infrastructure, buildings, bridges, dams, and other civil engineering structures.
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The hardware segment was the largest segment and was valued at USD 784.30 million in 2018 and continued to grow by 2022. These hardware components play a crucial role in acquiring data, sensing various parameters, transmitting signals, and processing information for structural health monitoring purposes. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is expected to grow at a steady rate during the forecast period. A few important factors contributing to the market growth in North America are the increased adoption of structural health monitoring services by end-user industries, the shift of conventional management services to advanced and third-party structural health monitoring services, growth of end-user industries, increased government initiatives for the implementation of structural health monitoring, and the growing number of IT companies and IT startups.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The structural health monitoring (SHM) market is witnessing substantial growth, especially in the infrastructure sector. With increasing concerns over public safety and the sustainability of structures, civil engineers are adopting SHM systems to ensure the integrity of critical infrastructure. These systems, equipped with sensors and data acquisition capabilities, provide real-time insights into the health of various structures, from buildings and stadiums to large machines and turbines. By implementing SHM systems, the risk of structural failure due to natural calamities or aging infrastructure can be mitigated, thereby reducing the potential for economic and social complications and saving lives. Standardization of SHM systems, coupled with advancements in analyzing tools and energy harvesting systems, is further driving market growth and contributing to the development of cost-effective and resilient infrastructure worldwide.
In developing countries, where infrastructural development is a priority, the implementation of SHM systems is gaining traction. These countries often face challenges such as aging infrastructure, structurally deficient bridges, and functionally obsolete buildings. By deploying SHM technologies, they can address these issues while adhering to safety regulations and mitigating the risk of economic complications and loss of lives. Moreover, the standardized SHM systems, equipped with advanced features like distributed optic fibre and measuring amplifiers, offer prior warnings against potential disasters such as collapsing buildings or road failures. This proactive approach not only fosters infrastructure resilience but also drives productivity growth and enhances public safety, especially during major events like sporting tournaments such as the FIFA World Cup and the Olympics.
The market is increasingly vital for ensuring the safety and reliability of critical infrastructure worldwide. In sectors like transportation projects and buildings & stadiums, SHM systems play a crucial role in monitoring the health of structures such as airframes, transmission systems, and functionally obsolete bridges. These systems enable inspection staff to detect potential issues promptly, reducing the risk of natural disasters and collapses. Moreover, they provide real-time monitoring, minimizing disruptions caused by power outages and communication failures. With the rise of online shopping and remote working, ensuring the integrity of retail locations and cost-effective constructions becomes paramount, making SHM solutions indispensable for maintaining the safety and reliability of various assets worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.8% |
Market growth 2024-2028 |
USD 2.62 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.84 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Germany, China, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH, James Fisher and Sons Plc, Kinemetrics Inc., LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc., National Instruments Corp., Nova Ventures Group Corp., Ramboll Group AS, RST Instruments Ltd., Sisgeo S.r.l., STRUCTURAL MONITORING SYSTEMS plc, Vinci, Xylem Inc., and Yokogawa Electric Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Connectivity
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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