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Structural Health Monitoring Market size was valued at USD 2210 million in 2019 and is poised to grow from USD 2530.27 million in 2023 to USD 7595 million by 2031, growing at a CAGR of 14.7% in the forecast period (2024-2031).

The structural health monitoring market is consolidated with a few large and medium-sized players accounting for majority market revenue. Established companies are engaged in various research & development activities and initiatives to develop and deploy new and more efficient technologies in the structural health monitoring market. These key players are making high investments in R & D to develop innovative solutions and gain a competitive edge over others. The market is fragmented in nature owing to the presence of a large number of manufacturers offering SHM solutions. Companies are focusing on strategies such as mergers and acquisitions, joint ventures, product launches, and partnerships to sustain and retain their share in the highly competitive arena. These strategies help them in expanding their and regional presence as well as offer enhanced product portfolio to their customers. 'Nova Metrix LLC', 'Campbell Scientific, Inc.', 'Cowi A/S', 'Geocomp Corporation', 'Geokon, Inc.', 'National Instruments Corporation', 'Pure Technologies Ltd.', 'RST Instruments Ltd.', 'Senceive Ltd.', 'Strainstall UK Ltd.', 'Digitexx Data Systems, Inc.', 'Acellent Technologies, Inc.', 'AVT Reliability Ltd.', 'Bridge Diagnostics, Inc.', 'EDMI Limited', 'Fugro N.V.', 'Geomotion Singapore Pte Ltd.', 'Hottinger Baldwin Messtechnik GmbH', 'Kinemetrics Inc.', 'Sensuron LLC.'

High Availability of Low-Cost Sensors to Propel the Structural Health Monitoring Market Growth

There is a clear need for reliable and timely data in construction and critical infrastructure management. Until recently, data collection for structural health monitoring (SHM) was primarily a manual process in which engineers had to go out in the field to take key measurements. The problem with manual data collection is that it is slow, unreliable, and inefficient. The rise of the Internet of Things (IoT) provides a boost to the civil and structural engineering industries. Significant cost reductions in sensors and connectivity, combined with the expansion of platform-as-a-service business models, now allow for the collection of large amounts of data remotely, aggregation, and critical analysis to generate actionable insights.

The Asia Pacific market is expected to account for largest revenue share during the forecast period. The Asia Pacific market accounted for largest revenue share in 2021 owing to rapid growth in the construction industry in India, China, Thailand, and Vietnam. An increase in urbanization in countries of the region has led to significant growth of the infrastructure sector in the region. In China, Special-Purpose Bonds (SPBs) are being issued by government for local governments to fund infrastructure projects and about 50% of total fund was used for municipal administration, transport, infrastructure, and industrial park infrastructure sectors. In addition, 30% of total expenditure was spent on social projects such as affordable housing, health, and sanitation, and others. Similarly, in March 2021, India passed a bill to set up National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in the country. Additionally, Ministry of Road Transport and Highways has created Indian Bridge Management System (IBMS), which is an inventory of all bridges in the country and rates their structural condition. It will help the government to monitor and conduct timely repair and rehabilitation work based on criticality of structure. This is expected to increase demand for structural health monitoring systems in civil infrastructure and hence drive revenue growth of the market in the region.

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Global Structural Health Monitoring Market

Product ID: SQMIG35E2019