Market Benefits
Global Structural Health Monitoring Market to reach USD 5.5 billion by 2025.
Global Structural Health Monitoring Market valued approximately USD 1.21 billion in 2016 is anticipated to grow with a healthy growth rate of more than 18.35% over the forecast period 2017-2025. Worldwide infrastructural development, rising government regulations for structural safety, and availability of the inexpensive sensors that reduce the overall cost of structural health monitoring system are the major factors which are driving the growth in the Global Structural Health Monitoring Market.
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On the other hand, a lack of technical expertise and complications associated with the installation of structural health monitoring systems for large structures are the factors that hamper the growth of the market. Structural Health Monitoring (SHM) technology deals with the implementation of systems and techniques which includes inspection, monitoring, and other processes for damage detection of structures. Its main function is to diagnose the condition of the materials of different parts of structures like rails, buildings, bridges, dams, power plants and so on. Structural health monitoring systems reduce the repairs and maintenance cost during a structure's life cycle. Structural health monitoring is used in numerous industries such as railways, civil engineering, energy, and utilities. This technology encompasses various types of devices including measuring amplifiers, actuators, sensors, analyzing tools, data acquisition system, and transmission software. Structural health monitoring helps to detect damage and improve the structure safety, which results in time and cost saving.
Top Players:
The industry is seeming to be fairly competitive. Some of the leading market players include Nova Metrix, Geokon, Campbell Scientific, Cowi, Geocomp, Acellent, Sixense, Pure Technologies, Structural Monitoring Systems, Digitexx, First Sensor, Bridge Diagnostics, Sisgeo, Rst Instruments, Avt Reliability (Aesseal), Geomotion Singapore, Strainstall UK (James Fisher & Sons PLC), Hottinger Baldwin Messtechnik, Kinemetrics and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
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Market Segmentation:
By Technology:
• Wired Structural Health Monitoring
• Wireless Structural Health Monitoring
By Application:
• Structural Health Monitoring and Nondestructive Testing
• Damage Detection
• Crack Detection
• Impact Monitoring
• Corrosion Monitoring
• Strain Monitoring
• Hotspot Monitoring
• State Sensing
• Multimodal Sensing
By Regions:
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World
Target Audience of the Global Structural Health Monitoring Market in Market Study:
• Key Consulting Companies & Advisors
• Large, medium-sized, and small enterprises
• Venture capitalists
• Value-Added Resellers (VARs)
• Third-party knowledge providers
• Investment bankers
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