Structural Health Monitoring Market to Eyewitness Massive Growth by 2028 | Digitex, Geocomp, HBM

According to our latest market study on "Structural Health Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component (Hardware, Software and Services); Connectivity (Wired Structural Health Monitoring and Wireless Structural Health Monitoring); End-User (Oil and Gas, Civil Infrastructure, Aerospace and Defense, Energy, Mining, and Others), and Geography," the market is expected to grow from US$ 1,965.1 million in 2021 to US$ 5,060.9 million by 2028; it is estimated to grow at a CAGR of 14.5% from 2022 to 2028. Development of smart cities is Catalyzing the Structural Health Monitoring Market

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Structural health monitoring (SHM) is the process of monitoring a system using the periodically sampled response measurements captured by a range of sensors. Data acquisition, operational evaluation, normalization, and cleansing; feature extraction; data compression; and statistical model development are among the different processes included in structural health monitoring. Sensors, data transfer and storage systems, data management systems, data acquisition systems, and data interpretation and diagnosis systems are the key components of structural health monitoring systems. These systems are also for the damage detection of buildings, bridges, and other engineering structures. The dense populations of a few Asian countries, such as India and China, have paved the way for rapid urbanization, thus, leading to an increased focus on infrastructure growth and development. In the last few years, a large number of companies have started offering structural health monitoring solutions for various projects worldwide.

Structural health monitoring (SHM) tools are used in the design, analysis, and maintenance of civil engineering structures and systems. The catastrophic failure of infrastructure can result in the loss of lives, along with incurring huge infrastructure losses, which is one of the major factors boosting the growth of the structural health monitoring market. High investments in infrastructure; and the benefits of structural health monitoring, such as reduced maintenance costs and improved safety also favor the progress of the structural health monitoring market.

A large number of construction companies, marine and air traffic departments, and government bodies/associations are promoting the adoption of structural health monitoring solutions/devices for reducing the expenses associated with infrastructural repairs. Moreover, the economic growth of developing countries in Southeast Asia and the Middle East & Africa, adoption of advanced technologies, and increasing implementation of organic and inorganic growth strategies by market players are bolstering structural health monitoring market growth. For instance, in November 2020, Sixense, a France-based company, partnered with Topcon Positioning Systems (US) for expanding its presence in Africa. Through this partnership, Sixense aims to meet the requirements for digital transformation in the infrastructure, mining, construction, and agriculture sectors in Africa.

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Key Players: Acellent Technologies, Inc., Campbell Scientific, Inc., Digitex, Geocomp Corporation, HBM, James Fisher and Sons plc, Kinemetrics, Nova Ventures, Resensys, LLC, SIXENSE Systems

MARKET DYNAMICS
Primary purposes served by structural health monitoring include the testing & monitoring of the performance and health of large machines, turbines, airframes, and structures (bridges, buildings, dams, stadiums, etc.). The SHM equipment reduces inspection costs and improves the safety of crucial architectural structures. It also helps eliminate costly and ineffective procedures of manual inspections. However, the high costs of installation and monitoring procedures and challenges pertaining to data normalization may restrain the growth of the structural health monitoring market. However, stringent government regulations; aging infrastructures; and advancements in monitoring systems, such as wireless sensor networks, are expected to trigger the growth of the market in the coming year. In March 2020, Sherborne Sensors, a brand of Nova Metrix LLC, introduced the LSOC-D Servo series sensor, which is an inclinometer with an integrated display. The LSOC-D provides a single power supply for, both, the display and inclinometer. This sensor is majorly designed for the monitoring of bridges.

IMPACT OF COVID-19 PANDEMIC
The demand for structural health monitoring devices dropped in the first 2-3 quarters of 2020 globally, thus leading to lower production volumes for companies manufacturing these systems and their components. A decline in the demand was majorly due to prolonged lockdowns; a pause in international trade; and hindrances in construction and maintenance activities in civil infrastructure, energy, and aerospace & defense sectors in various countries. However, the structural health monitoring market embarked on the path of recovery from 2021. The market witnessed a growth of ~9% in 2021, majorly due to infrastructure development initiatives taken by governments of different countries.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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