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Structural Health Monitoring Market Trends, Top Companies, Opportunities and Forecast by 2027

11-27-2023 05:02 AM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Structural Health Monitoring Market

Structural Health Monitoring Market

The Structural Health Monitoring Market is a non-destructive diagnostic method used to evaluate the current state of a structure. SHM includes the implementation of techniques and strategies for damage characterization and detection for applications in civil engineering, aerospace industry, and mechanical engineering. Moreover, majority of the infrastructure in developed nations was developed after the Second World War and the industrial revolution. Hence, most of these structures are overused and old. In addition, the growth in population and development in lifestyles have deteriorated the condition of these structures such as bridges, pipelines, transportation systems, and others. 

The global structural health monitoring market size was valued at $1,674.0 million in 2019 and is projected to reach $3,815.1 million by 2027, registering a CAGR of 14.5% from 2020 to 2027

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SHM can assist in real-time continuous assessment of these structures, which can predict repairs and maintenance, resulting in lowered number of damages and accidents.  SHM is a sophisticated process that involves the continuous monitoring and assessment of structures to identify potential issues or deterioration in real-time. This proactive approach helps prevent catastrophic failures, optimize maintenance strategies, and ultimately prolong the lifespan of structures.

The rapid urbanization and frequent occurrences of natural calamities, such as earthquakes, are the major growth drivers for the structural health monitoring market analysis in the Asia-Pacific region. According to component, the hardware segment highly contributed toward the structural health monitoring market due to development in sensor technologies in the industry. In addition, the reduction in prices of wireless sensors for SHM applications also assisted in driving the growth of the market.

The implementation of SHM systems involves significant upfront costs, which can be a deterrent for smaller projects or organizations with budget constraints. With the increasing reliance on data for structural assessments, ensuring the security of this data becomes a critical concern. Addressing potential cybersecurity risks is essential for the widespread adoption of SHM technologies. The absence of standardized protocols and guidelines for SHM implementation poses challenges in terms of interoperability and consistency across different projects and regions.

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As cities become smarter and more connected, SHM is expected to play a crucial role in ensuring the safety and reliability of urban infrastructure. Ongoing developments in sensor technologies, such as wireless sensors and miniaturized devices, will further enhance the capabilities of SHM systems, making them more versatile and cost-effective. Industry collaboration and the development of international standards will be instrumental in overcoming challenges related to standardization, interoperability, and data security.

The global structural health monitoring market is segmented on the basis of application, end user, component, and region. Based on component, the market is fragmented into hardware, software, and services. According to end user, the market is categorized into civil, aerospace, defense, mining, energy, and others. By connectivity, the market is classified into wired and wireless. 

The Structural Health Monitoring market is witnessing unprecedented growth, driven by technological advancements, infrastructure investments, and the imperative to safeguard aging structures. As the industry continues to evolve, collaboration, innovation, and a commitment to standards will be key in unlocking the full potential of Structural Health Monitoring, ensuring the resilience and sustainability of our built environment.

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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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