Structural Health Monitoring Market Size, Future Trends, Major Players And Forecast 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Structural Health Monitoring Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The structural health monitoring market size has grown rapidly in recent years. It will grow from $2.67 billion in 2023 to $3.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to market recognition and acceptance, disaster mitigation efforts, increased government initiatives, development of wireless monitoring, pioneering shm applications.

The structural health monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to rise in smart cities initiatives, growth in remote monitoring solutions, integration of machine learning and ai, expansion in renewable energy infrastructure, regulatory emphasis on structural safety. Major trends in the forecast period include advancements in sensor technology, internet of things (iot) integration, demand for predictive maintenance, growing infrastructure development, adoption in aerospace and defense.

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Market Segmentation:
The structural health monitoring market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Connectivity: Wired, Wireless
3) By Application: Bridges And Dams, Buildings And Stadiums, Vessels And Platforms, Airframes And Wind Turbines, Large Machinery And Equipment
4) By End User: Civil, Aerospace, Defense, Energy, Mining, Other End Users

Major Driver - Frequent Natural Calamities Propel Growth In Structural Health Monitoring Market
The frequent occurrences of natural calamities are expected to boost the growth of the structural health monitoring market going forward. Natural calamities are catastrophic occurrences that arise as a result of any natural phenomenon on Earth. Structural health monitoring is very helpful to prevent water and flood damage brought on by collapsed dams, dykes, pipelines and other similar infrastructure as a result of natural disasters, hence, frequent occurrences of natural calamities are expected to boost the structural health monitoring market. For instance, according to a report published by EM-DAT, The International Disaster Database, a US-based global database on natural and technological disasters, in 2021, 432 catastrophes caused by natural calamities occurred in 2021 across the globe. These resulted in 10,492 fatalities, impacted 101.8 million people and cost the economy over 252.1 billion US dollars. Asia was the region most severely affected, accounting for 40% of all disaster events, 49% of all fatalities and 66% of all affected individuals. Furthermore, in December 2022, according to a report shared by ReliefWeb, a US-based humanitarian information portal, 436 disasters had occurred in total in 2021, exceeding the average of 376 per year over the previous 30 years. Storms and floods typically cause the greatest number of occurrences and, as a result, the greatest financial damage. Therefore, the frequent occurrences of natural calamities are driving the growth of the structural health monitoring market.

Competitive Landscape:
Major companies operating in the structural health monitoring market report are Nova Ventures Group Corp., Geokon, Campbell Scientific Inc., COWI A/S, Geocomp Corporation, Acellent Technologies Inc., Sixense, Structural Monitoring Systems Plc, Digitexx Data Systems Inc., Kinemetrics, National Instruments Corporation, Hottinger Baldwin Messtechnik GmbH, SGS Société Générale de Surveillance SA, James Fisher Strainstall, Advitam Inc., Strainstall Limited, Pure Technologies, RST Instruments Ltd., Smart Structures Inc., Abaqus Technologies Inc., Hexagon AB, Hottinger Bruel & Kjaer (HBK) Test and Measurement, General Electric (GE) Sensing & Inspection Technologies, Dynastar SAS, DRS Technologies, Acellent Technologies, B&K Vibro, ASI Technologies, Applied Acoustic Systems, Agilent Technologies.

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Top Trend - Technological Advancements Driving Innovation In Structural Health Monitoring Market
Technological advancement is the key trend gaining popularity in the structural health monitoring market. Major companies operating in the structural health monitoring market are focusing on developing new technologies. For instance, in June 2021, Quakelogic, a US-based provider of intelligent disaster management solutions, launched the SMARTMONITORING system, an advanced and integrated structural health monitoring (SHM) and earthquake early warning (EEW) technology. The unique feature of the SMARTMONITORING system is 24/7 structural health monitoring with quick notification. Cloud-based technologies and artificial intelligence (AI) make fast, real-time information accessible to decision-makers and their teams. Within 60 seconds following an alarm-generating incident, it offers thorough SHM assessment reports and engineering-quality data that may be used to make an informed decision.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Structural Health Monitoring Market Characteristics
3. Structural Health Monitoring Market Trends And Strategies
4. Structural Health Monitoring Market - Macro Economic Scenario
5. Structural Health Monitoring Market Size And Growth
…..
27. Structural Health Monitoring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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