Structural Health Monitoring Market Set to Surpass USD 6.98 Billion by 2030, Driven by Infrastructural Expansion and Safety Measures

The SNS Insider report indicates that the Structural Health Monitoring Market was valued at USD 2.37 billion in 2022 and is expected to reach USD 6.98 billion by 2030 at a CAGR of 14.4% during the forecast period of 2023-2030.

The structural health monitoring (SHM) market is experiencing rapid growth, driven by the increasing need for continuous monitoring and maintenance of critical infrastructure such as bridges, dams, buildings, and pipelines. Structural health monitoring systems utilize sensors, data acquisition systems, and advanced analytics to assess the condition and performance of structures in real-time, enabling early detection of defects, deterioration, and potential failures. In the civil engineering sector, SHM systems play a crucial role in ensuring the safety and reliability of infrastructure assets, facilitating proactive maintenance and repair interventions to prevent catastrophic failures and mitigate risks to public safety. Moreover, in industries such as aerospace, wind energy, and maritime, SHM technologies are utilized to monitor the structural integrity of aircraft, wind turbines, offshore platforms, and ships, optimizing asset performance, reducing downtime, and minimizing operational risks.

Technological advancements in sensor technology, wireless communication, and data analytics are driving innovation in the structural health monitoring market, with a focus on enhancing system accuracy, reliability, and efficiency. Advanced sensor technologies such as fiber optics, piezoelectric transducers, and wireless sensors offer high sensitivity, resolution, and durability for monitoring structural parameters such as strain, vibration, temperature, and corrosion. Furthermore, innovations in data analytics algorithms and machine learning techniques enable predictive maintenance, anomaly detection, and risk assessment, providing actionable insights for asset management and decision-making. As infrastructure owners and operators increasingly prioritize asset reliability, safety, and sustainability, there is a growing demand for integrated and cost-effective SHM solutions that offer comprehensive monitoring capabilities, scalability, and interoperability across diverse applications and environments. Stakeholders in the structural health monitoring market are well-positioned to capitalize on emerging opportunities, technological advancements, and strategic partnerships to drive innovation and growth in the global marketplace.

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Some of the Key Players Included are:

Some of the major key players are as follows: Nova Metrix, Sixense, Acellent, Campbell Scientific, Geo kon, Cowi, Geo comp, Pure Technologies, Digitexx, Structural Monitoring Systems.

Market Report Scope:

Structural health monitoring (SHM) involves the collection and analysis of data through connected sensors during the service life of structures. It is a non-destructive method for identifying and quantifying deterioration to predict the necessity of repair and maintenance. The market's growth is driven by increased focus on SHM, obsolete infrastructure in Europe and North America, and advances in wireless sensor networks. However, challenges such as high implementation costs and data normalization hinder market growth.

SHM in civil structures is gaining global popularity in construction management, reducing inspection costs and research time. It provides real-time data for a better understanding of structure behavior under dynamic loads and seismic protection. Despite challenges related to static and dynamic stress monitoring of dams, SHM remains essential for ensuring safety. The technology is widely used in aerospace, civil, and mechanical engineering applications to guarantee the safety and reliability of structures.

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Market Analysis:

The structural health monitoring system ensures the functionality and safety of structures, embedding sensors during construction for lifelong monitoring. It evaluates integrity post-natural calamities, reducing maintenance costs and time through real-time monitoring. Increasing real estate infrastructure globally, the emergence of smart cities, and the construction of complex infrastructure contribute to market growth.

Segment Analysis:

By Solution Type: The hardware segment dominates (60% revenue share in 2022) due to the high cost of integral elements like sensors and data acquisition systems.

By Technology Type: Wired SHM leads (62% revenue share in 2022) as it offers reliable connectivity for continuous monitoring of various structures worldwide.

By Application: The bridges & dams segment holds the highest revenue share (35% in 2022) due to the growing number of functionally obsolete structures, necessitating monitoring.

By Solution Type
Hardware
Software & Services

By Application Type
Bridges & Dams
Building & Stadiums
Vessels & Platforms
Airframes & Wind Turbines
Large Machines & Equipment
 
By Technology Type
Wired
Wireless

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Key Regional Development:

North America dominates with a 36% revenue share in 2022, driven by increased attention on civil infrastructure repair, aging infrastructure, and investments in airframes & wind turbines. The region relies on SHM systems for safety and security, with aging infrastructure prompting the adoption of monitoring methods.

Asia Pacific is expected to grow at the fastest CAGR of 18.5% during the forecast period. Rapid urbanization, infrastructure projects, and the urgent need for high-quality structures contribute to the demand for SHM systems. Countries like China and India are investing in bridges and buildings to support economic growth.

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Key Takeaways:

The Structural Health Monitoring Market is predicted to reach USD 6.98 billion by 2030.
Growing focus on infrastructure, safety measures, and government initiatives are driving market expansion.
Hardware, wired SHM, and bridges & dams application segments dominate the market.
Recent Developments:

In March 2021, Geokon launched the GeoNet 8900 Series data acquisition system, a wireless, low-power system for secure internet-based data access.
In April 2020, Campbell Scientific, Inc. introduced the GRANITE line with remarkable applications in the structural health monitoring market.
In March 2020, Sherborne Sensors introduced the LSOC-D Servo series sensor, an inclinometer with an integrated display, designed for monitoring bridges.

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