Soaring Demand Set to Propel Structural Health Monitoring Market to $6.03 Billion by 2029

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What Is the Expected CAGR for the Structural Health Monitoring Market Through 2025?
In recent years, the market size of structural health monitoring has experienced a swift expansion. It is projected to surge from $3.04 billion in 2024 to $3.44 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.3%. The previous period's growth can be associated with factors like market recognition and acceptance, measures taken for disaster mitigation, escalated government initiatives, the emergence of wireless monitoring, and the advent of innovative SHM applications.

What's the Projected Size of the Global Structural Health Monitoring Market by 2029?
The market size of structural health monitoring is predicted to witness significant expansion in the coming years. By 2029, it will reach a staggering $6.03 billion, increasing at a compound annual growth rate (CAGR) of 15.0%. The projected growth in this period is driven by several factors such as the burgeoning of smart city initiatives, the emerging growth in remote monitoring solutions, the assimilation of machine learning and ai, widening of renewable energy infrastructure and strong regulatory focus on structural safety. Noteworthy trends predicted for the forecast period comprise advancements in sensor technology, incorporating the internet of things (iot), an increasing demand for predictive maintenance, proliferation of infrastructure development, and its rising adoption in the aerospace and defense sectors.

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Top Growth Drivers in the Structural Health Monitoring Industry: What's Accelerating the Market?
The continuous rise in natural disasters is projected to propel the structural health monitoring market's expansion in the future. These natural disasters are devastating incidents precipitated by various natural phenomena. Structural health monitoring aids in averting damage from water and floods caused by the failure of infrastructure such as dams, dykes, and pipelines during such incidents. Consequently, the recurring nature of these disasters is likely to spur the growth of the structural health monitoring market. For example, a report by the National Centers for Environmental Information (NCEI), a US-based government institution, stated that in 2023, the U.S. experienced 28 separate weather and climate-related catastrophes, each causing at least $1 billion worth of damage, establishing a new record for the most billion-dollar calamities in a single year. Thus, the increasing frequency of natural disasters is stimulating the expansion of the structural health monitoring market.

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What Trends Will Shape the Structural Health Monitoring Market Through 2029 and Beyond?
The primary trend being embraced in the structural health monitoring market is the progression of technology. Top-tier companies in this market are channeling their focus towards the creation of new technologies. To illustrate, One Concern, an American tech firm dealing with climate resilience, introduced One Concern Domino and One Concern DNA in February 2022 to fortify corporate resilience to climate change. Domino acts as a sophisticated digital twin solution that detects cascading effects on intricate societal networks, aiding businesses in assessing "business resilience" besides physical asset damage. On the other hand, DNA provides detailed resilience analytics at the property level, enabling accurate risk picking and comparison with other properties. In unison, these innovative tools employ extensive data and machine learning to provide useful insights on climate ramifications, infrastructure downtime, and recuperation expenses, thereby granting decision-makers the capability to counter climate risks ahead of time.

What Are the Main Segments in the Structural Health Monitoring Market?
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

Subsegments:
1) By Hardware: Sensors, Data Acquisition Systems, Communication Devices, Structural Health Monitoring Systems
2) By Software: Data Analysis Software, Monitoring And Management Software, Visualization Tools
3) By Services: Installation And Integration, Maintenance And Support, Consulting And Advisory Services, Training And Education

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Which Top Companies are Driving Growth in the Structural Health Monitoring Market?
Major companies operating in the structural health monitoring market include 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, Strainstall Limited, Pure Technologies, RST Instruments Ltd., Smart Structures Inc., Hexagon AB, Hottinger Bruel & Kjaer (HBK) Test and Measurement, General Electric (GE) Sensing & Inspection Technologies, Dynastar SAS, B&K Vibro, ASI Technologies, Applied Acoustic Systems, Agilent Technologies

Which Regions Will Dominate the Structural Health Monitoring Market Through 2029?
Asia-Pacific was the largest region in the structural health monitoring market in 2024. The regions covered in the structural health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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