The structural health monitoring market value is expected to reach USD 4,478.0 million in 2024. From 2024 to 2034, the market is anticipated to progress at an outstanding CAGR of 14.0%, surpassing an overall value of USD 16,601.1 million.
Key Market Drivers
Post-pandemic, the construction and infrastructural development sector is experiencing a tremendous surge. Governments in emerging economies are investing billions of dollars in constructing public utilities, such as bridges, roads, and flyovers. This has exponentially stretched the demand for structural health monitoring solutions. Besides this, the market is also exhibiting a healthy growth rate due to these reasons:
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2024) | USD 4,478.0 million |
| Anticipated Forecast Value (2034) | USD 16,601.1 million |
| Estimated Growth (2024 to 2034) | 14.0% CAGR |
Companies constructing structural health monitoring systems are increasingly integrating artificial intelligence and machine learning algorithms to predict the mechanical integrity of buildings. Wireless sensor networks and IoT-enabled devices are also being utilized for real-time monitoring of structures. This saves time and financial capital for the stakeholders.
With technological advancements, construction companies are also using drones and unmanned aerial vehicles (UAVs) for regular inspections and surveys. This helps them understand the condition of the construction site more comprehensively. Apart from this, companies are also adapting to cloud-based structural health monitoring platforms so that engineers and contractors can access the data from anywhere in the world.
Despite such an outstanding growth rate, the market is very likely to face a plunge due to several reasons. One of the main reasons for this slowdown is the high initial costs associated with acquiring and installing structural health monitoring systems.
Companies with limited budgets are likely to refrain from buying these equipment as they may find the traditional ways effective and cost-saving. Another reason impeding the adoption is the lack of skilled workforce.
These machines are often exported from European countries. Engineers and infrastructure development companies have to spend extra capital and training hours to make the workers acquire this technology.
There are still many concerns regarding data security and privacy when it comes to cloud-based monitoring platforms. The market is still in its nascent stages and construction companies are yet not fully satisfied with their efficiency.
Another key deterrent negatively shaping the future of this market is the integration of these modern setups into the existing infrastructure and legacy systems. Companies in the structural health monitoring market must overcome these challenges for promising returns in the future.
On the basis of components, the market is segmented into hardware, software, and services. The software segment is anticipated to hold a share of 38.30% of the overall structural health monitoring market.
| Attributes | Details |
|---|---|
| Component | Software |
| Market Share in 2024 | 38.30% |
The demand for SHM software has skyrocketed in the past few years, especially among government construction companies and projects. Using SHM software, builders can regularly monitor and assess the structural integrity of their projects.
This ensures that the structures constructed are according to the safety standards. These assessments also minimize the risk of accidents and structural failures, which is one of the main concerns for builders.
Based on type, the wired structural health monitoring segment takes the maximum share of the structural health monitoring market. It is anticipated to hold a market value of 62.40%.
| Attributes | Details |
|---|---|
| Type | Wired Structural Health Monitoring |
| Market Share in 2024 | 62.40% |
Wired SHM equipment is being increasingly preferred by builders and contractors as it offers higher reliability and stability compared to wireless alternatives. These equipment are less susceptible to signal loss, hacking, and other interferences, smoothening the construction process.
Their demand in construction and infrastructure development projects is also touching the skies. This is because they provide more precise and real-time data due to the direct and uninterrupted connection between sensors and monitoring devices.
This section offers a comprehensive analysis of the structural health monitoring market across various countries, including Australia and New Zealand, China, Japan, the United States, as well as Germany. The table presents the CAGR for each country, depicting the estimated market growth in these countries until 2034.
| Countries | Forecasted CAGR from 2024 to 2034 |
|---|---|
| Australia and New Zealand | 17.50% |
| China | 14.50% |
| United States | 10.90% |
| Germany | 5.50% |
| Japan | 4.80% |
Australia and New Zealand are expected to exhibit significant growth in the market during the forecast period. The structural health monitoring market in these countries is anticipated to develop at a CAGR of 17.50% through 2034.
Australia and New Zealand are one of the rapidly emerging economies in the world. Governments in these countries are spending billions of dollars to construct new utility buildings, bridges, wind turbines, etc. These constructions require regular monitoring and surveying which automatically fuels the demand for structural health monitoring systems in these countries.
China is also one of the lucrative markets in the East Asian structural health monitoring industry. The structural health monitoring market in China is anticipated to surge at a CAGR of 14.50% through 2034.
China’s economy is significantly impacted by the construction sector. It has also grown significantly since the pandemic. Public as well as private construction companies are increasingly opting for these equipment to minimize structural failures.
With the presence of industry giants in the country, China-based construction companies have access to sophisticated SHM software and equipment. These tools integrate AI and ML algorithms to predict the fallacies in the structures.
The United States also is a promising market in the structural health monitoring industry. Over the next ten years, demand for structural health monitoring in the United States is projected to rise at a 10.90% CAGR.
The United States is currently undergoing a rapid phase of urbanization and population growth. This is primarily due to the rising number of immigrants flocking to the country for education and job opportunities.
This has necessitated companies in the construction sector to adopt sophisticated SHM solutions to ensure the safety and well-being of the residents residing in these newly constructed buildings.
Germany is another rewarding market in the structural health monitoring industry. The market is anticipated to progress at a CAGR of 5.50% between 2024 and 2034.
Germany is filled with old buildings and structures, both in the private as well as in the public domain. These buildings often need comprehensive renovations and structural upgrades to keep up with modern safety standards.
This has driven the demand for structural health monitoring systems in Germany. Besides this, rapid industrialization has also forced construction companies to adopt SHM systems to assess the condition of the buildings regularly.
Japan also exhibits a promising future in the structural health monitoring market. The market in Japan is anticipated to retain its power by progressing at a CAGR of 4.80% till 2034.
Japan has always been facing the problem of natural calamities such as tsunamis and earthquakes. These calamities weaken the structural integrity of the buildings on a regular basis. This is the reason why Japan-based construction companies heavily rely on smart structural health monitoring systems. They use these systems to make sure that their buildings remain resilient and safe against frequent tsunamis and earthquakes.
Nova Metrix LLC, Campbell Scientific, Inc., COWI, Geocomp Corporation, Acellent Technologies, Inc., Sixense, Pure Technologies (Xylem, Inc.), and Digitex are some of the most prominent companies in the structural health monitoring market.
Construction companies, both private and public, rely on the offerings of these companies to monitor and assess their buildings. These companies offer sensors, data acquisition systems, and data analysis and visualization software platforms. They also provide consulting and monitoring services to civil engineering, construction, transportation, and energy stakeholders.
Recent Developments
The current worth of the structural health monitoring market is expected to be US$ 4,478.0 million in 2024.
The structural health monitoring market is expected to reach US$ 16,601.1 million by 2034.
The structural health monitoring market is developing at a CAGR of 14.0% from 2024 to 2034.
Nova Metrix LLC, Campbell Scientific, Inc., COWI, Geocomp Corporation, Acellent Technologies, Inc., Sixense, Pure Technologies (Xylem, Inc.), and Digitex are some of the key players in the market.
The valuation of the structural health monitoring market in 2023 was US$ 3,953.1 million.
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Structural Health Monitoring Market
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