Structural Health Monitoring Market

Structural Health Monitoring Market: Wired Segment Estimated to Account for 65.2% Market Revenue Share by 2016 End: Global Industry Analysis and Opportunity Assessment, 2016-2026

The global structural health monitoring market is estimated to register a value CAGR of 13.8% over the 10-year forecast period 2016 – 2026 and is expected to be valued at US$ 5,771.5 Mn by 2026 end. In 2015, the global structural health monitoring market was valued at US$ 1,405.2 Mn and this is estimated to reach US$ 1,590.6 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 13.2%. 

Standardisation of structural health monitoring and availability of low-cost sensors is boosting market growth

Wide availability of low-cost sensors, growing infrastructural development across the globe, and increasing government initiatives towards public safety and structural health monitoring system standardisation are factors expected to drive growth of the global structural health monitoring market over the forecast period. 

However, complexity in implementing structural health monitoring solutions for massive structures coupled with a lack of trained professionals could hamper overall market growth to a certain extent during the forecast period.

The global structural health monitoring market is also likely to witness certain key trends such as an increasing focus of solution providers on low-cost energy harvesting monitoring systems and increasing adoption of distributed optic fibre in structural health monitoring solutions. 

Market segmentation

The global structural health monitoring (SHM) market has been segmented on the basis of Type (Wired SHM System, Wireless SHM System); Component (Hardware, Software, Services); Application (Bridges & Dams, Buildings & Stadiums, Vessels & Platforms, Airframes & Wind Turbines, Large Machinery & Equipment); and Region (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan). 

Wired structural health monitoring system expected to dominate the global structural health monitoring market

The Wired segment is estimated to account for a market revenue share of 65.2% by the end of 2016. This segment is estimated to create incremental $ opportunity of US$ 2,541.0 Mn between 2016 and 2026. The Wireless segment is expected to reach a value of US$ 2,194.1 Mn by 2026, registering a CAGR of 14.8% during the forecast period. 

Hardware segment likely to account for a larger market share by 2016 end

In 2015, the Hardware segment was valued at US$ 910.7 Mn and is estimated to reach US$ 1,019.1 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 11.9%. The Software segment is estimated to be valued at US$ 784.9 Mn by 2026, registering a CAGR of 15.7 % during the forecast period. 

Bridges & Dams segment expected to be the major market segment by 2016 end

The Bridges & Dams segment was valued at US$ 477.3 Mn in 2015 and is anticipated to reach US$ 549.2 Mn by the end of 2016, reflecting a Y-o-Y growth rate of

15.1%. The Buildings & Stadiums segment is estimated to create incremental $ opportunity of US$ 1,122.8 Mn between 2016 and 2026. 

North America expected to dominate the global structural health monitoring market

The North America market is estimated to account for 26.9% share of the global structural health monitoring market by the end of 2016 while the Asia Pacific Excluding Japan (APEJ) market is likely to hold 16.9% share of the overall global structural health monitoring market in 2016. The market in North America is anticipated to be valued at US$ 427.4 Mn by the end of 2016. The Western Europe market is estimated to be valued at US$ 343.2 Mn by the end of 2016.

structural health monitoring market

Top market players are focusing on introducing new testing platforms and mobile-based structural health monitoring platforms to outperform competition

Some of the well-known companies operating in the global structural health monitoring market are National Instruments Corporation, Advitam Inc. (Vinci SA), Digitexx Data Systems, Inc., Acellent Technologies, Inc., Strainstall UK Limited (James Fisher & Sons PLC), Nova Metrix LLC, COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, and Kinemetrics Inc. These companies are entering into collaborations with hardware and software vendors to improve product quality and enhance service and support levels. Top players are also making strategic investments to increase production capacity and are expanding their market footprint through acquisitions.

The report “Structural Health Monitoring Market: Global Industry Analysis and Opportunity Assessment, 2016–2026” offers a 10-year forecast for the global structural health monitoring market between 2016 and 2026. In this study, we have focussed on market performance and identified the key factors and trends likely to impact the market across different segments and regions of the global structural health monitoring market. 

Report description

Our primary objective of creating this report is to offer insights on various advancements in the global structural health monitoring market. The report begins with an overview of the global structural health monitoring market and goes on to demonstrate key market dynamics (trends, drivers, restraints, value forecasts) expected to influence the current environment and future status of the global structural health monitoring market over the forecast period. We have also focussed on the various opportunities for manufacturers operating in the global structural health monitoring market. 

In the next section of the report, we have segmented the global structural health monitoring market on the basis of type, components, application, and region. In the subsequent sections, we present a detailed market outlook for the various segments and regions, focussing on a micro-level analysis of segmental growth across the different regions. In the final section of the report, we present a comprehensive analysis of the global structural health monitoring market competitive landscape and also profile some of the companies operating in the global structural health monitoring market. We have taken into account the key market players and their growth strategies – both short-term and long-term. This dashboard view of companies operating in the global structural health monitoring market is an effort to help report audiences gauge the current market scenario and the contribution of individual players. This section also discusses various factors shaping internal and external competition in the market. We have analysed the various barriers to the entry of new start-ups in the industry and provided our ratings on the basis of their impact on competition levels in the market. 

Our main objective here is to provide a detailed comparative assessment of key providers specific to the different market segments, to help readers acquire segment-specific manufacturer insights and to identify and evaluate key competitors on the basis of an in-depth assessment of their capabilities and success factors. Company profiles include attributes such as company overview, product offerings, financial overview, and business strategy.

The companies featured in our report are: 

  • National Instruments Corporation
  • Advitam Inc. (Vinci SA)
  • Digitexx Data Systems, Inc.
  • Acellent Technologies, Inc.
  • Strainstall UK Limited(James Fisher & Sons PLC)
  • Nova Metrix LLC
  • COWI A/S
  • Geocomp Corporation
  • Hottinger Baldwin Messtechnik GmbH
  • Kinemetrics Inc. 

Research methodology

Our report provides a market outlook for the forecast period and sets the forecast within the context of the global structural health monitoring ecosystem, including new technological developments and product offerings. We utilise extensive primary and secondary research to ascertain the overall market size, top industry players, top products, and industry associations in the global structural health monitoring market. We validate the data thus acquired by using the triangulation method and further scrutinise it using advanced tools to obtain relevant insights. Our forecast assesses the total revenue generated across the global structural health monitoring market and to ensure an accurate forecast, we begin by sizing up the current market, which forms the basis of how the global structural health monitoring market is expected to take shape in the near future. We have analysed the different segments of the global structural health monitoring market in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying key trends likely to impact the global structural health monitoring market. 

Our study further investigates the expected absolute dollar opportunity generated by each region in the global structural health monitoring market. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global structural health monitoring market. In addition, we have conducted the forecast not only in terms of CAGR, but have also analysed the market based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.