Structural Health Monitoring Market by Component, Type, Application & Region | Forecast 2032

In 2022, it is anticipated that the global structural health monitoring market will generate US$3,409.4 Million in revenue. The need to assess and keep track of the structural health of bridges, dams, buildings, machines, wind turbines, etc., is rising. Consequently, it is anticipated that the market for structural health monitoring solutions will grow at a strong 14.5% CAGR between 2022 and 2032, reaching a value of US$ 13,155.4 million by that time.

The structural health monitoring market is anticipated to grow quickly, contributing to an additional US$ 9,746 million market by 2032 as the infrastructure sector continues to expand quickly. With a CAGR of 12.2% from 2017 to 2021, the market for structural health monitoring showed growth.

Inspecting the health of a structure involves many different parts. Data diagnostics, digital imaging, and data acquisition system structures are some of them.

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Key Takeaways: Structural Health Monitoring Market 

• By component, the software segment is anticipated to account for the leading share of around 40% in 2022 while the hardware segment is estimated to grow at the highest CAGR of 17.6% through 2032. 
• By type, the wireless SHM system segment is expected to grow at a highest CAGR of 14.8% between 2022 & 2032 
• By application, the vessels and platforms segment is anticipated to grow at a CAGR of 19.0% during the forecast period. 

• South Asia and Pacific structural health monitoring market is expected to progress at the highest CAGR of around 17.8% through 2032. 
• The structural health monitoring market in Japan is expected to grow at a CAGR of around 18.6% through 2032. 
• In India, sales of structural health monitoring systems are expected to grow at a CAGR of close to 19.9% over the next ten years.  

“Demand for structural health monitoring is increasing in monitoring of bridges and dams because dam monitoring instrumentation plays an important role in security monitoring for people and dams, offering important details on the performance of the dam and detecting issues at an early and preventable step. says FMI analyst.

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Growing Infrastructural Development and Increasing Concerns Associated with Natural Calamities are the Major Factors Driving the Market Growth 

Growing infrastructural development and increasing concerns related with natural calamities are the important factors increasing the growth of the structural health monitoring market. The industry is expected to develop because of the increasing demand for cost effective maintenance and construction.  

Large constructions, like bridges, dams, buildings, and other structures, must be restored and monitored throughout their lives. For monitoring the structural integrity of these structures, people use solutions like stricture health monitoring.   

Adoption of structural health monitoring can lower the price of maintenance and repairs and help in reducing fatalities especially during earthquakes, cyclones, and strong winds.

Key Segments Profiled in the Global Structural Health Monitoring Market

Structural Health Monitoring Market by Component:

• Structural Health Monitoring in Hardware
  • Structural Health Monitoring in Sensors
  • Structural Health Monitoring in Data Acquisition Systems
  • Structural Health Monitoring in Others
• Structural Health Monitoring in Software
  • Structural Health Monitoring in Design and Analysis
  • Structural Health Monitoring in Parameter Identification and Tracking
  • Structural Health Monitoring in Others
• Structural Health Monitoring in Service
  • Structural Health Monitoring in Installation Service
  • Structural Health Monitoring in Design and Consulting Service
  • Structural Health Monitoring in Operation and Maintenance Service

Structural Health Monitoring Market by Type:

• Wired Structural Health Monitoring Systems
• Wireless Structural Health Monitoring Systems

Structural Health Monitoring Market by Application:

• Structural Health Monitoring for Bridges and Dams
• Structural Health Monitoring for Building and Stadiums
• Structural Health Monitoring for Vessels and Platforms
• Structural Health Monitoring for Airframes and Wind Turbines
• Structural Health Monitoring for Large Machines and Equipments

Structural Health Monitoring Market by Region:

• North America Structural Health Monitoring Market
• Latin America Structural Health Monitoring Market
• Europe Structural Health Monitoring Market
• East Asia Structural Health Monitoring Market
• South Asia & Pacific Structural Health Monitoring Market
• Middle East and Africa (MEA) Structural Health Monitoring Market

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Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Key Market Trends

3.1. Key Trends Impacting the Market

3.2. Product Innovation / Development Trends

4. Pricing Analysis

4.1. Market, Pricing Models

4.2. Global Average Pricing Analysis Benchmark