Structural Health Monitoring Market

Preliminary research of Fairfield Market Research indicates a promising growth outlook for global structural health monitoring market during the course of next few years.

Rapidly Increasing Use in Energy Sector to Fuel Structural Health Monitoring Market Growth

Structural health monitoring systems provide remote maintenance advantages that are very helpful for both onshore and offshore systems. For example, central data modules are increasingly employed in wind turbines to send data about structural problems. This structural health monitoring data may now be continuously gathered and assessed for preventive maintenance thanks to the advent of cloud computing solutions. Most wind farm operators use SCADA data for remote management and monitoring. The US government, for instance, launched a USD 2 trillion plan in 2021 to rebuild the nation's infrastructure, including its highways and bridges. Furthermore, structural health monitoring technologies enable a more extensive inventory and significant future predictive maintenance solutions by allowing enormous cost savings through early diagnosis. This is expected to uphold the growth of structural health monitoring market.

Through the early detection of cracks in a turbine rotor, Duke Energy used Schneider Electric's Avantis PRiSM technology to save US$7.5 Mn. By maintaining and optimizing the assets, cost overruns have been prevented. The nuclear energy industry, which is built to accommodate such technologies, continues to place a high priority on non-invasive structural monitoring. The sensors in atomic reactors are inserted either during concrete casting or by drilling holes. Over the next four years, more than 67 nuclear reactors are predicted to achieve an operational age of over 40. As nuclear power reactors age, maintenance becomes more crucial, which is expected to unlock several new opportunities in global structural health monitoring market.

Benefits of Wired Monitoring Systems Most Preferred in Structural Health Monitoring Market

Wired monitoring systems are currently widely utilized to assess different constructions such as bridges, buildings, and dams. With the aid of lead wires, co-axial cables, and optical fibers, the wired structural health monitoring system defines the communication technology between sensors, the data acquisition system (DAS), and other communication devices. There are many benefits to using writing methods, including less data attenuation, high operation speed, no range restriction, and increased system bandwidth. Since they offer dependable connectivity, wired systems are frequently used for ongoing monitoring of many types of structures because they do not place any restrictions on long-distance data transfer. Furthermore, wired SHM systems are already being utilized globally to evaluate various forms, such as buildings, dams, and bridges in multiple nations.

Structural Health Monitoring Market Flourishes in Asia Pacific as Demand from Power Plants, and Aerospace and Defence Soars

The Asia Pacific is the largest user of structural health monitoring and is expected to grow at the fastest rate throughout the forecast period. The structural health monitoring market is growing in the region due to the end-use industries' quick expansion, which offers significant opportunities for applying structural health monitoring systems. For instance, the World Nuclear Association reports that nuclear power is experiencing tremendous growth in Asia-Pacific. About 135 nuclear power reactors are currently operating in the area, and another 35 are being built. China is predicted to have the most significant expansion in an atomic generation. As a result, those power plants will require more maintenance, fuelling the demand, thereby driving the structural health monitoring market ahead. The market is also driven by infrastructure monitoring technology in aerospace, and defence.

For instance, China, and India have upgraded their nuclear arsenals during the past year, according to the Stockholm International Peace Research Institute (SIPRI). The Swedish think group noted China's growing nuclear arsenal modernization. The SIPRI Yearbook 2020 estimates that China, Pakistan, and India each have 320, 160, and 150 nuclear warheads, respectively. They must be monitored to prevent them from falling into the wrong hands because of their presence. Furthermore, China has the most significant number of innovative city pilot projects—500—covering both large and small cities, making it the leader in the world. By 2020, the Chinese government has made public and private investments totaling around USD 74 billion in these cities. China Academy of Information and Communication Technology predicts that yearly investments in innovative city projewill CNYd bwillwillill CNYllion (about Uwill CNYillion) will7 to CNY 1.23 trillion (around USD 181.7 billion) in 2021 increase.

New Opportunities Abound in Structural Health Monitoring Market with a Host of Smart City Initiatives

Furthermore, the expanding intelligent city initiatives is also likely to benefit the structural health monitoring market. For instance, India's Smart City Mission is a program with 2301 projects spread across different states with a budget of USD 35.7 billion. Five new intelligent cities have been declared as part of the smart city initiative in the Indian Union Budget for the fiscal year 2020–2021. It is anticipated that the growth of intelligent infrastructure would provide structural monitoring systems with new opportunities. Numerous sensors, including those for vibration, temperature, and load, have drastically decreased in price and size in recent years. This is due to the semiconductor industry's rapid technological breakthroughs and the fierce competition between manufacturing sensor information regions. These sensors are essential to the SHM system because they collect and organize the data for assessing and evaluating various structures, including bridges and dams. The cost of installation, and supplementary materials like cables, and other components can be reduced thanks to the availability of compact, affordable sensors. Therefore, it is anticipated that these factors will accelerate the expansion of structural health monitoring market.

Global Structural Health Monitoring Market: Competitive Landscape

Geokon introduced the GeoNet 8900 Series data gathering system in March 2021. A secure online connection is provided via the GeoNet 8900 Series, a wireless, low-power data gathering system that gathers information another hand; the Port of Oslo, the largest public and commercial port in Norway, and COWI agreed to a deal in November 2020 under which COWI will offer technical services such as electrification options, structural design, environmental controls, and port monitoring.

Few of the players in the structural health monitoring market include Campbell Scientific (US), SGS (Switzerland), Nova Metrix LLC (US), COWI (Denmark), Geodonn (US), Sixense (France), Geocomp (US), Acellent Technologies (US), Structural Monitoring Systems (Australia), Pure Technologies (Canada), and Digitexx (US.

Regional Classification of Global Structural Health Monitoring Market Can be Given as Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Structural Health Monitoring Market

• Structural Health Monitoring Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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