The Global Structural Health Monitoring Market is expected to reach USD 4.7 billion by 2025 from USD 1.2 billion in 2017 and is projected to grow at a CAGR of 17.9% in the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Structural Health Monitoring (SHM) is characterized as the utilization of non-ruinous detecting and investigation of basic qualities to recognize if any harm has happened at a specific area and gauge its seriousness and assess results. The variables that drive the development of the worldwide structural health monitoring market estimate the incorporate fast infrastructural improvement everywhere throughout the world, rising government activities for open security and broad scope of transfer of sensors that are accessible in low cost. Then again, there are likewise factors that hamper the development of the market, for example, trouble in introducing basic wellbeing observing answers for enormous structures alongside a deficiency of talented experts.
In Jan 2018, Penumbra, Inc, a global healthcare company focused on innovative therapies, announced that it has entered into a joint venture called MVI Health Inc., for the purpose of exploring healthcare applications of virtual reality technology with Sixense Enterprises, Inc.
Key Players: Global Structural Health Monitoring Market
The renowned players in structural health monitoring market are Nova Metrix, Geokon, Campbell Scientific, Cowi, Geocomp, Acellent, Sixense, Pure Technologies, Structural Monitoring Systems, Digitexx, First Sensor, Bridge Diagnostics, Sisgeo, Rst Instruments, Avt Reliability (Aesseal), Geomotion Singapore, Strainstall UK (James Fisher & Sons PLC), Hottinger Baldwin Messtechnik, Kinemetrics, Feac Engineering, Yapidestek Engineering and many more.
Market Drivers and Restraints:
- High capital investments for structural health monitoring
- Aging infrastructure and superior benefits of structural health monitoring
- Decreasing cost of sensors resulting in reduced structural health monitoring system cost
- High installation and monitoring costs
- Inaccurate results due to errors in readings
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Market Segmentation: Global Structural Health Monitoring Market
- The market is segmented based on technology, offering, vertical, implementation method, applications and geographical segments.
- Based on Technology, the market is segmented into wired structural health monitoring and wireless structural health monitoring.
- Based on Offering, the market is segmented into hardware and software & services. The hardware segment is sub segmented into sensors, data acquisition systems (DAS) and communication systems and others. The software & services segment is sub segmented into pre-installation and post-installation.
- Based on Vertical, the market is segmented into civil infrastructure, aerospace & defence, energy and mining. The civil infrastructure segment is sub segmented into dams, bridges, stadiums, buildings, tunnels, others. The aerospace & defence is sub segmented into aerospace and defence.
- Based on Implementation Method, the market is segmented into new construction, retrofitting.
- Based on Application, the market is segmented into structural health monitoring and nondestructive testing, damage detection, crack detection, impact monitoring, corrosion monitoring, strain monitoring, hotspot monitoring, state sensing and multimodal sensing.
- Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, South Africa, and Brazil among others.
Competitive Analysis: Global Structural Health Monitoring Market
The global structural health monitoring market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of global structural health monitoring market for global, Europe, North America, Asia Pacific and South America. In April 208, HBM and BKSV got merged together to to increase their business in health monitoring systems among different countries worldwide.
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