The structural health monitoring market value is expected to reach US$ 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 US$ 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) | US$ 4,478.0 million |
| Anticipated Forecast Value (2034) | US$ 16,601.1 million |
| Estimated Growth (2024 to 2034) | 14.0% CAGR |
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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.
Principal Consultant
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.
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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.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2024 to 2034
5.3.1. Hardware
5.3.1.1. Sensors
5.3.1.2. Data Acquisition Systems
5.3.1.3. Others
5.3.2. Software
5.3.2.1. Design and Analysis
5.3.2.2. Parameter Identification and Tracking
5.3.2.3. Others
5.3.3. Service
5.3.3.1. Installation Service
5.3.3.2. Design and Consulting Service
5.3.3.3. Operation and Maintenance Service
5.4. Y-o-Y Growth Trend Analysis By Component, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Component, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Type, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2024 to 2034
6.3.1. Wired Systems
6.3.2. Wireless Systems
6.4. Y-o-Y Growth Trend Analysis By Type, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Type, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Application, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application, 2024 to 2034
7.3.1. Bridges and Dams
7.3.2. Building and Stadiums
7.3.3. Vessels and Platforms
7.3.4. Airframes and Wind Turbines
7.3.5. Large Machines and Equipment
7.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Component
9.2.3. By Type
9.2.4. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Component
9.3.3. By Type
9.3.4. By Application
9.4. Key Takeaways
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Component
10.2.3. By Type
10.2.4. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Type
10.3.4. By Application
10.4. Key Takeaways
11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Component
11.2.3. By Type
11.2.4. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Type
11.3.4. By Application
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Component
12.2.3. By Type
12.2.4. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Type
12.3.4. By Application
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Component
13.2.3. By Type
13.2.4. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Type
13.3.4. By Application
13.4. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Component
14.2.3. By Type
14.2.4. By Application
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Type
14.3.4. By Application
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Component
15.2.3. By Type
15.2.4. By Application
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Component
15.3.3. By Type
15.3.4. By Application
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Market Share Analysis, 2023
16.1.1.1. By Component
16.1.1.2. By Type
16.1.1.3. By Application
16.2. Canada
16.2.1. Market Share Analysis, 2023
16.2.1.1. By Component
16.2.1.2. By Type
16.2.1.3. By Application
16.3. Brazil
16.3.1. Market Share Analysis, 2023
16.3.1.1. By Component
16.3.1.2. By Type
16.3.1.3. By Application
16.4. Mexico
16.4.1. Market Share Analysis, 2023
16.4.1.1. By Component
16.4.1.2. By Type
16.4.1.3. By Application
16.5. Germany
16.5.1. Market Share Analysis, 2023
16.5.1.1. By Component
16.5.1.2. By Type
16.5.1.3. By Application
16.6. UK
16.6.1. Market Share Analysis, 2023
16.6.1.1. By Component
16.6.1.2. By Type
16.6.1.3. By Application
16.7. France
16.7.1. Market Share Analysis, 2023
16.7.1.1. By Component
16.7.1.2. By Type
16.7.1.3. By Application
16.8. Spain
16.8.1. Market Share Analysis, 2023
16.8.1.1. By Component
16.8.1.2. By Type
16.8.1.3. By Application
16.9. Italy
16.9.1. Market Share Analysis, 2023
16.9.1.1. By Component
16.9.1.2. By Type
16.9.1.3. By Application
16.10. Poland
16.10.1. Market Share Analysis, 2023
16.10.1.1. By Component
16.10.1.2. By Type
16.10.1.3. By Application
16.11. Russia
16.11.1. Market Share Analysis, 2023
16.11.1.1. By Component
16.11.1.2. By Type
16.11.1.3. By Application
16.12. Czech Republic
16.12.1. Market Share Analysis, 2023
16.12.1.1. By Component
16.12.1.2. By Type
16.12.1.3. By Application
16.13. Romania
16.13.1. Market Share Analysis, 2023
16.13.1.1. By Component
16.13.1.2. By Type
16.13.1.3. By Application
16.14. India
16.14.1. Market Share Analysis, 2023
16.14.1.1. By Component
16.14.1.2. By Type
16.14.1.3. By Application
16.15. Bangladesh
16.15.1. Market Share Analysis, 2023
16.15.1.1. By Component
16.15.1.2. By Type
16.15.1.3. By Application
16.16. Australia
16.16.1. Market Share Analysis, 2023
16.16.1.1. By Component
16.16.1.2. By Type
16.16.1.3. By Application
16.17. New Zealand
16.17.1. Market Share Analysis, 2023
16.17.1.1. By Component
16.17.1.2. By Type
16.17.1.3. By Application
16.18. China
16.18.1. Market Share Analysis, 2023
16.18.1.1. By Component
16.18.1.2. By Type
16.18.1.3. By Application
16.19. Japan
16.19.1. Market Share Analysis, 2023
16.19.1.1. By Component
16.19.1.2. By Type
16.19.1.3. By Application
16.20. South Korea
16.20.1. Market Share Analysis, 2023
16.20.1.1. By Component
16.20.1.2. By Type
16.20.1.3. By Application
16.21. GCC Countries
16.21.1. Market Share Analysis, 2023
16.21.1.1. By Component
16.21.1.2. By Type
16.21.1.3. By Application
16.22. South Africa
16.22.1. Market Share Analysis, 2023
16.22.1.1. By Component
16.22.1.2. By Type
16.22.1.3. By Application
16.23. Israel
16.23.1. Market Share Analysis, 2023
16.23.1.1. By Component
16.23.1.2. By Type
16.23.1.3. By Application
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Component
17.3.3. By Type
17.3.4. By Application
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Nova Metrix LLC
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Campbell Scientific, Inc.
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Geocomp Corporation
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Acellent Technologies, Inc.
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Pure Technologies
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Digitex
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. SGS SA
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Kinematics
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. GEOKON
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. National Instruments Corporation
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. Livehooah
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
18.1.12. SignaGuard
18.1.12.1. Overview
18.1.12.2. Product Portfolio
18.1.12.3. Profitability by Market Segments
18.1.12.4. Sales Footprint
18.1.12.5. Strategy Overview
18.1.12.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Structural Health Monitoring Market
