Structural Health Monitoring Market

Structural Health Monitoring Market Outlook from 2024 to 2034

The structural health monitoring market value is expected to reach USD 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 USD 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:

• With the increasing number of structures being built globally, companies in this sector are demanding structural health monitoring solutions. The need for infrastructure safety and longevity has become one of the top reasons for this demand.
• Governments have also mandated stringent structural integrity assessments to ensure maximum safety of the general public. This is also driving the demand for these solutions.
• Rising incidences of infrastructure failures, such as bridge collapses and weakened flyovers, are also generating an excellent demand for structural health monitoring solutions
• The expansion of smart and self-sufficient cities, especially in countries like India, China, Brazil, and Singapore, is amplifying the adoption of structural health monitoring equipment.

Attributes	Key Statistics
Expected Base Year Value (2024)	USD 4,478.0 million
Anticipated Forecast Value (2034)	USD 16,601.1 million
Estimated Growth (2024 to 2034)	14.0% CAGR

Trends in the Structural Health Monitoring Market

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.

High Costs and Lack of Skilled Professionals to Slow down the Market Growth for Structural Health Monitoring

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.

Category-wise Insights

Structural Health Monitoring (SHM) Software to Become an Essential Component for Builders

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.

Wired SHM to Retain its Dominance Despite the Advent of Wireless Ones

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.

Country-wise Insights

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%

Rising Infrastructure Development to Augment the Market in Australia and New Zealand

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’s Market to Benefit from the Integration of AI & ML Technologies in SHM

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.

Meteoric Rise in Construction Activity to Fuel the Demand for Structural Health Monitoring Systems in the United States

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.

Aging Buildings to Open New Doors for SHM Systems in Germany

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.

Japanese SHM Market to Benefit from Frequent Natural Calamities

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.

Competitive Landscape

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

• In November 2023, ABS and Seatrium Limited achieved the assignment of a structural health monitoring notation for the world's first self-elevating drilling unit, ADMARINE 686. The collaboration allowed for the development of a structural digital twin, enhancing asset integrity and predictive maintenance capabilities.
• In September 2023, IIT Mandi, in collaboration with France's INRIA, developed AI-based structural health monitoring. This innovation harnessed AI algorithms to predict infrastructure health accurately, revolutionizing traditional inspection methods for bridges and other critical structures.
• In November 2023, University of Central Florida researchers unveiled four innovations utilizing AI and virtual reality to enhance structural health monitoring. Necati Catbas showcased the Virtual Visualization System, enabling engineers worldwide to inspect structures simultaneously, which is crucial for preventing disasters like the 2021 Surfside collapse.

Key Companies in the Market

• Nova Metrix LLC
• Campbell Scientific, Inc.
• COWI
• Geocomp Corporation
• Acellent Technologies, Inc.
• Sixense
• Pure Technologies (Xylem, Inc.)
• Digitex
• SGS SA
• Kinematics
• GEOKON
• National Instruments Corporation
• Livehooah
• SignaGuard

Key Coverage in the Structural Health Monitoring Industry Report

• Opportunity Analysis of Structural Health Monitoring for Bridges
• Emerging Trends in Structural Health Monitoring Systems
• Uses of Structural Health Monitoring in Civil Engineering
• Limitations of Structural Health Monitoring Equipment
• Structural Health Monitoring For Wind Turbine Foundations

Key Segments in the Global Structural Health Monitoring Market

By Component:

• Hardware
  • Sensors
  • Data Acquisition Systems
• Software
  • Design and Analysis
  • Parameter Identification and Tracking
• Service
  • Installation Service
  • Design and Consulting Service
  • Operation and Maintenance Service

By Type:

• Wired Systems
• Wireless Systems

By Application:

• Bridges and Dams
• Buildings and Stadiums
• Vessels and Platforms
• Airframes and Wind Turbines
• Large Machines and Equipment

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• MEA

Frequently Asked Questions

How Big is the Structural Health Monitoring Market?

The current worth of the structural health monitoring market is expected to be US$ 4,478.0 million in 2024.

What is the Sales Forecast for Structural Health Monitoring through 2034?

The structural health monitoring market is expected to reach US$ 16,601.1 million by 2034.

At What Rate is the Structural Health Monitoring Market Growing?

The structural health monitoring market is developing at a CAGR of 14.0% from 2024 to 2034.

Who are the key Companies in the Structural Health Monitoring Market?

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.

What was the Overall Value of the Structural Health Monitoring Market in 2023?

The valuation of the structural health monitoring market in 2023 was US$ 3,953.1 million.