Structural Health Monitoring Market - Forecasts from 2018 to 2023

The structural health monitoring (SHM) market is projected to grow at a CAGR of 14.95% over the forecast period of 2017 - 2023. Structural health monitoring is a monitoring technique which aims to provide data regarding the structural integrity in real-time. SHM helps in regular maintenance and overcomes the costly and ineffective procedure of manual inspection. In addition, the structural integrity could be determined after major disasters and make the necessary changes to improve its life expectancy. Development of state-of-the-art IoT solutions and the popularity of this technique are the major factors driving the demand for this technology. However, the high initial cost of setting up the necessary infrastructure will inhibit the growing demand for SHM solutions.

By industry vertical, the global structural health monitoring market has been segmented as civil infrastructure, aerospace and defense, oil and gas, and energy and power among others. Civil infrastructure held a significant market share owing to the deployment of SHM solutions on major infrastructure setting such as bridges, buildings, and dams among many others. Development of cost-effective solutions will boost the demand for SHM solutions in civil infrastructure. The energy and power industry is projected to witness substantial growth throughout the projected period owing to favorable government policies and increasing investment in renewable energy worldwide.

By geography, the global structural health monitoring market has been segmented as North America, South America, Europe, Middle East and Africa and the Asia Pacific. Each region has been further segmented into major some of the countries of their respective regions. Globally, North America and Europe held a significant market share on account of the early adoption of technology and advancements in the field of cost-effective wireless sensors. Impressive economic growth and the trend of automation will boost the demand for these solutions in the Asia Pacific region. Oil and gas exploration activities require constant monitoring of the subsea structures and this will augment the SHM demand in the Middle East and African region. One of the major factor affecting the growth of this market in the South American region is economic recovery and an increase in the overall infrastructure spending.

Major industry players profiled as part of the report are SGS SA, HBM (MEMBER OF SPECTRIS PLC), SAFRAN COLIBRYS SA, CTL GROUP, SENSURON, and OSMOS GROUP SA among others.

Segmentation

The Structural health monitoring (SHM) market has been analyzed through the following segments:

By Type

Wired
Wireless

By Component

Hardware
Software
Services

By Industry Vertical

Civil Infrastructure
Aerospace and Defense
Oil and Gas
Energy and Power
Others

By Geography

North America

US
Canada
Mexico
Others

South America
Brazil
Argentina
Others

Europe
United Kingdom
Germany
France
Italy
Others

Middle East and Africa
Israel
UAE
Saudi Arabia
Others

Asia Pacific
China
India
Japan
South Korea
Others