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The structural health monitoring market size will reach USD 6.19 billion in 2030

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VANCOUVER, BC, January 2, 2023 /PRNewswire/ — Structural Health Monitoring Market Size Reached $1.87 billion in 2021 and is expected to register a CAGR of 14.3% over the forecast period, according to the latest analysis from Emergen Research. Rising number of infrastructure projects due to rising investments, increasing vigilance on existing civil infrastructure to prevent accidents are some of the key factors driving the market revenue growth.

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There has been a significant increase in infrastructure projects around the world, which has led to an increasing demand for structural condition monitoring systems. According to a recent World Bank report, India would need to make investments totaling $840 billion over the next 15 years. governments of developing countries such as India invest heavily in large-scale infrastructure projects. Currently in India only 5% of infrastructure needs of Indian cities are funded by private sources and more than 75% of municipal infrastructure is currently funded by federal and state governments, with urban local bodies (ULBs) contributing the remaining 15% of the cost from their own surplus funds. Structural Condition Monitoring (SHM) has been increasingly used in recent years and refers to a variety of systems installed on large-scale civil infrastructure that assist and inform operators on the suitability of structures in the event gradual or abrupt changes in their state, or load and response mechanisms. This is expected to drive the revenue growth of the market.

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Drivers:

The growing number of accidents associated with buildings and other infrastructure and the increasing vigilance on the existing civil infrastructure to prevent accidents are therefore driving the market revenue growth. Homes and buildings accounted for the majority of fatalities caused by structural failure of all structural collapses, including bridges, dams, and damaged homes and buildings. This is expected to increase the demand for structural health monitoring systems and hence is expected to drive the market revenue growth.

Constraints:

The high cost of sensor installation and monitoring, along with issues of accessibility and environmental conditions when placing the sensors, is limiting the market growth in terms of revenue. Additionally, the slower adoption of structural health monitoring systems is a major impediment to market revenue growth.

Growth projections:

The structural health monitoring market is expected to register a CAGR of 14.3% over the forecast period and revenue is expected to increase by $1.87 billion in 2021 for $6.19 billion in 2030. The increasing number of accidents associated with buildings and other infrastructure is expected to increase the demand for structural monitoring systems and hence sustain the market revenue growth.

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Current trends and innovations:

The increasing number of accidents associated with buildings and other infrastructure has led to the introduction of innovative monitoring systems for structures. It is imperative to create state-of-the-art early warning systems (EWS), structural condition monitoring systems (SHM) and structural condition monitoring and reinforcement systems (SHMR) in order to prevent the occurrence of potentially dangerous events on engineering projects, in structures and in the environment. By using new sensor technology, which enables ubiquitous and affordable monitoring at higher spatial and temporal resolution, their efficiency can be increased. This has led to an increasing demand for structural monitoring and hence driving the market revenue growth.

Strategic initiatives:

The major companies included in the market report are Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc., CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS SA and Digitexx Data Systems, Inc. .

  • At April 30, 2020, Campbell Scientific has developed the GRANITE series which is a modular DAQ that can be centralized and guaranteed to operate for years, reducing the total cost of ownership and operation. The new GRANITE series from Campbell Scientific provides the latest and most advanced technologies without compromising its renowned reliability.

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Search scope

Report details

Result

Market size in 2021

$1.87 billion

CAGR (2022-2030)

14.3%

Size forecast until 2030

$6.19 billion

Base year for the estimate

2021

Historical data

2019–2020

Forecast period

2022–2030

Quantitative units

Revenue in USD billion and CAGR in % from 2022 to 2030

Report cover

Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

Segments Covered

Offer, technology, end use and region

Regional scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

Country Scope

USA, Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia , United Arab Emirates, Israel and Rest of Middle East Africa

Profiled Key Companies

Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc, CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS SA and Digitexx Data Systems, Inc.

Scope of customization

10 hours of free customization and expert consultation.

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Emergen Research has segmented the structural health monitoring market based on offer, technology, end use and region:

  • Supply Outlook (Revenue, USD Billion, 2019-2030)

  • Technology Outlook (Revenue, USD Billion, 2019-2030)

  • End-Use Outlook (Revenue, USD Billion, 2019-2030)

  • Regional Outlook (Revenue, USD Billion, 2019 – 2030)

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About Emergen Research

Emergen Research is a market research and consulting firm that provides syndicated research reports, custom research reports, and consulting services. Our solutions are uniquely focused on your goal to locate, target and analyze changes in consumer behavior across demographics, across industries, and help customers make smarter business decisions. We offer market intelligence research ensuring relevant and factual research across multiple sectors including health, touchpoints, chemicals, types and energy. We are constantly updating our search offerings to ensure that our clients are aware of the latest trends existing in the market. Emergen Research has a strong base of experienced analysts from a variety of areas of expertise. Our industry experience and ability to develop a workable solution to any research problem gives our clients the ability to secure an edge over their respective competitors.

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