The global structural health monitoring market is estimated to be valued at US$ 1,591 Mn by the end of 2016, and is expected to expand at a CAGR of 14.2% in terms of value during the forecast period. The global structural health monitoring market is expected to represent a high incremental opportunity between 2017 and 2025.
According to the FMI’s report, Changes in consumer behavior, robust product innovations, and expanding distribution networks continue to influence growth of the Structural Health Monitoring market. FMI’s analysts rely on unique research methods and comprehensive data study of the current and upcoming trends of the Structural Health Monitoring market report and gather data from a wide range of primary and secondary sources.
The report presents an in-depth analysis of key growth drivers and trends that are likely to impact the market in upcoming years. With the adoption of cloud computing and artificial intelligence, the technology industry is expected to witness a healthy growth over the forecast period. Increasing competitive pressure and advanced digital transformation in the area of data analytics and artificial intelligence are likely to improve the growth outlook for the Structural Health Monitoring market in the upcoming decade.
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FMI delivers key insights on the global structural health monitoring market in its report titled “Structural Health Monitoring Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2025.” Growth in the value of the global structural health monitoring market will remain attractive as the market is expected to grow continuously at a CAGR of 14.2% in terms of value during the forecast period 2017 – 2025. On the basis of component, the services segment is expected to register attractive growth over the forecast period in the global structural health monitoring market. Based on type, the wired structural health monitoring systems segment is expected to gain a higher market share during the forecast period in the global structural health monitoring market. In terms of generation of revenue, bridges & dams are the major contributors among all the application sub-segments in the structural health monitoring market.
The global annual revenue of the structural health monitoring market was valued at US$ 1,903.9 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. Apart from the APEJ region, the developed economies of North America and Western Europe are expected to collectively account for a majority share of the global structural health monitoring market. The North America structural health monitoring, Western Europe structural health monitoring and APEJ structural health monitoring markets are likely to dominate the global structural health monitoring market over the forecast period, with APEJ expected to grow with the highest CAGR during the forecast period.
Since past few years, the adoption of structural health monitoring has been increasing considerably, especially in the bridges and dams segment. These structural health monitoring technologies are expected to facilitate the overall monitoring process of critical engineering structures as they are required for the safety of human lives. The implementation of structural health monitoring technologies helps guard these engineered structures from various damages.
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On the basis of FMI analysis, the hardware sub-segment of the component segment is expected to dominate the structural health monitoring market, with sensors being the major revenue generators in the hardware segment of the structural health monitoring market. On the basis of type, the wired structural health monitoring system segment will be a dominating segment in the global structural health monitoring market.
The APEJ structural health monitoring market is expected to dominate the global structural health monitoring market due to high growth in the overall revenue generated by the hardware segment owing to the significant application of structural health monitoring in bridges and dams. Moreover, the cost and size of various sensors utilised in structural health monitoring have decreased over the last decade due to rapid technological advancements in the semiconductor industry along with intense competition among various manufacturers, especially in the APEJ region. Reduction in the cost of sensors, which are critical components in structural health monitoring systems, is driving the overall market in the APEJ region. The APEJ structural health monitoring market is expected to be a target market for market participants owing to the high growth opportunities in countries such as India and China.
Advancements in wireless technology are estimated to be among major factors driving the global structural health monitoring market in the North American region. Furthermore, major hardware manufacturers are laying emphasis on enhancing DAQ platforms for structural health monitoring systems, which is also boosting the market.
The structural health monitoring market in Western Europe has high potential owing to the implementation of these systems in critical infrastructure. In addition, local players lay emphasis on deploying wireless monitoring systems and sensors to monitor various complex structures in the Western Europe region, which is propelling the structural health monitoring market.
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Vendors in the structural health monitoring market are now focusing on introducing advanced technologies to enhance their monitoring outputs and efficiency. Examples of some of the structural health monitoring market vendors in this study of the global structural health monitoring market include National Instruments, Sixense Systems, Digitexx Data Systems Inc., Acellent Technologies Inc., COWI A/S, Kinemetrics Inc., Hottinger Baldwin Messtechnik GmbH, Geocomp Corporation, Nova Metrix LLC and Strainstall UK Ltd.
Table Of Content
1. Executive Summary
2. Assumptions & Acronyms
3. Research Methodology
4. Global Structural Health Monitoring Market Overview
5. Global Structural Health Monitoring Market Analysis and Forecast, By Components, 2016–2026
6. Global Structural Health Monitoring Market Analysis and Forecast, By Type, 2016–2026
7. Global Structural Health Monitoring Market Analysis and Forecast, By Application, 2016–2026
8. Global Structural Health Monitoring Market Analysis and Forecast, By Region, 2016–2026
9. North America Structural Health Monitoring Market Analysis and Forecast, 2016–2026
10. Latin America Structural Health Monitoring Market Analysis and Forecast, 2016–2026
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