Structural health monitoring is a procedure of adopting a technique for damage detection and characterization for designing structures. It expects to give a diagnosis of the condition of the constituent materials of different parts of structures, for example, energy plants, ships, rails, bridges and of the full congregation of these parts which constitutes the entire structure. Structural health monitoring is utilized as a part of enterprises including energy and utilities, civil engineering and railroads.
The worldwide market for structural health monitoring is projected to increase from US$ 1,903.9 Million during 2017 to US$ reach 7,184.1 Million all through 2027, reflecting a 14.2% CAGR in revenue terms over the conjecture period of 2017-2027.
On the basis of component type, the overall market is categorized into hardware (data acquisition systems, sensors and others), software (parameter identification & tracking, design & analysis and others) and services (operation & maintenance services, design & consulting services and installation services). The hardware category will be dominating the overall market for the structural health monitoring in market share terms during 2017-2027.
The overall market on the basis of type is broadly segmented into wireless SHM system and wired SHM system. The wired SHM system division is projected as the most lucrative division in market share terms over the assessment period and will be creating an incremental opportunity of about US$ 3,149.1 Million over the decade 2017-2027.
Based on the application, the overall market is segmented into large machinery & equipment, airframes & wind turbines, vessels & platforms, buildings & stadiums and bridges & dams. The bridges & dams are projected to be the biggest segment and are projected to hold over 40% of market value share through the end of the conjecture period during 2027, followed by the buildings & stadiums category. This category is anticipated to hold about 25% of value share of the worldwide market through the end of 2027.
Based on region, the worldwide market is analyzed across Latin America, North America, Japan, APEJ, Eastern Europe, Western Europe and Middle East & Africa. The North America regional market will be dominating the worldwide market for structural health monitoring followed by Western Europe during 2017. However, by 2027, the APEJ region is estimated to capture the largest market share of 22.1%, exhibiting the highest CAGR in terms of value and North America’s market will be second largest.
Key Market Players
The prominent companies in the overall market for structural health monitoring include: Sixense Systems, National Instruments Corporation, Acellent Technologies Inc, Digitexx Data Systems Inc, Nova Metrix LLC, Strainstall UK Limited, Geocomp Corporation, COWI A/S, Kinemetrics Inc, Hottinger Baldwin Messtechnik GmbH
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