Structural Health Monitoring Market 2021 Covid-19 Impact Analysis, Size & Share, Industry Statistics, Geographical Segmentation, Business Challenges till 2030

In a recent published report, Kenneth Research has updated the market report for Structural Health Monitoring Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Structural Health Monitoring Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Global Structural Health Monitoring Market Overview

Structural health monitoring (SHM) is an important gadget for engineers to improve the safety and maintainability of various civil infrastructures. Structural health monitoring system comprises a wide range of sensing technologies to analyze a vast amount of real-time-data. The common parameters which are measured to analyze the sustainability of a structure include vibration and strains that are measured by various sensors, data analyzing systems, and hardware and software solutions. The system is designed to analyze and maintain the health of structure such as buildings, bridges, dams, wind turbines, stadiums, and large machineries.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Market Size & Forecast

Structural health monitoring market is anticipated to project an exponential growth over the forecast period; the market is estimated to reach US$ 3 billion by 2023 witnessing a compound annual growth rate of 30% over the period 2016-2023. Bridges and Dams segment was valued at 0.48 billion US$ in 2015 and is anticipated to reach 0.55 billion US$ by the end of 2016 witnessing a compound annual growth rate of 15% over the forecast period. Bridges and Dam segment is anticipated to dominate the global SHM market over the forecast period followed by Buildings and Stadium segment as the calamities through theses infrastructure causes huge loss of lives and capitol.

North-America is anticipated to contribute highest share in terms of revenue in the global SHM market followed by Asia-Pacific due to the developed infrastructure industry across the region. North America region is anticipated to account for 30% share of the global SHM market by the end of 2016 while Asia-Pacific is anticipated to contribute 20.2% to the global SHM market in 2016.

Structural health monitoring can be classified into portable testing systems and continuous monitoring systems. The portable testing systems are temporarily installed to analyze current condition of a structure whereas continuous monitoring systems collects the real time data regarding the health of an infrastructure to identify the early detection of damage to save lives as well as money. Rapid expansion of the infrastructure sector has fuelled the demand of structural monitoring systems across the globe.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Key Players

Advitam, Inc.
Digitexx Data Systems, Inc.
Geocomp Corp.
Geokon Inc.
Geosig Ltd.
Hottinger Baldwin Messtechnik (HBM)
Nova Metrix LLC,
Sodis Lab
Strainstall Uk Ltd..

Market Segmentation

Demand Analysis By Type

Depending upon the technology used to analyze the current parameters associated with the health of an infrastructure, structural health monitoring market is segmented into following categories:-

Wired SHM System
Wireless SHM System
Analysis By Component

On the basis of components used in structural monitoring systems, the market can be segmented into following categories:-

Growth Analysis By Application

Structural monitoring systems are designed to analyze various structures, on the basis of application the market is further segmented into following categories:-

Bridges and Dams
Buildings and Stadiums
Vessels and Platforms
Airframes and Wind turbines
Large Machinery and Equipment’s
Demand Analysis By Region

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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Global Structural Health Monitoring Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

Growth Drivers and Challenges

Wide availability of low-cost sensors being used in structural health monitoring systems, growing infrastructural development across the globe, increasing awareness of governments towards the maintenance of heritage structure in order to boost the tourism revenue of their country, government regulations to reduce the loss of lives through regular maintenance of public infrastructure are the main factors driving the structural health monitoring systems market across the globe. Use of SHM systems during the construction of an infrastructure will help in identifying the inadequacy in its construction and design, new government regulations towards the compulsory implementation of SHM systems in order to reduce loss of lives as well as cost will boost the SHM system market in the coming 5-6 years.

In conventional SHM systems, data is collected manually through implementing of sensors on the infrastructure, now the high-tech systems consists automation systems which reduces the cost of maintenance. Non-destructive monitoring, non-contact vibration measurement systems are some new trends improving the SHM accuracy. Cost-reduction due to the technological advancement of the SHM systems is anticipated to be the key factor driving the SHM market over the forecast period i.e. 2016-2023. High-cost, inaccuracies in the measurement, lack of expertise, alternate methods of monitoring are some factors restraining the market growth over the globe. 

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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