Structural Health Monitoring Market size to grow by USD 1,998.53 million from 2022 to 2027

Jul 09, 2023

NEW YORK, Aug. 2, 2023 /PRNewswire/ -- The structural health monitoring market size is forecast to increase by USD 1,998.53 million from 2022 to 2027, at a CAGR of 14.1%, according to the recent market study by Technavio. The growth of the market will be driven by the increasing need for infrastructure maintenance and safety, the expansion of smart cities, and the growing focus on sustainability and environmental conservation. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH, James Fisher and Sons Plc, LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc., National Instruments Corp., Nova Ventures Group Corp., RST Instruments Ltd., Sisgeo S.r.l., STRUCTURAL MONITORING SYSTEMS plc, Vinci, Xylem Inc., Yokogawa Electric Corp., Kinemetrics Inc., and Ramboll Group AS.

Campbell Scientific Inc: The company offers structural health monitoring system such as VSPECT system.

CGG SA: The company offers structural health monitoring system called Structural health Monitoring under its subsidiary Geocomp.

Key Benefits for Industry Players & Stakeholders –

The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.

The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

Furthermore, market adoption rates for all regions have been covered.

Get a holistic overview of the Structural Health Monitoring Market by industry experts to evaluate and develop growth strategies. Download the Sample

Expense Management Software Market - Segmentation Assessment

The market is segmented by Component (Hardware, Software, and Service), and Connectivity (Wired, Wireless) and Geography (North America, Europe, Asia, and the Rest of the World (ROW))

The hardware segment is estimated to witness significant growth during the forecast period. The hardware segment in the global structural health monitoring market encompasses physical components and devices utilized to monitor the structural integrity of infrastructure, buildings, bridges, dams, and other civil engineering structures. These hardware components play a vital role in data acquisition, sensing various parameters, transmitting signals, and processing information for structural health monitoring purposes.

Market Dynamics

Key Driver

The increasing need for infrastructure maintenance and safety is a major factor notably driving the market growth. The growing emphasis on infrastructure maintenance and safety is a significant driving force behind the global structural health monitoring market. These monitoring systems provide real-time information about infrastructure conditions, enabling the identification and proactive handling of potential issues, and preventing costly and hazardous situations. Major incidents like bridge collapses and building failures highlight the need for preventive action to ensure structural security and integrity. Early detection of structural problems through health monitoring is essential for timely maintenance, avoiding potential disasters and expensive emergency repairs. Organizations recognize the cost-saving potential of structural health monitoring solutions, motivating strong investment in the market. As a result, companies specializing in structural health monitoring technologies are continuously developing innovative solutions to meet the increasing demand for infrastructure safety and maintenance, driving further advancements in the industry during the forecast period.

Major Trends

The advent of IoT in structural health monitoring is an emerging trend shaping market growth. Technological advancements in the global structural health monitoring market have led to an increased demand for smart facilities management solutions. These interconnected devices collect and analyze data to optimize energy consumption and improve efficiency in performing tasks. IoT technology, including predictive maintenance, reduces operating costs and enhances productivity. Moreover, IoT enables remote maintenance of devices and machines, making it a preferred solution for outsourcing providers. These factors lead to increased productivity and energy efficiency in buildings. With IoT, buildings can monitor motion, light, temperature, humidity, and infrared, allowing each luminaire to become a point of intelligence connected to the building's IT network via power-over-ethernet (PoE) cables. This setup provides valuable data on building occupancy, activity patterns, and environmental conditions. As IoT continues to influence structural health monitoring, the market is expected to experience significant growth during the forecast period.

Significant Challenge

The rise in budgetary constraints is a major challenge hindering market growth. Small organizations in growing economies often face significant budget shortages and rely on funds from investors and venture capitalists (VCs). These financial constraints lead to the awarding of low-quality services and prevent them from entering contracts with established monitoring companies for Structural Health. Consequently, this impacts the organization's overall structural health monitoring capabilities and results in high maintenance and operation costs, affecting profitability. Additionally, the increasing costs associated with training and retaining skilled personnel further hinder market growth. Aging assets used by organizations contribute to excessive energy consumption in buildings, leading to higher operating costs when replacing and maintaining these assets. Due to the high cost of maintenance, efficient Structural Health Monitoring becomes challenging for small organizations. Consequently, budgetary constraints, especially for small organizations, will impede the growth of the global structural health monitoring market during the forecast period.

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What are the key data covered in this Structural Health Monitoring Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the structural health monitoring market between 2023 and 2027

Precise estimation of the structural health monitoring market size and its contribution to the market in focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behaviour

Growth of the structural health monitoring market across North America, Europe, Asia, and Rest of World (ROW)

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of structural health monitoring market vendors

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Structural Health Monitoring Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 14.1%

Market growth 2023-2027

USD 1,998.53 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

13.07

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 36%

Key countries

US, Germany, UK, China, and Japan

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Campbell Scientific Inc., CGG SA, COWI Holding AS, Digitexx Systems Ltd., Geosense Ltd., Hottinger Bruel and Kjaer GmbH, James Fisher and Sons Plc, LiveHooah Technologies Pvt. Ltd., MachineSense LLC, Mistras Group Inc., National Instruments Corp., Nova Ventures Group Corp., RST Instruments Ltd., Sisgeo S.r.l., STRUCTURAL MONITORING SYSTEMS plc, Vinci, Xylem Inc., Yokogawa Electric Corp., Kinemetrics Inc., and Ramboll Group AS

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global structural health monitoring market 2017 - 2021

4.2 Component Segment Analysis 2017 - 2021

4.3 Connectivity Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Component

6.1 Market segments

6.2 Comparison by Component

6.3 Hardware - Market size and forecast 2022-2027

6.4 Software - Market size and forecast 2022-2027

6.5 Services - Market size and forecast 2022-2027

6.6 Market opportunity by Component

7 Market Segmentation by Connectivity

7.1 Market segments

7.2 Comparison by Connectivity

7.3 Wired - Market size and forecast 2022-2027

7.4 Wireless - Market size and forecast 2022-2027

7.5 Market opportunity by Connectivity

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 Asia - Market size and forecast 2022-2027

9.6 Rest of World (ROW) - Market size and forecast 2022-2027

9.7 US - Market size and forecast 2022-2027

9.8 Germany - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 UK - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Campbell Scientific Inc.

12.4 CGG SA

12.5 COWI Holding AS

12.6 Digitexx Systems Ltd.

12.7 Geosense Ltd.

12.8 Hottinger Bruel and Kjaer GmbH

12.9 James Fisher and Sons Plc

12.10 Kinemetrics Inc.

12.11 National Instruments Corp.

12.12 Nova Ventures Group Corp.

12.13 RST Instruments Ltd.

12.14 Sisgeo S.r.l.

12.15 STRUCTURAL MONITORING SYSTEMS plc

12.16 Vinci

12.17 Xylem Inc.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

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