The latest report published by IMARC Group, titled “Structural Health Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on structural health monitoring market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global structural health monitoring market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.0 Billion by 2028, exhibiting a growth rate (CAGR) of 12.6% during 2023-2028.
Structural health monitoring is a process employed to assess and analyze the condition and performance of structures like bridges, dams, buildings, and stadiums. It integrates the use of sensors, data acquisition systems, and analysis tools to detect damage, deterioration, or defects in the components of a structure. This proactive assessment method is pivotal in ensuring the longevity, safety, and functionality of structures. By providing real-time insights into the condition of the structure, it helps in timely maintenance and repair, thereby preventing catastrophic failures and minimizing costs. The technology is designed to identify issues before they become significant problems, offering an opportunity to take preemptive measures.
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Market Trends:
The global market is primarily driven by the increasing need to monitor aging infrastructure and ensure public safety. In line with this, the adoption of advanced technologies and Internet of Things (IoT) for real-time data collection is also providing an impetus to the market. Moreover, the rise in construction activities around the world and the emphasis on building sustainable structures are also acting as significant growth-inducing factors for the market. In addition to this, the expanding investments in research and development for innovative monitoring solutions are resulting in higher efficiency and effectiveness. The market is further driven by the implementation of advanced materials and smart technologies to enhance the life and reliability of structures. Apart from this, the integration of artificial intelligence and machine learning for predictive analysis is propelling the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Acellent Technologies Inc.
- Bridge Diagnostics Inc.
- Campbell Scientific Inc.
- COWI A/S
- Digitexx Data Systems Inc.
- FEAC Engineering
- HBK – Hottinger Brüel Kjær (Spectris plc)
- James Fisher and Sons plc
- National Instruments Corporation
- RST Instruments Ltd.
- Sisgeo S.r.l.
- Sixense Enterprises Inc
Structural Health Monitoring Market Segmentation:
Our report has categorized the market based on region, component, technology, implementation method and vertical.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Technology:
- Wired
- Wireless
Breakup by Implementation Method:
- New Construction
- Retrofitting
Breakup by Vertical:
- Civil Infrastructure
- Aerospace and Defense
- Energy
- Mining
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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