Structural Health Monitoring (SHM) Systems Market by Component (Hardware, Software and Services), Connectivity (Wired & Wireless), and Application (Bridges & Dams, Building & Stadiums, Vessels & Platforms, Airframes & Wind Turbines and Large Machines & Equipment), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022–2030

Industry Perspective

The global Structural Health Monitoring (SHM) Systems Market size was worth around USD 1.54 billion in 2021 and is predicted to grow to around USD 3.74 billion by 2030 with a compound annual growth rate of roughly 11.7% between 2022 and 2030.

Increased focus on structural health monitoring, obsolete infrastructure in Europe and North America, obsolete aircraft of domestic and international airlines, reduction in inspection costs, and frequent occurrences of natural disasters all contribute to the structural health monitoring systems market share.

Additionally, the increasing trend of digitalization offers several industry expansion chances. Increasing data processing activities and total digitization of business operations would further benefit the market.

Market Overview

Structural Health Monitoring (SHM) is the method for gathering and assessing data from an assortment of interconnected sensors. It is an ongoing, non-destructive process of recognizing and assessing an object's condition of deterioration to predict whether or not it will require repair or maintenance. SHM, or structural health monitoring technologies, have lately emerged as a fascinating new area within the field of civil engineering.

SHM has evolved as a useful tool in the process of developing, assessing, and maintaining modern civil engineering structures and systems. Increased emphasis on structural health monitoring, aging infrastructure in industrialized nations, international airlines, a decline in inspection costs, and regular occurrences of natural disasters all contribute to the expansion of the structural health monitoring systems market.

Moreover, the increased implementation of structural health monitoring systems is primarily driven by the governments of various nations' strong commitment to the development and adoption of cutting-edge technologies. For instance, The European Union sponsored COST Action TU1402: Quantifying the Value of Structural Health Monitoring as part of its Transport and Research and Innovation Monitoring and Information System (TRIMIS) program.

Numerous potential prospects for the market have emerged as a result of the expansion of infrastructure projects in numerous industries. In addition, countries such as China, the United States, and Germany are investing more in the sector. Consequently, it is projected that the demand for structural health monitoring systems would expand over the forecast period.

Globally expanding infrastructure development and rising concerns about natural disasters are compelling governments to implement specific policies surrounding SHM, which is anticipated to benefit the structural health monitoring systems market. Increasing emphasis on low-cost energy harvesting devices and the use of distributed optical fiber are also contributing to market expansion. The market is expected to increase as a result of the rising demand for cost-effective builds and maintenance.

Testing and monitoring the performance and health of machinery, turbines, airframes, and structures such as bridges, buildings, stadiums, and dams are fundamental functions of SHM systems. This technology combines transmission systems and data acquisition, analysis tools, sensors, software, and measurement amplifiers. The technology serves a crucial role in detecting faults through predictive maintenance, enhancing the structure's safety, and enabling automatic response, thereby saving time and money.

Key Insights

• As per the analysis, the structural health monitoring (SHM) systems market is estimated to grow annually at a CAGR of around 11.7% over the forecast period (2022-2030) and is projected to reach USD 3.74 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on components, the hardware segment was predicted to show maximum market share in the year 2021
• Based on connectivity, the wired segment was the leading revenue-generating in 2021
• Based on application, the bridges & dams were projected to show the largest share in the year 2021
• based on region, Asia Pacific was the leading revenue generator in 2021

Increasing Investments in Smart City Projects Supporting the Demand for SHM Systems

Huge ongoing initiatives in smart cities to monitor the overall infrastructure health is likely to propel the structural health monitoring systems market growth. These projects are likely to shape the market's future in the forecast years. In addition, the Chinese government has mandated that SHM systems be installed in newly constructed architectural structures and bridges. It also describes the necessity of replaceable, maintainable, and long-lasting sensors with a 20-year service life.

Increasing Automation, Repair of Critical Infrastructures, and Maintenance Augmenting the Market Growth

Cost overruns can be reduced by standardizing repair, automation, operations, and maintenance (O&M) expenses, and maintenance procedures, which can be allocated effectively with the help of digital control of diverse assets and their components. The gradual development in automation of infrastructure maintenance and repair is projected to facilitate the remote working trend, which has the potential to transform the construction industry. With the data gathered from deployed devices, qualified personnel would be able to remotely monitor structures without compromising quality.

Increasing urbanization, industrialization, and chronic disease prevalence are other significant market drivers. Additionally, expanding government support for the promotion of these systems and solutions, as well as rising income per capita, is expected to enhance the market's growth pace.

Recent Development

November 2022- Nova Ventures acquired VJ Tech Limited to improve automation and simplify the facets of geotechnical investigation as well as laboratory testing. The purpose behind the acquisition is to increase geographical presence and expansion of product portfolio.

October 2022- GEOKON introduced Model 8900 GeoNet wireless mesh data acquisition system that is ideally suited for smaller networks with dense urban surroundings, dams, excavations, bridges, tunnels, high-traffic areas, and mining.

May 2022- Sercel, a division of CGG, acquired Geocomp Corporation aims to expand its geographical presence across the USA and will escalate the deployment of S-lynks and S-scan infrastructure monitoring solutions.

Segmentation Analysis

Based on components, the market is categorized into hardware, software, and services. The hardware segment dominates the market share. Hardware components need to be fitted in enormous quantities to cover structures like buildings, dams, bridges, stadiums, and airframes. The expansion of the market is being aided by developments in sensor technology, an increase in the application of smart materials, and the development of smart structures that have embedded sensors.

On the basis of connectivity, the wired segment dominates the market share owing to the greater capability of connectivity and does not have any restrictions on the transfer of data over long distances, they are frequently used for the continuous monitoring of many different kinds of structures. This has led to the extensive use of wired systems for monitoring various structures. Wired SHM systems are used to analyze buildings, dams, and bridges around the world.

North America is Dominating the Market Share Due to Rising Government Support

North America is dominating the share of the structural health monitoring systems market owing to rising due to the government's focus on civil infrastructure repair and maintenance, the aging infrastructure, and growing government spending. The U.S. and Canada often rely on structural health monitoring systems to protect structures and people. As North American infrastructure, bridges, dams, and tunnels are adopting structural health monitoring systems.

Competitive Landscape

NATIONAL INSTRUWIREDTS CORP., Digitex, Accelent Technologies, Inc., GEOKON, CGG (Sercel), Xylem Inc (Pure Technologies), STRUCTURAL MONITORING SYSTEMS PLC, Nova Ventures, COWI A/S, Hottinger Brüel & Kjaer GmbH, James Fisher and Sons plc (Strainstall), Kinemetrics, amongst others are the leading participants in the structural health monitoring systems industry.

The global structural health monitoring (SHM) systems market is segmented as follows:

By Component

• Hardware
• Software
• Services

By Connectivity

• Wired
• Wireless

By Application

• Bridges & Dams
• Building & Stadiums
• Vessels & Platforms
• Airframes & Wind Turbines
• Large Machines & Equipment

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America