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Global Structural Health Monitoring Market Expected to Raise at a CAGR of 14.2% during 2017- 2027

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January 4, 2018 in Economics

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This research report offers a comprehensive analysis of the “Structural Health Monitoring Market: Bridges & Dams Application Segment to Remain Dominant in Terms of Market Share Throughout the Forecast Period: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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Market introduction

Structural health monitoring is a process of implementing a strategy for damage detection and characterisation for engineering structures. It aims to provide diagnosis of the state of the constituent materials of various parts of structures such as bridges, rails, ships, energy plants and of the full assembly of these parts that constitutes the whole structure. Structural health monitoring is used in industries including civil engineering, energy and utilities, and railways. A technology is incorporated in this system for long and short-term monitoring of the structures. This technology is an integration of sensors, measuring amplifiers, data acquisition and transmission software and analysing tools. Structural health monitoring is beneficial to boost the safety of a structure, automate its maintenance, detect damage and enable response thus also saving costs and time.

Bridges & Dams segment is anticipated to be the most attractive segment in terms of CAGR, market share, and incremental $ opportunity in the global market

Of the various application segments in the global structural health monitoring market, the Bridges & Dams segment is the largest, expected to hold a market value share of more than 40% by the end of the forecast period in 2027. Buildings & Stadiums is the second largest segment in terms of market revenue share in the global structural health monitoring market, expected to hold about 25% value share of the global market by the end of 2027. The Bridges & Dams segment is anticipated to exhibit the highest CAGR in terms of value over the forecast period while the Buildings & Stadiums segment is projected to witness 3.8X growth over the forecast period.

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Increasing government initiatives towards public safety and structural health monitoring system standardisation expected to boost global market revenue growth

Large structures such as bridges, dams and buildings and constructions are prone to various intense loadings during their lifetime, especially during natural calamities such as earthquakes, typhoons, cyclones etc. These events can severely impact the integrity of an entire structure and lead to large-scale damage and loss of life, as well as entail social and economic complications. Adoption of structural health monitoring systems would reduce the cost of repairs and maintenance throughout a structure’s life cycle. These systems are especially vital to enable monitoring and maintenance of structural integrity of buildings of high importance such as national monuments and hospitals. For example, structural health monitoring for cable supported bridges can reduce costs related to maintenance, as these systems are designed to provide prior or early warnings in the event of a possible catastrophe. Various government initiatives have been implemented to address the aforementioned challenges and this is a potential factor expected to significantly drive demand for structural health monitoring systems during the forecast period.

Complexity in implementing structural health monitoring solutions to massive structures could pose challenges to market revenue growth

Installing structural health monitoring systems in various structures is a complex and cumbersome process due to the fact that the size and shape of structures vary significantly. A single structural health monitoring system is not suited for the entire range of applications and differs based on materials, components, geometrics and damage scenarios. Sensors also need to be robust, accurate, reliable and durable, and any damage or failure to the sensor could impact the purpose of the whole system. This in turn is anticipated to hamper adoption of structural health monitoring systems across various applications.

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