Structural Health Monitoring Market size was over USD 3.06 billion in 2023 and is poised to cross USD 27.5 billion by 2036, growing at more than 18.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of structural health monitoring is evaluated at USD 3.51 billion.
The growth of the market can be attributed to the rising requirement for critical infrastructure repairing and automated maintenance, constantly growing airline services and manufacturing, and the increasing automotive and construction industry. Moreover, the significant adoption of hydraulic fracturing methods for mining is also estimated to be a noteworthy growth driver for the market over the forecast period. For instance, it can be observed that the worth of the global construction industry would double from 2020 over the forecast period. The global construction industry was valued at about USD 6 trillion in 2020 which is projected to reach approximately USD 14 trillion during the forecast period. Additionally, Structural Health Monitoring (SHM) is a system that evaluates the overall analysis and measurement of the ongoing process of construction such as, buildings, bridges, and other types of structures. furthermore, the growth of the market is also estimated to grow on the back of the manufacturing of aircraft. As of 2021, the market for global airplane manufacturing amounted to about USD 400 billion.
Growth Drivers
Requirement for Critical Infrastructure Repairing and Automated Maintenance
Challenges
Critical Procedure of Installation
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
18.4% |
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Base Year Market Size (2023) |
USD 3.06 billion |
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Forecast Year Market Size (2036) |
USD 27.5 billion |
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Regional Scope |
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The market is segmented by end-user industry into aerospace & defense, civil infrastructure, mining, and electricity, out of which, the civil infrastructure segment is anticipated to hold the largest share in the market during the forecast period, on account of the growing construction of multiple structures worldwide. The civil infrastructure segment includes the construction of tunnels, stadiums, dams, and others that is ultimately projected to hike the growth of the market during the forecast period.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Technology |
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End-User Industry |
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Regionally, the structural health monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America is estimated to hold largest revenue share by 2036, on the back of rising government initiatives on modification and maintenance of the civil infrastructure, countless aging structures, developing construction, and automotive industry in the region. For instance, the total output of the highway and street construction in 2020 amounted to about USD 140 billion, meanwhile, the federal government of the U.S. spent about USD 1 billion on the construction of highways. A significant requirement to upgrade North America’s aging infrastructure is also anticipated to propel the growth of the market over the forecast period. All these factors are projected to influence the market positively in the region during the forecast period.
May 24, 2022: National Instrument Corporation introduces ActiveUptime, a Maintenance-as-a-Service solution, that facilitates the foreboding maintenance and monitoring of multiple test facilities and equipment.
May 17, 2021: Strainstall includes asset monitoring services under a new brand for the construction of railways, bridges, highways, and other renewables.
Author Credits: Abhishek Verma
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