Structural Health Monitoring Market Size

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.