Structural Health Monitoring Market Trends

  • Report ID: 173
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT

Structural Health Monitoring Market Trends

Growth Drivers

  • Requirement for Critical Infrastructure Repairing and Automated Maintenance

  • Constant Growth in Airline Services
  • Growing Automotive and Construction Industry

Challenges

  • Critical Procedure of Installation

  • Need for High Initial Investment

Structural Health Monitoring Market: Key Insights

Research and Development Expenditure (% of GDP), 2015-2018

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Base Year

2024

Forecast Year

2025-2037

CAGR

18.4%

Base Year Market Size (2024)

USD 3.62 billion

Forecast Year Market Size (2037)

USD 32.53 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Abhishek Verma


  • Report ID: 173
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of structural health monitoring is assessed at USD 4.19 billion.

Structural Health Monitoring Market size was over USD 3.62 billion in 2024 and is projected to reach USD 32.53 billion by 2037, witnessing around 18.4% CAGR during the forecast period i.e., between 2025-2037.

North America industry is predicted to hold largest revenue share by 2037, 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.

The major players in the market are National Instruments Corporation, Advitam Inc., Kinemetrics Inc., Geocomp Corporation, Hottinger Brüel & Kjaer GmbH, Acellent Technologies, Inc., Nova Metrix LLC, Strainstall UK Ltd, Arconic Corporation, and CAV System Ltd.
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