Structural Health Monitoring Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Structural Health Monitoring by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Structural Health Monitoring , The structural health monitoring market size has grown rapidly in recent years. It will grow from $2.67 billion in 2023 to $3.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to market recognition and acceptance, disaster mitigation efforts, increased government initiatives, development of wireless monitoring, pioneering shm applications..

The structural health monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to rise in smart cities initiatives, growth in remote monitoring solutions, integration of machine learning and ai, expansion in renewable energy infrastructure, regulatory emphasis on structural safety.. Major trends in the forecast period include advancements in sensor technology, internet of things (iot) integration, demand for predictive maintenance, growing infrastructure development, adoption in aerospace and defense..

The frequent occurrences of natural calamities are expected to boost the growth of the structural health monitoring market going forward. Natural calamities are catastrophic occurrences that arise as a result of any natural phenomenon on Earth. Structural health monitoring is very helpful to prevent water and flood damage brought on by collapsed dams, dykes, pipelines and other similar infrastructure as a result of natural disasters, hence, frequent occurrences of natural calamities are expected to boost the structural health monitoring market. For instance, according to a report published by EM-DAT, The International Disaster Database, a US-based global database on natural and technological disasters, in 2021, 432 catastrophes caused by natural calamities occurred in 2021 across the globe. These resulted in 10,492 fatalities, impacted 101.8 million people and cost the economy over 252.1 billion US dollars. Asia was the region most severely affected, accounting for 40% of all disaster events, 49% of all fatalities and 66% of all affected individuals. Furthermore, in December 2022, according to a report shared by ReliefWeb, a US-based humanitarian information portal, 436 disasters had occurred in total in 2021, exceeding the average of 376 per year over the previous 30 years. Storms and floods typically cause the greatest number of occurrences and, as a result, the greatest financial damage. Therefore, the frequent occurrences of natural calamities are driving the growth of the structural health monitoring market.

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The structural health monitoring market covered in this report is segmented –

1) By Component: Hardware, Software, Services
2) By Connectivity: Wired, Wireless
3) By Application: Bridges And Dams, Buildings And Stadiums, Vessels And Platforms, Airframes And Wind Turbines, Large Machinery And Equipment
4) By End User: Civil, Aerospace, Defense, Energy, Mining, Other End Users

Technological advancement is the key trend gaining popularity in the structural health monitoring market. Major companies operating in the structural health monitoring market are focusing on developing new technologies. For instance, in June 2021, Quakelogic, a US-based provider of intelligent disaster management solutions, launched the SMARTMONITORING system, an advanced and integrated structural health monitoring (SHM) and earthquake early warning (EEW) technology. The unique feature of the SMARTMONITORING system is 24/7 structural health monitoring with quick notification. Cloud-based technologies and artificial intelligence (AI) make fast, real-time information accessible to decision-makers and their teams. Within 60 seconds following an alarm-generating incident, it offers thorough SHM assessment reports and engineering-quality data that may be used to make an informed decision.

The structural health monitoring market report table of contents includes:

1. Executive Summary

2. Structural Health Monitoring Market Characteristics

3. Structural Health Monitoring Market Trends And Strategies

4. Structural Health Monitoring Market – Macro Economic Scenario

5. Global Structural Health Monitoring Market Size and Growth

6. Structural Health Monitoring Market Segmentation

7. Structural Health Monitoring Market Regional And Country Analysis
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27. Structural Health Monitoring Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Structural Health Monitoring Market

29. Structural Health Monitoring Market Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Nova Ventures Group Corp.
• Geokon, Campbell Scientific Inc.
• COWI A/S
• Geocomp Corporation
• Acellent Technologies Inc.
• Sixense

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