According to a new report published by Allied Market Research, titled, Structural Health Monitoring Market by Component (Hardware, Software, and Services), End User (Civil, Aerospace, Defense, Mining, Energy, and Others), and Connectivity (Wired and Wireless): Global Opportunity Analysis and Industry Forecast, 2020–2027. The global structural health monitoring market size is expected to reach $3.8 billion in 2027 from $1.6 billion in 2019, growing at a CAGR of 14.5% from 2020 to 2027.
Effectiveness over traditional methods, development in sensor technology, frequent occurrences of natural calamities, and aging infrastructure in developed countries drive the growth of the global structural health monitoring market. However, high implementation costs and challenges regarding data normalization hinder the market growth. On the other hand, rise in infrastructure investment creates new opportunities in the coming years.
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- Owing to hindrances in construction and maintenance activities, international trade, and prolonged lockdowns across the world, structural health monitoring activities have been stopped or postponed.
- Daily operations in the aerospace, defense, mining, energy, and other sectors have been disrupted, which in turn, impacted the structural health monitoring activities of the infrastructure.
- During the post-lockdown, day-to-day operations are expected to get back on track and structural health monitoring activities would resume in a full swing.
The report offers detailed segmentation of the global structural health monitoring market based on component, end user, connectivity, and region.
Based on component, the hardware segment accounted for the largest market share in 2019, contributing to nearly three-fifths of the total market share, and is expected to maintain its leadership status during the forecast period. However, the services segment is estimated to witness the largest CAGR of 15.4% from 2020 to 2027.
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Based on connectivity, the wired segment held the highest share in 2019, contributed to nearly three-fifths of the global structural health monitoring market, and is projected to continue its lead position throughout the forecast period. However, the wireless segment is projected to manifest the highest CAGR of 15.1% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the largest market share in terms of revenue, holding nearly two-fifths of the total market share in 2019, and is projected to maintain its dominance in terms of revenue by 2027. However, LAMEA is projected to register the fastest CAGR of 15.7% during the forecast period.
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Leading players of the global structural health monitoring market analyzed in the research include National Instruments Corporation, Digitexx Data Systems, Inc., Advitam Inc., Nova Metrix LLC, Acellent Technologies, Inc., Geocomp Corporation, COWI A/S, Strainstall UK Limited, Hottinger Baldwin Messtechnik GmbH, and Kinemetrics Inc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.