Structural Health Monitoring (SHM) Market : Market Research Analysis By Knowledge Sourcing Intelligence
MARKET OVERVIEW
The structural health monitoring
(SHM) market is projected to grow at a CAGR of 14.95% to reach a market
size of US$2,656.925 million in 2023 from US$1,151.663 million in 2017.
Structural health monitoring (SHM) is a monitoring technique which aims to provide
data regarding the structural integrity in real-time. SHM helps in regular
maintenance and overcomes the costly and ineffective procedure of manual
inspection. In addition, the structural integrity could be determined after
major disasters and make the necessary changes to improve its life
expectancy.High investments in infrastructure across countries and
stringent government regulations regarding sustainability of structures is
driving the demand for SHM solutions.
Geographically, the North American region is estimated to hold a significant share in the market due to the early adoption of SHM technology as well as ageing infrastructure requiring significant spending on its maintenance. Asia Pacific region is expected to be the highest growing among all the markets due to rapid infrastructure building activities, various smart city projects being undertaken and many favorable government regulations across this region, especially China and India.Market Researchis done by knowledge sourcing industry due to huge scope with respective industry.
Geographically, the North American region is estimated to hold a significant share in the market due to the early adoption of SHM technology as well as ageing infrastructure requiring significant spending on its maintenance. Asia Pacific region is expected to be the highest growing among all the markets due to rapid infrastructure building activities, various smart city projects being undertaken and many favorable government regulations across this region, especially China and India.Market Researchis done by knowledge sourcing industry due to huge scope with respective industry.
SAMPLE VIEW OF STRUCTURAL HEALTH
MONITORING MARKET FORECAST, US$ MILLION, FROM 2017 TO 2023
Structural Health Monitoring
(SHM) Market by Type
By type, the structural
health monitoring (SHM) market is segmented as wired and
wireless. The wired segment is estimated to hold a substantial
share in the market owing to their early adoption and lower pricing compared to
the wireless sensors making them a better alternative for smaller projects. The
wireless sensors will witness a strong increase in the demand over the coming
years because of easier maintenance and running costs of these sensors coupled
with their stability in case of larger or complex projects.
SAMPLE VIEW OF STRUCTURAL
HEALTH MONITORING (SHM) MARKET SHARE, BY TYPE, 2017
Wireless SHM sensors provide an
easy to install and maintain SHM solution and are projected to show a rise in
the demand during the forecast period owing to the overall set up and
maintenance cost benefits over wired sensors in the coming years. The demand
for wireless SHM devices will witness a rise during the forecast period
owing to the substantial connectivity and functionality benefits offered by the
device over wired devices. Additionally, even after being priced considerably
more than the wired SHM sensors, the wireless SHM devices are also being
adopted for projects as they remove wiring complexity and costs, which in case
of larger projects can result in higher overall costs for the users, for
example, the adoption of wireless SHM sensors in Canada’s highway bridge
monitoring led to a heavy reduction in the total costs and the duration of
installation of the sensors as compared to their wired counterparts.
HIGH INVESTMENTS ON
INFRASTRUCTURE ACROSS COUNTRIES
Growing infrastructure investments
across countries is expected to boost the demand for Structural Health
Monitoring (SHM) systems due to the benefits they add pertaining sustainability
of structures and low cost in maintenance and inspection after being built.
Emphasis on superior infrastructure is a key policy factor in both the
developing and the developed world.as a robust infrastructure forms the base
for overall economic growth and high productivity in public as well as private
sectors. Be it building of bridges, damn, buildings, stadiums, flyovers,
railway stations and shopping malls, or be it applications such as
diagnosing vessels and platforms in marine industries, aircraft frames in aerospace
and defense, and inspection of large machines, heavy investments are being made
in all the above, hence, likely to give a push to the adoption of SHM
technology at an even larger scale.
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