Global Structural Health Market Scope Report

Global Structural Health Market Highlights Over 2023 - 2035

The global structural health market is estimated to garner a revenue of USD 8 billion by the end of 2035 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 2 billion in the year 2023. The growing expenditure on building and construction is the major factor promoting the growth of the market. Moreover, rising attention towards the infrastructural development in emerging economies is bound to surge the growth in the construction sector, which is ultimately expected to boost the market growth. According to World Bank, industry including building and construction added to a value of 27.18 trillion in 2021 and constituted 28.3 % of the global GDP in 2021.

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Structural health monitoring (SHM) system is a method of evaluating and monitoring health engineering structures. It is done to ensure their structural integrity and safety and for early damage detection. It involves an integration of structures and actuators facilitating online testing and load monitoring. It is significantly applied in various engineering sectors for improving structural reliability and life cycle management. As per a report published by the United Nations Environment Program, 78 percent of Africa’s population commutes by foot and on bicycles every day, but difficult and dangerous roads not only make the commute uncomfortable but also contribute to a rapid rise in the number of road fatalities, 261 pedestrians and 18 cyclists are killed every day on the roads. Strategic monitoring of the roads and early damage detection can create more livable, equitable and prosperous cities. The report also notes that plans have been initiated in Addis Ababa for over 1000km of pedestrian routes and cycling lanes, in Yaoundé, with requirements for every building to include pedestrian access, and Nairobi, committing 20% of its budget for investment in walking and cycling infrastructure.

Global Market: Growth Drivers and Challenges

Growth Drivers

• Rising Foreign Direct Investments in Construction Projects: UNCTAD's World Investment Report of 2023 shows that global foreign direct investment (FDI) has risen by 64% in 2021, reaching nearly $1.6 trillion. According to the data available, foreign direct investments have been increasing constantly. It was USD 963,139 million in 2020 and increased to USD 1,582,310 million in 2021.

• Growing Focus on Green Construction- As per research in the United States, buildings are responsible for 30% of total greenhouse gas emissions. The building sector combining residential and commercial buildings was responsible for 12.5 percent of the greenhouse gas emissions with the inclusion of direct fossil fuels for heating, cooling, and cooking. With the addition of electricity generated typically, it went up to 30%. Structural health monitoring can make them safe and substantially improve the quality of their equipment. Hence, it can facilitate a net-zero carbon, energy-efficient and resilient construction sector.

• Incidences of Dam Failure – Structural Health Monitoring (SHM) helps in the reduction of the cost related to inspection and mitigation of the impact of structural disasters caused by floods to dams. The SHM market is expected to propel during the forecasted period with the rising need to curb incidences such as dam failures in the future. As per 2018 data, over the period of record, it was observed that on average around 10 dam failure incidences occur every year in the United States.

•  Increasing Incidents of Structural Damages Caused by Natural Calamities (Earthquakes) – For instance, in the year 2020, owing to the occurrence of an earthquake in the Aegean Sea near Samos Island, over 100 buildings collapsed, about 700 were severely damaged, whereas nearly 7800 were slightly damaged in Turkey.

• Government Regulations- The prestigious Leed certification requires a project to be verified on the grounds of being environmentally sustainable and enhancing individual human health. This can be achieved when the entire building or infrastructure is monitored and maintained regularly in place. The top countries and regions account for nearly 7,800 certified buildings and more than 210 million gross square meters of space.

Challenges

• Adverse site conditions restrict the implementation

• High Installation and maintenance costs

• Difficulty in  monitoring complex structures

The global structural health monitoring market is segmented and analyzed for demand and supply by end-use into civil Infrastructure, aerospace & defense, energy, mining, and others.  The civil infrastructure segment comprises roads, rails, bridges, tunnels, pipelines, dams, buildings, and stadiums. Countries, such as, the US, the UK, Japan, Australia, Germany, Qatar, Saudi Arabia, China, and India are increasingly investing in building infrastructural facilities for their economic growth. As per data available from the World Bank, this sector accounts for maximum participation by private companies. After the Pandemic crisis, the transport sector showed recovery in 2021, outpacing the energy sector with USD 43.8 billion in investments across 82 projects. The energy sector, which led PPI (private participation in infrastructure) investments in 2020, dropped to USD 22.4 billion across 102 projects, a 26 percent decrease in investment value. As a result, the increasing investment in civil infrastructure projects is expected to significantly push the demand for structural health monitoring systems.

Global Structural Health Monitoring Market Regional Synopsis

Regionally, the global structural health monitoring market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2035. North America market is anticipated to dominate the market share owing to factors such as the rising focus of government on the repair and maintenance of infrastructure. The growing urbanization, development, and increasing investments from various government and non-government agencies will drive market growth in the region. Commercial, railways, and infrastructural projects need maintenance services and smarter solutions. In addition, the aging infrastructure calls for constant monitoring and surveillance. As per research conducted in 2018, the average age of federal government buildings in the United States is 60 years old- which is increasing with every passing year.  All these factors are anticipated to jointly contribute towards market growth in this region.

Market Segmentation

Our in-depth analysis of the global structural health monitoring market includes the following segments:

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Key Companies Dominating the Global Structural Health Monitoring Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global structural health monitoring market that are included in our report are National Instruments Corporation, Advitam Inc., Digitexx Data Systems, Inc., Acellent Technologies, Inc., Nova Ventures (Nova Metrix LLC), Cowi A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, James Fisher and Sons plc (James Fisher Strainstall), Kinemetrics Inc and others.

Global Structural Health Monitoring Market: Latest Developments

• 26^th August, 2023, James Fisher and Sons Plc.- James Fisher Strainstall (JF Strainstall) has announced that it has won a contract of $1.83 million for the restoration and renewal of London’s iconic Houses of Parliament to provide instrumentation and monitoring services to it.

• 4^th October, 2018: Acellent Technologies, Inc. – The Company has announced that Japan’s Marubeni Corporation ‍has invested in it to utilize its structural health monitoring solutions with the aim of "safe and secure" social environment for all kinds of structural platforms in Marubeni’s world-wide network.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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