BOSTON, March 28, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently published comprehensive business research on the " Structural Health Monitoring Market" including historic data, present market trends, future product environment, marketing strategies, technological innovation, upcoming technologies, emerging trends or opportunities, and the technical progress in the related industry. The Structural Health Monitoring Market research report gives critical information about the market and business landscape. It suggests how the company is perceived by the target customers and clients that are desired to reach. The report helps us understand how to connect with customers, how to stack up against the competition, and how to plan the next steps. It plays an important role in the process of developing products and services, bringing them to the marketplace, and marketing them to consumers.
In addition, a structural health monitoring market research report is a great option to achieve current as well as upcoming technical and financial details of the industry. The market analysis explained in the report offers an examination of a mixture of segments that are relied upon to witness the quickest development amid the estimated forecast frame. To achieve inevitable success in the business, this market report plays a significant role. The first-class structural health monitoring report also endows with strategically analyzed market research analysis and observant business insights into the most correct markets.
Data Bridge Market Research analyses that the global structural health monitoring market is expected to reach the value of USD 10,270.54 thousand by 2030, at a CAGR of 17.9% during the forecast period.
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Structural health monitoring (SHM) monitors changes in the material and geometric qualities of engineering structures, such as bridges and buildings, over time using periodically sampled response measurements. The output of this process is periodically updated information regarding the ability of the structure to perform its intended function in light of the inevitable aging and degradation resulting from operational environments for long-term structural health monitoring. After extreme events, such as earthquakes or blast loading, structural health monitoring is used for rapid condition screening and aims to provide, in near real-time, reliable information regarding the integrity of the structure.
Structural health monitoring offers the following numerous benefits to the customers: forecast and measures profits, Integrate and augment systems, track and measure construction activities, manage risk portfolio, boost revenue and enhance productivity, enable remote operations, reduce manual interactions, automate decisions, and others. Structural health monitoring simplifies communications between the system and the operators. It is helping the laborers to enhance their productivity and to optimize cost and operations.
Recent Developments
- In May 2021, Sisgeo S.r.l. introduced the MD-Profile gauges. The system is suitable for geotechnical and structural applications, for which vertical or horizontal accurate profiling is needed, to improve the product portfolio of the company.
- In November 2020, HBK updated or technically refined its compressive force transducer C10 to make it more cost-efficient due to increased precision. This helped the product as an ideal solution for demanding test branches, laboratory, and production applications.
Top Leading Key Players of the Structural Health Monitoring Market:
- GEOKON
- Campbell Scientific, Inc.
- SIXENSE Systems
- Kinemetrics
- Digitexx Data Systems, Inc.
- NATIONAL INSTRUMENTS CORP.
- OSMOS Group SA
- HBK
- Nova Ventures
- Acellent Technologies Inc.
- James Fisher and Sons plc.
- SODIS Lab
- GoeSIG Ltd
- STRUCTURAL MONITORING SYSTEMS PLC.
- FEAC Engineering
- Xylem Inc.
- Sisgeo S.r.l.
- FIRST SENSOR AG
- Digitex
- Geomotion Singapore
- COWI A/S
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Critical Insights Related to the Structural Health Monitoring Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth-driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
Structural Health Monitoring Market Segmentation:
BY TYPE
- Hardware
- Software
- Services
BY CONNECTIVITY
- Wired
- Wireless
BY INSTALLATION TYPE
- New Installation
- Retrofit
BY METHOD
- Visual Inspection
- Non-Destructive Evaluation (NDE)
BY APPLICATION
- Damage Detection
- Crack Detection
- Strain Monitoring
- Wire Break Monitoring
- Leakage Detection
- Multimodal Sensing
- Corrosion Monitoring
- Hotspot Monitoring
- Impact Monitoring
- Deflection Monitoring
BY END USER
- Civil
- Aerospace
- Energy
- Mining
- Marine
- Industrial
- Offshore Platform
- Defense
- Schools
- Public Parks and Recreation
- Automotive
Structural Health Monitoring Market Regional Analysis/Insights
The global structural health monitoring market is categorized into six notable segments such as type, connectivity, installation type, method, application, and end user.
The countries covered in this structural health monitoring market report U.S., Canada, Mexico, Germany, France, U.K., Italy, Russia, Spain, Netherlands, Switzerland, Norway, Poland, Sweden, Belgium, Turkey, Denmark, Finland and the rest of Europe, China, Japan, India, Australia, New Zealand, South Korea, Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam, Taiwan and the rest of Asia-Pacific, South Africa,
Saudi Arabia, Bahrain, U.A.E, Kuwait, Oman, Qatar, Egypt, Israel and the Rest of Middle East and Africa, Brazil, Argentina, and the Rest of South America.
North America is dominating due to the presence of key market players in the largest consumer market with high GDP. U.S. is expected to grow due to rise in technological advancement in the structural health monitoring market.
Structural Health Monitoring Market Development
In May 2021, NATIONAL INSTRUMENTS CORP. acquired Monodrive to accelerate its vehicle development. Monodrive excels in signal processing. There is a strategic collaboration with Ansys, the global leader in engineering simulations. The company is benefitted by this acquisition because the companies expand in the ADAS & simulation markets.
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Key Growth Drivers:
- GROWING INFRASTRUCTURAL DEVELOPMENT ACROSS THE GLOBE
Structural health monitoring (SHM) is a range of systems implemented on full-scale civil infrastructures to assist and inform operators about the continued 'fitness for purpose' of structures under gradual or sudden changes to their state and to learn about either or both of the load and response mechanisms.
Infrastructure plays a critical role in economic and social development across the globe. It has huge importance in both developed and developing economies. The impact of seismic transformation in the economy has changed citizens' perspectives.
The importance of infrastructure is widely recognized and well-researched. However, there have been relatively few attempts to track and monitor infrastructure investment across countries where studies have assessed global infrastructure needs; the adoption of myriad definitions and approaches has consistently made monitoring trends difficult. The various initiatives and developments in infrastructure across the globe are expected to drive the growth of the global structural health monitoring market.
Restraint/ CHALLENGES
- HIGH INSTALLATION AND MONITORING COSTS
The need and requirement for structural health monitoring systems have increased due to rapid digitalization and improved industrialization. Most complicated civil structures need structural health monitoring systems. But small structures cannot manage the structural health monitoring systems' installation cost and maintenance charges. As the need increases, the raw materials cost for structural health monitoring systems gradually increases.
Both capital expenditure (CAPEX) and operational expenditure (OPEX) are essential for structural health monitoring systems. The initial procurement of structural health monitoring systems, huge cabinets, and monitoring software is included in CAPEX. Structural health monitoring systems cost more than others because they require huge cabinets containing modules that allow growth. As a result, organizations must plan for their desired capacity to reap the full benefits of structural health monitoring systems. Structural health monitoring units require ongoing, high-cost maintenance after installation. High-complexity structures necessitate high-efficiency instrumentation, which raises total costs. Furthermore, the expenditures of monitoring are quite significant. Also, structural health monitoring systems involve costing issues in the maintenance and upgradation of the system, which is projected to restrain the market.
Opportunity
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Structural Health Monitoring Market: Regulations
- Market Overview
- Global Structural Health Monitoring Market, By Type
- Global Structural Health Monitoring Market, By Connectivity
- Global Structural Health Monitoring Market, By Installation Type
- Global Structural Health Monitoring Market, By Method
- Global Structural Health Monitoring Market, By Application
- Global Structural Health Monitoring Market, By End User
- Global Structural Health Monitoring Market, By Region
- Global Structural Health Monitoring Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
To Browse the Full Table of Contents, Click here @ https://www.databridgemarketresearch.com/toc/?dbmr=global-structural-health-monitoring-market
Browse More DBMR Reports:
- Europe Structural Health Monitoring Market, By Type (Hardware, Software, and Services), Connectivity (Wired and Wireless), Installation Type (New installation and Retrofit), Method (Visual Inspection and Non-Destructive Evaluation), Application (Damage Detection, Crack Detection, Strain Monitoring, Wire Break Monitoring, Leakage Detection, Multimodal Sensing, Corrosion Detection, Hotspot Monitoring, Impact Monitoring, and Deflection Monitoring), End User (Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore Platform, Defense, School, Public Park and Recreation, Automotive, and Others) https://www.databridgemarketresearch.com/reports/europe-structural-health-monitoring-market
- Asia-Pacific Structural Health Monitoring Market, By Type (Hardware, Software, and Services), Connectivity (Wired and Wireless), Installation Type (New installation and Retrofit), Method (Visual Inspection and Non-Destructive Evaluation), Application (Damage Detection, Crack Detection, Strain Monitoring, Wire Break Monitoring, Leakage Detection, Multimodal Sensing, Corrosion Detection, Hotspot Monitoring, Impact Monitoring, and Deflection Monitoring), End User (Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore Platform, Defense, School, Public Park and Recreation, Automotive, and Others) https://www.databridgemarketresearch.com/reports/asia-pacific-structural-health-monitoring-market
- North America Structural Health Monitoring Market, By Type (Hardware, Software, and Services), Connectivity (Wired and Wireless), Installation Type (New installation and Retrofit), Method (Visual Inspection and Non-Destructive Evaluation), Application (Damage Detection, Crack Detection, Strain Monitoring, Wire Break Monitoring, Leakage Detection, Multimodal Sensing, Corrosion Detection, Hotspot Monitoring, Impact Monitoring, and Deflection Monitoring), End User (Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore Platform, Defense, School, Public Park and Recreation, Automotive, and Others) https://www.databridgemarketresearch.com/reports/north-america-structural-health-monitoring-market
- Middle East and Africa Structural Health Monitoring Market, By Type (Hardware, Software, and Services), Connectivity (Wired and Wireless), Installation Type (New installation and Retrofit), Method (Visual Inspection and Non-Destructive Evaluation), Application (Damage Detection, Crack Detection, Strain Monitoring, Wire Break Monitoring, Leakage Detection, Multimodal Sensing, Corrosion Detection, Hotspot Monitoring, Impact Monitoring, and Deflection Monitoring), End User (Civil, Aerospace, Energy, Mining, Marine, Industrial, Offshore Platform, Defense, School, Public Park and Recreation, Automotive, and Others) https://www.databridgemarketresearch.com/reports/middle-east-and-africa-structural-health-monitoring-market
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