Structural Health Monitoring (SHM) Market Size, Share, Opportunities, And Trends By Type (Wired, Wireless), By Component (Hardware, Software, Services), By Industry Vertical (Civil Infrastructure, Aerospace And Defense, Oil And Gas, Energy And Power, Others), And By Geography - Forecasts From 2023 To 2028

The structural health monitoring (SHM) market is projected to grow at a CAGR of 14.95% over the forecast period. Structural health monitoring is a monitoring technique that aims to provide data regarding 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 necessary changes to improve its life expectancy. The development of state-of-the-art IoT solutions and the popularity of this technique are the major factors driving the demand for this technology. However, the high initial cost of setting up the necessary infrastructure will inhibit the growing demand for SHM solutions.

By industry vertical, the global structural health monitoring market has been segmented as civil infrastructure, aerospace and defense, oil and gas, and energy and power among others. Civil infrastructure held a significant market share owing to the deployment of SHM solutions on major infrastructure settings such as bridges, buildings, and dams among many others. The development of cost-effective solutions will boost the demand for SHM solutions in civil infrastructure. The energy and power industry is projected to witness substantial growth throughout the projected period owing to favorable government policies and increasing investment in renewable energy worldwide.

By geography, the global structural health monitoring market has been segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Each region has been further segmented into major countries of their respective regions. Globally, North America and Europe held a significant market share on account of the early adoption of technology and advancements in the field of cost-effective wireless sensors. Impressive economic growth and the trend of automation will boost the demand for these solutions in the Asia Pacific region. Oil and gas exploration activities require constant monitoring of the subsea structures and this will augment the SHM demand in the Middle East and African region. One of the major factors affecting the growth of this market in the South American region is economic recovery and an increase in overall infrastructure spending.

Major industry players profiled as part of the report are SGS SA, HBM (MEMBER OF SPECTRIS PLC), SAFRAN COLIBRYS SA, CTL GROUP, SENSURON, and OSMOS GROUP SA among others. 

Segmentation

The Structural health monitoring (SHM) market has been analyzed through the following segments:

• By Type

• Wired
• Wireless

• By Component

• Hardware
• Software
• Services

• By Industry Vertical

• Civil Infrastructure
• Aerospace and Defense
• Oil and Gas
• Energy and Power
• Others

• By Geography

• North America

• US
• Canada
• Mexico
• Others

• South America

• Brazil
• Argentina
• Others

• Europe

• United Kingdom
• Germany
• France
• Italy
• Others

• Middle East and Africa

• Israel
• UAE
• Saudi Arabia
• Others

• Asia Pacific

• China
• India
• Japan
• South Korea
• Others