Structural Health Monitoring Market Analysis Report, Size, Share, Trends, Growth, Demand and Forecast 2030
Global Structural Health Monitoring Market Research Report and Forecast to 2030 is an investigative report providing an extensive study of the global Structural Health Monitoring Market with regards to market size, market share, current and emerging trends, and latest technological developments. The report also sheds light on the competitive landscape of the Structural Health Monitoring Market on the global and regional scale, along with a thorough forecast estimation to 2021. The new report is updated with the impact of the COVID-19 pandemic on the Structural Health Monitoring Market. It analyzes the impact of the pandemic with regards to economic landscape and government regulations in each region. It also studies the supply chain disruptions and economic volatility induced by the pandemic and offers a current and future assessment of the impact of the pandemic on the global and regional Structural Health Monitoring Market.
The market for structural health monitoring was valued at USD 1.87 billion in 2021 and is anticipated to grow at a 14.3% CAGR in terms of revenue during the forecast period. Some of the major reasons propelling the structural health monitoring market revenue growth include the quick development of sensing technology as a result of R&D expenditures and the decreased cost of structural health monitoring devices. Companies in a wide range of industries are using sensors extensively. Process plants that have installed sensors to digitise operations for process control and connect key processes in their facilities have done so. Additionally, data collection and analysis can be done with this to increase process efficiency.
Artificial Intelligence (AI) and Machine Learning (ML) can support decision-making and improve performance optimization by combining intelligent sensing with these technologies. Additionally, a surge in the use of sensors for real-time monitoring of structural components has been brought on by the availability of an extensive selection of reasonably priced sensors. This has helped to increase component life, save maintenance costs, and boost public safety. When monitoring a fatigue fracture on a crucial component, fibre optic sensors (FOS) or other forms of sensing devices can provide information on local activity within the component. Additionally, sensors are directly attached to structural elements that are prone to cracking, and the number of sensors is determined by an evaluation supplied by engineers. However, it is anticipated that increasing demand for hardware for structural health monitoring will propel market revenue growth.
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Segmental Analysis
The global Structural Health Monitoring market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Structural Health Monitoring sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Segments Covered in this report are:
Offering Outlook (Revenue, USD Billion, 2019–2030)
- Hardware
- Software
- Services
Technology Outlook (Revenue, USD Billion, 2019–2030)
- Wired
- Wireless
End Use Outlook (Revenue, USD Billion, 2019–2030)
- Civil Infrastructure
- Aerospace and Defense
- Energy
- Mining
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Competitive Outlook:
The global Structural Health Monitoring market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Structural Health Monitoring market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Key Companies Profiled in the Report:
Nova Ventures, Geokon, Campbell Scientific, Inc., Structural Monitoring Systems plc, CGG SA, Acellent Technologies, Inc., Sixense, Xylem Inc., SGS S.A., and Digitexx Data Systems, Inc
Report Highlights:
Besides offering a vivid depiction of the global Structural Health Monitoring business sphere and its fundamental operations, the latest report provides the industrial chain analysis and list down the current and future market trends and growth opportunities.
The report includes information on the present and historical market scenarios, which helps forecast the market conditions over the next eight years (2020-2027).
The report scrutinizes the salient factors influencing the growth of the market in the near future.
The strategic marketing recommendations, crucial information related to the new market entrants, and expansion plans of various businesses are poised to provide the reader with a competitive edge in the market.
Global Structural Health Monitoring Market Geographical Landscape - Synopsis:
The report closely studies the growth trajectory of the global Structural Health Monitoring market. It brings to light the global dominance of the leading regional segments, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
The study elaborates on the crucial information pertaining to the regional market share. It simultaneously focuses on the significant details about the growth patterns of each regional market.
Moreover, the report encases an exhaustive geographical study of the market, emphasizing the business growth prospects and market barriers for each of the key market regions.
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