Portland, OR -- (SBWIRE) -- 11/20/2017 -- Structural health monitoring (SHM) is one of the new and improved methods to perform non-destructing evaluation. It is defined as the use of in-site and non-destructive sensing with analysis of structural characteristics to identify the location of the damage and evaluate its severity to observe the effects on the residual life of the structure. The global structural health monitoring market is driven by increase in construction activities and growth in need for continuous monitoring of the structure. SHM involves the integration of sensors, smart materials, data transmission, computational power, and processing ability inside the structures.
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The global structural health monitoring market is segmented based on component, connectivity, end user, and geography. Based on component, the market is classified into hardware, software, and services. The hardware segment is further categorized into sensors, data acquisition systems (DAS), and others. The hardware segment accounted for dominant share of the market in 2016, and is expected to maintain this trend during the forecast period. The services segment in structural health monitoring industry is expected to grow at highest CAGR from 2017 to 2023.
Based on connectivity, the structural health monitoring market is bifurcated into wired systems and wireless systems. Based on end users, it is categorized into civil, aerospace, defense, energy, mining, and others. The civil segment is further classified into tunnels, dams, stadiums, and others. SHM has become an important tool for monitoring large and complex civil structures. Emerging legislations, increasing social pressures, and the changes in the contractual relationships between builder and users drive the demand for SHM in civil infrastructures. The aerospace industry is estimated to be the fastest growing end user in the structural health monitoring market, growing at a CAGR of 21.2% from 2017 to 2023.
Geographically, the structural health monitoring market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (Japan, China, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Key companies profiled in the report include National Instruments Corporation, Advitam Inc., Digitexx Data Systems, Inc., Acellent Technologies, Inc., Nova Metrix LLC., COWI A/S, Geocomp Corporation, Hottinger Baldwin Messtechnik GmbH, Strainstall UK Limited, and Kinemetrics Inc.
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KEY BENEFITS
This report provides an in-depth analysis of the global structural health monitoring market to identify the potential investment pockets.
It outlines the current trends and future scenarios to determine the overall market potential and gain stronger market foothold.
Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
Quantitative analysis of the structural health monitoring market from 2016 to 2023 is highlighted to recognize the financial competency of the market.
Porter's Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.