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Structural Health Monitoring Market Anticipated to Reach USD USD 3,955 Million Billion in 2028

The Global Structural Health Monitoring Market size was valued at USD USD 1,814 Million billion in 2021 and is projected to reach USD USD 3,955 Million billion by 2028, registering a CAGR of 15.3%% from 2022 to 2028. Structural health monitoring is a tool used to ensure the soundness and safety of structures. Monitoring the health of a structure uses a variety of sensors to collect and analyze data relating to any damage or deterioration that the framework may experience during its life.

The construction industry has seen a gradual shift in digital production and the automation of its key processes, such as maintenance and repairs, in recent years. The epidemic has severely disrupted the work and productivity of construction workers, as the need for contractors under conditions of social cuts and limited labor has resulted in the loss of time and money. Therefore, the tendency for automation and the setting of critical processes and remote operating solutions is growing. The gradual increase in suspension and automation of maintenance and repairs is expected to increase the process of remote operation, which could impact change in the construction industry. Qualified staff can manage and perform their tasks remotely with sufficient information about installed systems without compromising quality and control. This majorly helps the structural health market to hold ground and grow.

While Structural Health Monitoring systems help save costs in the long run, the costs involved in installing and monitoring are very high, largely due to advanced sensors, software, and sophisticated data acquisition systems. More complex structures require more efficient metal solutions, which increases the total cost. Additionally, the security costs involved in this are very high. As structural health monitoring systems become more complex, there are new integrated technologies, which help to integrate hardware, namely, sensors, communication modules, and data acquisition systems, where software is used to analyze acquired monitoring data. The integration method is the best tool for monitoring the health of a structure because it is not possible to monitor the overall health of the building using only one process. Therefore, many key players are focused on developing cost-effective building health monitoring solutions where electrical, magnetic, thermal, and other materials are combined to provide more accurate results, which may increase the availability of integrated structural health monitoring systems.

The Structural Health Monitoring Market can be categorized based on offering into either hardware or software. The share of software and services holds a larger part in the market. While on the basis of technology it is segmented as wired and wireless. Wired monitoring system is widely used and is predicted to dominate further in the forecast period. Considering the end-user vertical industry, the structural health monitoring market is divided into civil infrastructure, aerospace and defense, energy, mining, and others. With the ever-growing construction industry, civil infrastructure holds the largest share in the structural health monitoring market.

Geographically, the structural health monitoring market mainly consists of North America, South America, Europe, and Asia Pacific regions. The region of North America dominated the building health monitoring market with the largest share in 2021 and is expected to follow the same trend during the forecast period. A major part of the American market is due to the government's growing focus on repairing and maintaining public and aviation infrastructure. The market may see a downturn due to the outbreak of the COVID-19 epidemic, but it is expected that the recovery by 2022 caused a slowdown in closing the doors.

The key players of the market include - Pure Technologies, Structural Monitoring Systems (Australia), Geocomp Corporation (US), Nova Metrix (US), Campbell Scientific (US), Geokon, Incorporated (US), Digitexx Data Systems (US), SIXENSE Systems (France), Bridge Diagnostics (US), RST Instruments (Canada), Sisgeo (Italy), and Geomotion Singapore (Singapore).