The global structural health monitoring market size was USD 1.87 Billion in 2021 and is expected to register a revenue CAGR of 14.3% over the forecast period, according to the latest analysis by Emergen Research. Rapid advancement in sensing technology due to investments in R&D and reduced cost of structural health monitoring devices are some key factors driving structural health monitoring market revenue growth. Sensors are being widely used by companies, across various industries, where process plants have installed sensors to digitize operations for process control and connected major processes in their plants. In addition, this can be used to gather and analyze data to achieve higher levels of process efficiency. Linking up intelligent sensing with Artificial Intelligence (AI) and Machine Learning (ML), can support decision-making and increase optimization of performances. Moreover, availability of a wide range of affordable sensors has led to a rise in adoption of sensors for real-time monitoring of structural components to extend the life, reduce maintenance costs, and ensure a high level of public safety. Fiber Optic Sensors (FOS) or other types of sensing devices can provide information about local behavior within component such as monitoring a fatigue crack on a critical component. Furthermore, sensors are placed directly on part of structure susceptible to cracks and number of sensors is based on evaluation provided by engineers. However, rising demand for structural health monitoring hardware devices is expected to drive revenue growth of the market.
The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the Structural Health Monitoring market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
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
Research Report on the Structural Health Monitoring Market Addresses the Following Key Questions:
- Who are the dominant players of the Structural Health Monitoring market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Structural Health Monitoring market?
- What are the key growth drivers and restraining factors of the Structural Health Monitoring market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Structural Health Monitoring market and its key segments?
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Emergen Research has segmented the global Structural Health Monitoring market on the basis of type, type of care, and region
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
In conclusion, the Structural Health Monitoring Market report is an exhaustive database that will help readers formulate lucrative strategies. The Structural Health Monitoring Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
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