Structural Health Monitoring Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 20, 2024 /EINPresswire.com/ -- The structural health monitoring market has experienced robust growth in recent years, expanding from $2.67 billion in 2023 to $3.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to market recognition and acceptance, disaster mitigation efforts, increased government initiatives, development of wireless monitoring, pioneering shm applications.
What Is The Estimated Market Size Of The Global Structural Health Monitoring Market And Its Annual Growth Rate?
The structural health monitoring market is projected to continue its strong growth, reaching $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to rise in smart cities initiatives, growth in remote monitoring solutions, integration of machine learning and ai, expansion in renewable energy infrastructure, regulatory emphasis on structural safety.
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Growth Driver Of The Structural Health Monitoring MarketThe frequent occurrences of natural calamities are expected to boost the growth of the structural health monitoring market going forward. Natural calamities are catastrophic occurrences that arise as a result of any natural phenomenon on Earth. Structural health monitoring is very helpful to prevent water and flood damage brought on by collapsed dams, dykes, pipelines and other similar infrastructure as a result of natural disasters, hence, frequent occurrences of natural calamities are expected to boost the structural health monitoring market.
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Who Are the Leading Competitors in the Structural Health Monitoring Market Share?Key players in the structural health monitoring market include Nova Ventures Group Corp., Geokon, Campbell Scientific Inc., COWI A/S, Geocomp Corporation, Acellent Technologies Inc., Sixense, Structural Monitoring Systems PLC, Digitexx Data Systems Inc., Kinemetrics, National Instruments Corporation, Hottinger Baldwin Messtechnik GmbH, SGS Société Générale de Surveillance SA, James Fisher Strainstall, Advitam Inc., Strainstall Limited.
Which Key Trends Are Driving Structural Health Monitoring Market Growth?Major companies operating in the structural health monitoring market are forming partnerships to develop new products and strengthen their positions in the market. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success.
How Is The Global Structural Health Monitoring Market Segmented?1) By Component: Hardware, Software, Services2) By Connectivity: Wired, Wireless3) By Application: Bridges And Dams, Buildings And Stadiums, Vessels And Platforms, Airframes And Wind Turbines, Large Machinery And Equipment4) By End User: Civil, Aerospace, Defense, Energy, Mining, Other End Users
Geographical Insights: Asia-Pacific Leading The Structural Health Monitoring MarketAsia-Pacific was the largest region in the structural health monitoring market in 2023. The regions covered in the structural health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Structural Health Monitoring Market DefinitionStructural health monitoring (SHM) refers to the practice of applying damage detection and characterization tools to vital structures, including bridges, wind turbines and tunnels. It is used to assure structural integrity and safety, track the progression of damage and evaluate how well civil infrastructures are performing.
Structural Health Monitoring Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Macroeconomic factors affecting the market in the short and long run• Analysis of the macro and micro economic factors that have affected the market in the past five years• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global structural health monitoring market report covering trends, opportunities, strategies, and moreThe Structural Health Monitoring Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on structural health monitoring market size, structural health monitoring market drivers and trends, structural health monitoring market major players, structural health monitoring competitors' revenues, structural health monitoring market positioning, and structural health monitoring market growth across geographies. The structural health monitoring market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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September 20, 2024, 14:00 GMT
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