Structural Health Monitoring (SHM) is a process of monitoring and evaluating the health of structures such as buildings, bridges, and dams to prevent catastrophic failures. The SHM market is growing rapidly due to the increasing demand for safety and reliability in infrastructure projects.
The market is segmented by technology, offering, vertical, and geography. Based on technology, the market is segmented into wired and wireless. Based on offering, the market is segmented into hardware, software, and services. Based on vertical, the market is segmented into civil infrastructure, aerospace, energy, mining, and others.The SHM market is projected to reach ~$3.38 billion by 2025, growing at a CAGR of +17% from 2020 to 2025
The civil infrastructure segment accounted for the largest share of the SHM market in 2020, and it is expected to maintain its dominance throughout the forecast period due to the increasing investments in infrastructure projects, especially in emerging economies. The aerospace segment is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of SHM in aircraft maintenance.
One of the major trends in the SHM market is the increasing adoption of wireless sensors due to their ease of installation and cost-effectiveness. Another trend is the use of advanced analytics and machine learning techniques to analyze the data collected by sensors and provide insights into the health of structures.
The major drivers of the SHM market include the increasing investments in infrastructure projects, the growing demand for safety and reliability, the need for real-time monitoring of structures, and the increasing adoption of IoT and cloud-based technologies.
The SHM market presents several opportunities, such as the increasing adoption of SHM in emerging economies, the growing demand for SHM in the aerospace industry, and the integration of SHM with other technologies such as IoT and artificial intelligence.
The threats to the SHM market include the lack of awareness about the benefits of SHM among end-users, the high cost of SHM systems, and the lack of skilled personnel to operate and maintain SHM systems.
The SHM market is subject to various regulatory and legal issues such as data privacy, intellectual property rights, and liability issues. Governments and regulatory bodies are taking measures to ensure the safety and reliability of structures by mandating the use of SHM systems in certain industries.
The target demographics for the SHM market include infrastructure owners, construction companies, government agencies, and aerospace companies. These end-users prefer SHM systems that are easy to install, cost-effective, and provide real-time monitoring of structures.
The pricing of SHM systems varies across different segments and depends on factors such as technology, offering, and vertical. The hardware segment is expected to dominate the SHM market in terms of revenue due to the high cost of sensors and other hardware components. However, the software and services segments are expected to grow at a faster rate during the forecast period due to the increasing demand for advanced analytics and real-time monitoring solutions.
Based on offering, the hardware segment is expected to have the highest average selling price (ASP) during the forecast period. This is due to the high cost of sensors and other hardware components required for SHM systems. The software and services segments are expected to have lower ASPs compared to the hardware segment, but they are expected to grow at a faster rate due to the increasing demand for advanced analytics and real-time monitoring solutions.
Based on technology, the wireless segment is expected to have a higher ASP compared to the wired segment due to the additional cost of wireless communication components. However, the wireless segment is expected to grow at a faster rate during the forecast period due to its ease of installation and cost-effectiveness.
Based on vertical, the aerospace segment is expected to have the highest ASP due to the strict safety regulations and the high cost of aircraft maintenance. The civil infrastructure segment is expected to have a lower ASP compared to the aerospace segment, but it is expected to grow at a faster rate due to the increasing investments in infrastructure projects.
The pricing of SHM systems also varies across different geographies. North America and Europe are expected to have a higher ASP compared to Asia Pacific due to the higher labor and material costs in these regions. However, Asia Pacific is expected to grow at a faster rate during the forecast period due to the increasing investments in infrastructure projects and the growing demand for safety and reliability.
The SHM market is growing rapidly due to the increasing demand for safety and reliability in infrastructure projects. The pricing of SHM systems varies across different segments and depends on factors such as technology, offering, and vertical. The hardware segment is expected to dominate the SHM market in terms of revenue, but the software and services segments are expected to grow at a faster rate due to the increasing demand for advanced analytics and real-time monitoring solutions. The pricing of SHM systems also varies across different geographies. North America and Europe are expected to have a higher ASP compared to Asia Pacific, but Asia Pacific is expected to grow at a faster rate during the forecast period.
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