The North America Structural Health Monitoring Market would witness market growth of 12.0% CAGR during the forecast period (2021-2027).
In a service life of a structure or piece of equipment, structural health monitoring (SHM) relates to the collecting and analysis of data generated by a variety of linked sensors. It is a continual, non-destructive way of recognizing and measuring the state of degradation of an object in order to foresee the need for repair and maintenance. During the projection period, structural health monitoring hardware will have the biggest market share. Hardware components are critical in determining the physical properties of structures that are being monitored, such as stress, fractures, vibration, temperature, and alignment. The information obtained from hardware components allows technicians to take preventative or remedial action to guarantee that constructions are safe. In recent years, an increase in the incidence of structural failures has resulted in a surge in popularity for structural health monitoring systems, which has fueled market growth for hardware products.
Furthermore, increased infrastructure expenditures and advancements in wireless sensor networks have significant potential for the worldwide structural health monitoring market. Nevertheless, the structural health monitoring market's growth is hampered by high implementation costs and data normalization issues.
As per the Federal Highway Administration (FHWA), more than 30.0 percent of buildings in the United States, including bridges and dams, have exceeded their 50-year design life. As a result, these systems must be installed in order to increase structural longevity and public safety. Such elements are expected to boost the regional market's growth. The growing usage of monitoring systems in the United States is driving market expansion in the area.
Governments across North America are taking steps to implement monitoring systems in a variety of applications in order to maintain public safety. Furthermore, the market in these nations is being driven by the construction of infrastructural facilities in Canada.
The US market dominated the North America Structural Health Monitoring Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $949.7 million by 2027. The Canada market is poised to grow at a CAGR of 14.5% during (2021 - 2027). Additionally, The Mexico market would experience a CAGR of 13.5% during (2021 - 2027).
Based on Technology, the market is segmented into Wired and Wireless. Based on End Use, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Others. Based on Offering, the market is segmented into Hardware and Software & Services. Based on Hardware Type, the market is segmented into Sensors, Data Acquisition Systems (DAS) & Communication Systems and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Structural Health Monitoring Market is Estimated to reach $3.8 Billion by 2027, at a CAGR of 13.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A, Campbell Scientific, Inc., COWI A/S, GEOKON, and Geocomp Corporation.
By Technology
By End Use
By Offering
By Hardware Type
By Country
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