The global market for structural health monitoring is anticipated to expand at staggering double-digit CAGR throughout the 10 years of assessment period (2016-2026) and is assessed to reach US$ 5.77 Bn by the end of 2026. The global market secured valuation of nearly US$ 1.4 Bn in the year 2015 and was estimated to reach valuation of approximately US$ 1.59 Bn by 2016-end, reflecting Y-o-Y expansion of 13.2%. The wired segment had accounted for nearly two-third of revenue share in the year 2016. The segment is estimated to create an incremental opportunity of US$ 2.54 Bn during 2016 and 2026. The wireless segment is projected to achieve an expected value of US$ 2.19 Bn by the end of 2026, reflecting staggering double-digit CAGR during the forecast period.
To forecast and understand the opportunities and demand for structural health monitoring systems, the market has been categorised on the basis of component type, application type and product type.
On the basis of component type, the market has been segmented into services, software and hardware segments. In terms of market share, the hardware segment is projected to retain its dominance in the market throughout the forecast period. Revenue generation of hardware segment is likely to increase by 3.2 X during the forecast period.
Based on product type, the market has further been segmented into wireless SHM segment and wired SHM segment. In terms of market share, wired SHM system segment is likely to exhibit an incremental dollar opportunity throughout the forecast period and is likely to remain most attractive segment during the assessment period. The wired SHM segment is likely to generate an incremental opportunity of US$ 3.14 Bn throughout the forecast period whereas in terms of value, the wireless SHM system segment is projected to reflect 4.2X expansion during the assessment period.
Segmentation by Application Type
The market by application type has been segmented into large machinery & equipment, bridges & dams, airframes & wind turbines, vessels & platforms, and buildings & stadiums. In terms of value share, the bridges & dams segment remained dominant in the market in the year 2017 and is projected to maintain its dominant position over the forecast period. Bridges & dams segment is likely to be followed by buildings & stadiums segment. Throughout the assessment period, the vessels & platform segment is likely to reflect 3.5 X expansion throughout the forecast period. Further, the wind & airframes segment is anticipated to generate an incremental opportunity of over US$ 640 Mn during the forecast period.
The report has also analysed the performance of the market in several key regions such as Middle East & Africa, North America, Japan, Western Europe, Asia Pacific excluding Japan, Eastern Europe, and Latin America. The market in the North America remained dominated in the year 2017, followed by Western Europe. The market in the APEJ region is estimated to procure over one-fifth market share by the end of forecast period, followed by North America. The APEJ region is estimated to reflect 4.8 X growth during the forecast period.
According to the Future Market Insights’ report, number of player operating in the market are likely to have tremendous competition in the foreseeable period. Several leading players have been profiled in the report such as Kinemetrics Inc., Strainstall UK Limited, National Instruments Corporation, Digitexx Data Systems, Inc., Hottinger Baldwin Messtechnik GmbH, Acellent Technologies, Inc., Nova Metrix LLC, COWI A/S, Geocomp Corporation, and Sixense Systems.
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