Structural Health Monitoring (SHM) Market is Expected to Reach USD 1.89 Billion by 2020

Date: 2015-11-07

Huge potential savings in operating cost by using SHM for long term that facilitates condition-based maintenance is expected to drive the SHM market for civil infrastructure. SHM is widely used in the civil infrastructure industry to ensure high inspection and monitoring solution. 

The SHM market is divided into four major geographies, namely, North America, Europe, Asia-Pacific, and Rest of the World (RoW). The structural health monitoring market in North America accounted for the largest market share, in 2014 among the others region. The market in the North American region has been divided into the U.S., Canada, and Mexico. The key driving factors for the American SHM market include the ageing infrastructure, government support, along with the increasing need of effective solutions in the maintenance of infrastructure.

The practices such as use of SHM technology at the construction phase of civil infrastructure for the identification of any loop hole in design provides further boost to the SHM market. In Sochi Olympic 2014 (Russia), SHM was used in the construction of stadiums. Similarly, in upcoming international sports events such as Rio Olympic 2016 (Brazil), FIFA World Cup 2018 (Russia), and others, where stadium are going to build in a short period of time, SHM may be used for structural monitoring. 

The report predicts that the SHM market is expected to reach USD 1.89 billion by 2020, at a CAGR of 24.7% between 2015 and 2020.

The report provides the market size and forecast the SHM market with broader segmentation by technology, by solution type, by application, and by geography. The technology segmentation covers wired and wireless SHM, while the solution type segmentation covers hardware and software & services. SHM market is segmented on the basis of SHM application, which includes bridges, dams, tunnels, buildings, stadiums, and others. 

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