The Structural Health Monitoring Market: A Comprehensive Analysis
Structural Health Monitoring Industry Overview The global structural health monitoring market size was valued at USD 2.66 billion in 2022 and is anticipated to grow at a CAGR of 18.8% from 2023 to 2030. A rapid expansion in the infrastructure sector is poised to drive the market. Increasing government initiatives towards SHM system standardization and public safety also boost market growth. Stringent regulations pertaining to the sustainability of structures and the declining cost of sensors are projected to provide a fillip to the market. Structural health monitoring is a tool that enables civil engineers to reduce maintenance costs and improve safety measures of crucial architectural structures. Fundamental functions performed by SHM systems include testing and monitoring of performance and health of large machines, airframes, turbines, and structures such as buildings, bridges, dams, and stadiums. This technology integrates data acquisition and transmission systems, sensors, analy