Structural Health Monitoring Market size was valued at USD 2210 million in 2021 and is poised to grow from USD 2530.27 million in 2022 to USD 7595 million by 2030, growing at a CAGR of 14.7% in the forecast period (2023-2030).

Structural health monitoring (SHM) involves the observation and analysis of a system over time using periodically sampled response measurements to monitor changes to the material and geometric properties of engineering structures such as bridges and buildings. The SHM process involves selecting the excitation methods, the sensor types, number and locations, and the data acquisition/storage/transmittal hardware commonly called health and usage monitoring systems. The major factors contributing to the market growth are increased importance of automated maintenance and repair of critical infrastructures, cascading effects of structural failures such as loss of lives and capital, significant investments in infrastructure sector, stringent government regulations to build sustainable structures, aging infrastructure and benefits offered by structural health monitoring, and reduced costs of structural health monitoring systems. This technology is an integration of data acquisition and transmission systems, sensors, analyzing tools, and measuring amplifiers, and software. The system plays a key role in detecting damages using predictive maintenance, boosts safety of the structure, and enables automatic response, thus saving time and costs. The market has observed gradual recovery from 2021 as the governments are resuming infrastructure development work to reduce the unemployment rate caused by the COVID-19 pandemic. Moreover, the halting of operations of the airlines due to travel restrictions imposed by the countries could increase the maintenance, repair, and overhaul activities in the aviation sector.

In the most realistic scenario, the global structural health monitoring market has witnessed a growth of ~8%–10% in 2021 owing to the increasing infrastructure investments globally and the subsequent increase in the construction projects. The market is expected to witness robust growth from 2022. A rapid expansion in the infrastructure sector is poised to drive the market. Increasing government initiatives towards SHM system standardization and public safety are also boosting market growth. Stringent regulations pertaining to sustainability of structures and declining cost of sensors are projected to provide a fillip to the market.

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