The global structural health monitoring (SHM) market is experiencing robust growth, driven by the increasing need for maintaining aging infrastructure, stringent government regulations, and the growing adoption of SHM systems in various industries such as civil infrastructure, aerospace, and energy. SHM systems are used to monitor the structural integrity of infrastructure such as bridges, buildings, and pipelines in real-time, helping to prevent catastrophic failures and reduce maintenance costs. The market is also benefiting from advancements in sensor technology, wireless communication, and data analytics, which have made SHM systems more reliable, cost-effective, and easier to deploy. However, challenges such as high initial costs, lack of skilled professionals, and data security concerns are hindering market growth. Overall, the market is poised for significant expansion, driven by the increasing emphasis on safety and sustainability in infrastructure development.
Data Bridge Market Research analyzes that the Global Structural Health Monitoring Market is expected to reach a value of USD 10,270.54 thousand by 2030, at a CAGR of 17.9% during the forecast period.
Below are the Top Five Structural Health Monitoring Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Xylem
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Xylem is a prominent player in the global structural health monitoring (SHM) market, known for its innovative solutions in water technology. While not traditionally focused on SHM, Xylem's expertise in sensor technology, data analytics, and infrastructure monitoring positions it well to enter and potentially disrupt the SHM market. The company's strong reputation for providing reliable and efficient water solutions could give it a competitive edge in offering SHM systems for monitoring the integrity of structures such as bridges, dams, and pipelines.
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Monitoring Services
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North America, Middle East and Africa, Europe, South America, Asia- Pacific
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In January 2023, Xylem Inc. and Evoqua announced a definitive agreement according to which Xylem will acquire Evoqua in an all-stock deal with an indicated enterprise value of roughly USD 7.5 billion. The united business offers a portfolio of cutting-edge technologies, comprehensive services, and application expertise that is unmatched throughout the water cycle. This has aided the business platform expansion of the corporation.
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2.
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National Instruments corp.
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National Instruments Corp. (NI) is a major player in the global structural health monitoring (SHM) market, known for its expertise in providing test, measurement, and control solutions. NI's hardware and software platforms are widely used in various industries, including aerospace, automotive, and civil engineering, making the company well-positioned to offer SHM solutions. NI's SHM offerings leverage its advanced sensor technologies, data acquisition systems, and data analytics software to monitor the structural integrity of bridges, buildings, and other critical infrastructure in real-time.
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North America, Middle East and Africa, Europe, South America
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In May 2021, NATIONAL INSTRUMENTS CORP. acquired Monodrive to accelerate its vehicle development. Monodrive excels in signal processing. There is a strategic collaboration with Ansys, the global leader in engineering simulations. The company benefitted by this acquisition because the company’s expand in the ADAS & simulation markets.
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3.
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STRUCTURAL MONITORING SYSTEMS PLC.
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STRUCTURAL MONITORING SYSTEMS PLC. (SMS) is a specialized player in the global structural health monitoring (SHM) market, focusing exclusively on providing SHM solutions for civil infrastructure, including bridges, tunnels, and buildings. SMS's comprehensive portfolio of SHM products and services includes sensors, data acquisition systems, and analytical software designed specifically for monitoring the structural integrity of civil infrastructure.
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North America, Middle East and Africa, Europe, South America, Asia- Pacific
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In November 2022, STRUCTURAL MONITORING SYSTEMS PLC. (SMS) announced that it took the first delivery of its LNG dual-fuel vessel. The vessel is capable of achieving a 45% reduction in the carbon emission, in addition to the 93% reduction in the nitrogen oxide and 45% reduction in sulphur oxide. This commercialization has helped the company in gaining the environmentally friendly products in its product portfolio.
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4.
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HBK
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HBK (Hottinger, Brüel & Kjær) is a leading provider of test and measurement solutions, including products and services for structural health monitoring (SHM). The company offers a wide range of sensors, data acquisition systems, and software solutions designed to monitor the structural integrity of buildings, bridges, and other infrastructure. HBK's SHM products are known for their high accuracy, reliability, and durability, making them ideal for long-term monitoring applications. The company's comprehensive SHM solutions include sensors that measure parameters such as strain, displacement, and vibration, as well as data acquisition systems that collect and analyze the data from these sensors.
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North America, Middle East and Africa, Europe, South America, Asia- Pacific
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In September 2021, HBK announced that it has received the German Association for Quality (DGQ) on its 50th year of membership with German quality organization. Maintaining these standards for half a century ensures HBK’s customers receive products and services that are of the highest level, which is particularly important for military clients or those involved in sensitive projects, such as aerospace. This award has helped the company in the customer acquisition.
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5.
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Cowi A/S
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Cowi A/S is a global consulting company specializing in engineering, environmental science, and economics. While not exclusively focused on structural health monitoring (SHM), Cowi offers a range of services that include SHM solutions for various infrastructure projects. The company's expertise in civil engineering, particularly in bridge and tunnel design and construction, positions it well to provide SHM services.
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North America, Europe, Asia- Pacific
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In September 2021, COWI A/S executed Hising Bridge, which crosses Göta Älv in Gothenburg and forms the new link between the mainland and Hisingen. This project execution has improved the recognition of the company.
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Conclusion
The global structural health monitoring (SHM) market is experiencing significant growth, driven by the increasing need for monitoring the structural integrity of aging infrastructure, stringent government regulations, and the adoption of SHM systems in various industries. Companies such as Xylem, National Instruments Corp., STRUCTURAL MONITORING SYSTEMS PLC., HBK, and Cowi A/S are key players in this market, offering innovative solutions and services for monitoring the health of structures worldwide. These companies' strong market presence, expertise in sensor technology, and commitment to research and development position them well to capitalize on the growing demand for SHM solutions.
