Structural Health Monitoring Market

Market Leadership - Structural Health Monitoring Market

The structural health monitoring market is estimated to grow from USD 1.5 billion in 2020 to USD 2.9 billion by 2025, at a CAGR of 14.1% between 2020 and 2025. The major drivers for the market growth are automation and standardization in maintenance & repair of civil infrastructure in the post-COVID-19 period, loss of lives and capital due to catastrophic failure of infrastructure in recent years, increasing capital investments in structural health monitoring across various countries worldwide, stringent government regulations pertaining to the sustainability of structures, aging infrastructure and superior benefits associated with structural health monitoring, and declining cost of structural health monitoring systems.

Nova Metrix (US) held a leading position in the global structural health monitoring market in 2019 based on its hardware component offerings. The company’s market share in the structural health monitoring market ranges from 5 to 7% as of 2019. Nova Metrix focuses widely on inorganic strategies such as mergers and acquisitions to expand its business. For instance, in December 2019, the company acquired Controls (Italy), a global leader in the design, supply, and manufacture of testing equipment for construction and civil engineering industries. This acquisition will enable the company to expand its product portfolio and global footprint. The product portfolio of the company is exhaustive in nature, whereas services vary based on applications. The company can further move toward markets that are still untapped such as India and China, which have a lot of opportunities for the company to grow.

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MISTRAS GROUP, INC. (US) offers a wide product portfolio pertaining to structural health monitoring systems, which puts the company at a leading position in the market. The company offers solutions for construction and civil engineering applications; public and private infrastructures; aerospace & defense, and oil & gas sectors. This shows that the company does not depend on a single market segment for revenue generation. Diversified operations offer the company a competitive advantage over its competitors. The company held a market share in the range of 4 to 6% in the global structural health monitoring market.

Geokon (US) held the third position in the structural health monitoring market in 2019 with the market share ranging between 3 to 5%. The company focuses on strategies such as product launches and acquisitions to grow in the market. For instance, in November 2016, the company launched Model 8020-30, a vibrating wire interference module. This product is developed for measuring vibrations in tunnels, bridges, and pipelines, among others. Also, in December 2014, the company acquired Ealey Engineering (UK), a displacement measurement instrument manufacturing company. Through this acquisition, the company accommodated extensometers into its product line and also strengthened its base in the European market.

COWI (Denmark) held a market share in the range of 2 to 4% in the global structural health monitoring market in 2019. The company is engaged in providing monitoring, consulting, and installation services related to civil infrastructures, such as bridges, dams, and tunnels. For instance, the company was awarded a contract to provide structural health monitoring services required during the construction of the Tappan Zee Crossing Bridge (US), which completed in the year 2019 with an investment of USD 3.98 billion.

Acellent (US) held the fifth position in the structural health monitoring market in 2019 with a market share ranging between 1 to 3%. The company offers customization, consultation, and training services that are helpful to its clients in monitoring a particular structure. The key strategies adopted by the company were contracts, collaborations, and product developments. In October 2018, Acellent Technologies collaborated with Marubeni Corporation (Japan). This collaboration is in the form of investment, which will enable Marubeni Corporation to utilize Acellent Technologies’ expertise to provide applications for all kinds of structures.

Related Reports:

Structural Health Monitoring Market with COVID-19 Impact by Technology (Wired, Wireless), Offering (Sensors, Data Acquisition Systems, and Software & Services), Vertical (Civil Infrastructure, Energy, Aerospace), and Geography - Global Forecast to 2025

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Report Code
SE 3865
RI Published ON
8/24/2020
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