Market Leadership - Structural Health Monitoring Market
The structural health monitoring market is estimated to grow from USD 2.0 billion in 2022 to USD 4.0 billion by 2027, at a CAGR of 14.6% between 2022 and 2027. 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.
The major players in the structural health monitoring market with a significant global presence are COWI (Denmark), Campbell Scientific (US), Geokon (US), Nova Metrix LLC (US) and SGS (Switzerland). The market players have adopted various strategies such as development of advanced products, contracts, partnerships, collaborations, and acquisitions to strengthen their position in the structural health monitoring market. The organic and inorganic strategies have helped the market players to expand themselves globally with innovative and customized product offerings and services.
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COWI (Denmark) specializes in the design, installation, procurement, and operation of advanced structural health monitoring systems and related components. COWI leverages its diverse portfolio of services related to structural health monitoring to gain a competitive advantage in the market. Owing to a strong geographic presence, the company extensively focuses on inorganic growth strategies to strengthen its position in the market. For instance, in November 2018, COWI announced the acquisition of Arkitema Architects (Denmark), a company that specializes in housing, urban design, office buildings, and health and educational infrastructure. The acquisition strengthened COWIs position in Denmark and has enabled it to offer innovative and sustainable solutions to its customers.
Campbell Scientific (US) majorly focuses on adopting organic strategies, such as product launches and development, on strengthening its market position. For instance, in April 2020, the company launched the GRANITE series of highly flexible data acquisition systems. The company focuses on developing a diverse portfolio of data acquisition systems and software solutions to gain a competitive advantage in the structural health monitoring market. Campbell Scientific is predominately operating in the US and European countries. With several subsidiaries and associated companies, Campbell Scientific is keen on strengthening its position in emerging markets in the Asia Pacific region.
Geokon (US) has a diverse product portfolio consisting of instruments such as strain gauges, displacement transducers, inclinometers, strain gauges, tiltmeters and pressure cells that can be used for several structural health monitoring applications. The company extensively focuses on research and development and develops advanced and innovative products. The company has a strong brand name and a prominent global presence with sales support and system integration facilities in many countries. It extensively focuses on product development strategy for growth. For instance, in March 2021, the company launched the GeoNet 8900 Series, a wireless, low-power data acquisition system that collects data from sensors and provides secure access to view the data over the internet.
Nova Metrix LLC (US) had acquired several companies to strengthen its position in the structural health monitoring market. Some major subsidiaries of the company include Durham Geo Slope Indicator (DGSI), Roctest, Sensornet, Sherborne Sensors, Soil Instruments, Westbay Instruments, Waterloo Hydrogeologic, and VanEssen Instruments. These companies collaborate to provide instruments and services to customers for various structural health monitoring applications. The company has participated in various conferences to promote its brands. The companys product portfolio is exhaustive in nature, whereas the services vary according to the desired application. Nova Metrix LLC has a strong global presence in more than 90 countries.
SGS (Switzerland) offers various services related to connectivity products, health and nutrition, digital solutions, industries and environment, knowledge solutions, natural resources, and sustainability solutions. SGS offers structural health monitoring solutions for buildings and infrastructure, mining, manufacturing, oil & gas, power, and transportation applications. The company majorly focuses on inorganic growth strategies such as acquisitions to strengthen its position in the market. For instance, in April 2021, SGS announced the acquisition of The Lab (Asia) Ltd. (Hong Kong), independent materials, inspection, testing, and consulting company that offers services for infrastructure, airways and transportation sectors. With this acquisition, SGS aims to strengthen its presence in the Asian market.
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Structural Health Monitoring Market with COVID-19 Impact by Offering (Hardware, Software & Services), Technology (Wired, Wireless), End Use (Civil Infrastructure, Aerospace & Defense, Energy, Mining) and Geography - Global Forecast to 2027
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