Structural Health Monitoring Market

Nova Metrix LLC (US) and Geokon, Incorporated (US) are the Top 2 Players in the Structural Health Monitoring Market

The overall structural health monitoring market is estimated to grow from USD 1.48 billion in 2018 to USD 3.38 billion by 2023, at a CAGR of 17.93% between 2018 and 2023. The major factors driving the growth of the structural health monitoring market include the catastrophic failure of the infrastructure that results in the loss of lives and incurs higher costs, high capital investments for structural health monitoring across various countries worldwide, stringent government regulations pertaining to the sustainability of structures, aging infrastructure and the superior benefits of structural health monitoring, and decrease in the cost of sensors that results in reducing the structural health monitoring system cost.

A few key players in the structural health monitoring market are COWI (Denmark), Pure Technologies (Canada), Structural Monitoring Systems (Australia), Acellent (US), Geocomp (US), Campbell Scientific (US), Nova Metrix (US), Geokon (US), SIXENSE (France), Digitexx (US), Bridge Diagnostics (US), Sisgeo (Italy), RST Instruments (Canada), AVT Reliability (UK), and Geomotion Singapore (Singapore).

Top 2 players providing hardware offerings are as follows:

Nova Metrix LLC (US) held a leading position in the global structural health monitoring market in 2016 owing to its hardware component offerings. The company focuses widely on inorganic strategies such as mergers and acquisitions to expand its business. For instance, in November 2014, the company acquired Soil Instruments (UK) to expand its businesses in the field of mining, civil engineering, road, and railway structures. Also, in September 2012, the company acquired Sherborne Sensors (UK), a designing and manufacturing company of accelerometers, force transducers, and inclinometers, to expand its portfolio of products used in geotechnical and structural health monitoring applications.     

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Geokon, Incorporated (US) held the second position in the structural health monitoring market in 2016 due to its hardware component offerings. 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.

Top 2 players providing software and service offerings:

COWI A/S (Denmark) held a leading position in the global structural health monitoring market in 2016 based on the software and service offerings. COWI has core expertise in various disciplines pertaining to structural health monitoring systems that include planning and design of structural health monitoring systems, data acquisition, data presentation and analysis, structural modeling, and formulation of contingency plans. COWI has provided structural health monitoring services for projects such as the Stonecutters Bridge (Hong Kong), the Sutong and Chongming Bridges (China), the Naini Bridge (India), and the Great Belt Bridge (Denmark). The company is engaged in providing monitoring, consultation, and installation services related to several kinds of civil infrastructure facilities, 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 began in 2013 and is expected to be completed by 2018.

Geocomp Corporation (US) held the second position in this market in 2016 owing to its software and services offerings. The company focuses on strategic partnerships and agreements to promote its brand image in this market. For instance, in August 2014, the company signed an agreement with HAKS Engineers, P.C. (US) to monitor the Walt Whitman Bridge (Delaware) jointly. Similarly, in January 2014, the company signed an agreement with Walsh/Shea Corridor Constructors (WSCC) to provide its iSiteCentral software for the web-based monitoring of the Crenshaw/LAX Transit Corridor project in the US.

Related Reports:

Structural Health Monitoring Market by Technology (Wired and Wireless), Offering (Hardware (Sensors, Data Acquisition Systems) and Software & Services), Vertical (Civil Infrastructure, Energy), Application, and Geography - Global Forecast to 2023

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