The Europe Structural Health Monitoring Market would witness market growth of 12.7% CAGR during the forecast period (2021-2027).
SHM technology is being investigated by aerospace businesses and government organizations for detecting degradation to the space shuttle control surfaces that is disguised by heat shields. Clearly, determining the extent of damage has serious consequences for life safety. Furthermore, there seem to be currently no quantitative ways for determining whether buildings are safe to reoccupy following a major earthquake. SHM might one day give the capability to considerably reduce the uncertainty involved with post-earthquake damage estimates. The quick reoccupation of facilities, particularly those involved with manufacturing, can help to offset the economic losses caused by big earthquakes.
Almost every commercial and public sector company wants to identify harm to their products and production equipment as soon as feasible. The potential for life-safety and economic effect of this technology drives the need for these businesses to do some kind of SHM. The semiconductor manufacturing sector, for example, is implementing this technology to reduce the requirement for redundant gear in order to avoid unintended downtime in their fabrication processes. Downtime like this may cost major businesses millions of dollars each hour.
A key driving reason for the expansion in the installation of structural health monitoring systems is the high focus of governments in various nations on development and use of cutting-edge technology. The European government, for example, sponsored COST Action TU1402: Quantifying the Value of Structural Health Monitoring activities as part of its Transport and Research and Innovation Monitoring and Information System (TRIMIS) initiative. Between 2014 and 2019, the COST Action TU1402 was active, with the goal of gathering scientific data on the high value of SHM, as well as its social and industrial implications for infrastructure management and design. The impact and proof of SHM's optimum and targeted application resulted in up to a 90% decrease in operating expense and a 90% reduction in risk through enhancing dependability, robustness, and safety.
The Germany market dominated the Europe Structural Health Monitoring Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $226.8 million by 2027. The UK market is exhibiting CAGR of 11.8% during (2021 - 2027). Additionally, The France market would witness a CAGR of 13.5% during (2021 - 2027).
Based on Technology, the market is segmented into Wired and Wireless. Based on End Use, the market is segmented into Civil Infrastructure, Aerospace & Defense, Energy, Mining, and Others. Based on Offering, the market is segmented into Hardware and Software & Services. Based on Hardware Type, the market is segmented into Sensors, Data Acquisition Systems (DAS) & Communication Systems and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Structural Health Monitoring Market Size will Hit $3.8 Billion by 2027, at a CAGR of 13.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Acellent Technologies, Inc., Sixense, Nova Ventures Group Corp., Structural Monitoring System Plc., Digitexx Data Systems, Inc., SGS S.A, Campbell Scientific, Inc., COWI A/S, GEOKON, and Geocomp Corporation.
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