To surge ahead of their competitors, keen players in the global structural health monitoring market are resorting to different strategies. For example, they are pouring money into development of innovative products powered with sophisticated technologies. Major companies in the civil engineering domain are entering into carefully-considered mergers and acquisitions in order to bolster their operations and expand their outreach. All of the aforementioned have had a positive impact on the market.

Apart from that, rapid pace of infrastructural development worldwide and focus of governments on their safety is also serving to drive the global structural health monitoring market. Widespread interest of governments and autonomous bodies to protect heritage structures too is positively influencing the market. However, the high cost of installing the sensors is posing a major challenge to the market.

According to a report by Transparency Market Research, the global structural health monitoring market will likely rise at a steady CAGR of 10.09% from 2017 to 2025 to become worth US$4.09 mn by 2025-end from US$1.57 mn in 2016.

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Depending upon solution, the global structural health monitoring market has been broadly categorized into software, hardware, and services. Among them, the segment of services generated maximum revenue in 2016 on the back of growing demand for installation and maintenance of the structural health monitoring systems by various industries, worldwide. In terms of growth rate, the services segment is predicted to clock maximum CAGR of 10.26% during the period between 2017 and 2025.

Connectivity-wise again, the market can be broadly split into wired and wireless. Currently, the wireless segment contributes the most to the revenue due to the availability of low cost wireless sensors and increased adoption of wireless sensors in structural health monitoring systems by industries across the globe. In the years ahead too, the segment is expected to retain its leading share by surpassing the wired segment with a CAGR of 10.24% over the forecast period.

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