This growth can be attributed to the growing use of advanced sensor technologies, declining cost of sensors, and increasing capital investments for structural health monitoring in order to ensure better maintenance of critical infrastructure across the end-user industries.

- The growing demand for predictive maintenance in order to reduce life cycle maintenance costs is one of the major drivers of this industry. MEMS inertial sensors are extensively used predictive condition monitoring of buildings, production systems, and even vehicles. This has been further augmented by the emergence of IoT and advanced analytics that are continually improving the functionality of such systems.

- IBM Corporation, in February 2019, announced a new portfolio of Internet of Things (IoT) solutions that team AI and advanced analytics to help asset-intensive organizations, like the Metropolitan Atlanta Rapid Transit Authority (MARTA), to improve maintenance strategies.

- Moreover, the ability to remotely monitor critical infrastructure using smart sensors has led to the proliferation of the market. This is extremely helpful in the end-user segments, like mining, where structural monitoring using smart sensors enables companies to save money and lives. Inertial sensors from First Sensor that have the capability to achieve resolutions of 10 µg or 0.0005° (2 arc seconds) are extensively used for remote monitoring of buildings, bridges, and wind turbines.

- The market is expected to be affected by the recent outbreak of the COVID-19 pandemic. The slowing down of the economy is expected to reduce expenditure on infrastructure and thereby reducing growth figures for the market in a post-corona economy. However, the companies are expected to invest in their IT systems to develop remote monitoring capabilities in order to avoid a similar situation in the future. This is expected to act as a big stimulus for the market in the medium to long run.

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Key Market Trends

Energy Sector is Expected to Account for a Large Share of the Market

- The remote maintenance benefits that Structural Health Monitoring Systems offer is extremely beneficial for both onshore and offshore systems in this sector. In a wind turbine, for instance, central data modules are being increasingly used to transmit data pertaining to structural conditions. The introduction of cloud solutions has enabled this structural health monitoring data to be continually collected and evaluated for predictive maintenance. Most wind farm operators leverage SCADA data for remote monitoring and management.

- Moreover, Structural Health Monitoring solutions led to huge cost savings through early detection, thereby facilitating higher investment in future predictive maintenance solutions. Duke Energy deployed Schneider Electric’s Avantis PRiSM technology to save USD 7.5m through early crack detection in a turbine rotor. This has ensured the prevention of cost over-runs through asset optimization and maintenance.

- The non-invasive structural monitoring remains extremely critical to the nuclear energy sector, which, by design, supports such technologies. The sensors in nuclear reactors are installed during concrete casting or by inserting them into holes that are drilled into the existing structures.

- In the next four years, more than 67 nuclear reactors in the world are estimated to reach an age of over 40 years of the operational period. As nuclear power plants age, the importance of maintenance increases, and this is expected to create market opportunities for the market studied.

Asia-Pacific is Expected to be the Fastest-growing Market

- The rapid expansion of the end-user industries that have major avenues for the application of structural health monitoring systems is leading to the expansion of the market. For instance, according to the World Nuclear Association, China and India have planned 43 and 14 nuclear reactors, respectively, by May 2019. Thus, the need for maintenance of those power plants will also increase, which in return will create a market for structural monitoring.

- Further, China has approximately 500 smart city pilot projects, the highest in the world, covering big and small cities. The Chinese Government expects an investment of USD 74bn of public and private investment in these cities by 2020. The development of smart infrastructure is expected to open up new avenues for structural monitoring systems.

- Additionally, the growth of end-user sections, like mining that is one of the major areas of application for the monitoring systems, is also expected to propel growth. China, for instance, produces the majority of the rare earth metals of the world. With more than 50% of the top 40 mining companies in the world present in the region, mining is expected to emerge as one of the major areas of application for integrated drives during the forecast period.

Competitive Landscape

The competitive landscape of the structural health monitoring systems remains fragmented, with several small and medium-sized players operating in the market. The evolving needs of the end-user segments are driving the introduction of new sensors and platforms that support structural health monitoring. Some of the recent developments in the market are as follows:-

- July 2019 - Structural Monitoring Systems and Boeing have recently penned a deal for acquisitions of products and services. According to the company, the deal is expected to aid the ongoing commercial advancement of the CVM sensor technology. CVM offers a novel method for real-time monitoring of crack initiation and propagation

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