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Global Structural Health Monitoring Market Projected to Reach USD 16,601.1 Million by 2034, Driven by Increased Infrastructure Development | Future Market Insights, Inc.

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Wired SHM Systems Continue to be in High Demand on the Market, as They Remain the Most Popular Type of Structural Health Monitoring Systems.
The structural health monitoring market in United States is anticipated to develop at a CAGR of 10.90% through 2034.

NEWARK, Del., July 10, 2024 /PRNewswire/ — According to the latest industry analysis, the global structural health monitoring market size is estimated to be around USD 4,478.0 million in 2024. It is projected to exhibit a CAGR of 14.0% over the forecast period, with an estimated market size of USD 16,601.1 million by 2034.

The construction and infrastructural development sector, in the last few years, is witnessing a significant boom, especially post-pandemic. Emerging economies are investing a considerable amount of money in constructing public utilities such as bridges, roads, and flyovers. This has resulted in an exponential expansion of the market for structural health monitoring solutions.

Structural failures such as bridge collapses and weakened flyovers have also led to a massive demand for structural health monitoring solutions. Governments across the world have mandated stringent structural integrity assessments to ensure maximum public safety, which is driving the demand for these solutions. The expansion of smart and self-sufficient cities in countries like India, China, Brazil, and Singapore has also amplified the adoption of structural health monitoring equipment.

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Companies involved in the manufacturing of structural health monitoring systems are increasingly integrating artificial intelligence and machine learning algorithms for predicting the mechanical integrity of buildings. Technological advancements, such as the use of drones and unmanned aerial vehicles (UAVs) for regular inspections and surveys, have also fueled the market expansion.

“Continuous innovation is the key in this market. Companies in the structural health monitoring market must come up with new innovations, like the integration of Artificial Intelligence and Machine Learning algorithms to comprehensively assess and analyze structural data in real time,” – says Sudip Saha Managing Director and Co-Founder at Future Market Insights.

Why is the Global Market for Structural Health Monitoring Growing?

Innovative Smart Sensors and Wireless Technologies to Bolster Market Growth

As sensors improve and prototype smart sensors are used, the structural health monitoring market continues to be in high demand. A significant contribution to the monitoring of structural health can be made by MEMS, network services, and the development of wireless communication techniques. Smart sensors can handle massive volumes of data generated by monitoring systems by performing onboard operations on their embedded microprocessors, which helps them cope with the large amount of data they generate.

Wireless communication technologies have been extensively researched as a means of alleviating the shortcomings of wired sensing technologies. Traditional monitoring systems can be significantly simplified by wireless communication, which eliminates wiring problems and lowers maintenance costs. Over the next decade, structural health monitoring market demand will be driven by the use of high-tech smart sensors and wireless technology.

The structural health monitoring market is experiencing an upward trend due to growing applications in the architecture and engineering industries. Within the next decade, structural health monitoring systems are expected to see an increase in demand due to a growing focus on reducing the risk of damage to infrastructures, such as bridges, dams, and buildings.

An enhanced ability to understand the behavior of structures can be provided by structural health monitoring, as well as increased use of innovative materials, the identification of damages before they arise, the speeding up of repair and inspection processes, and smarter management and maintenance strategies can all contribute to the growth of the market as a whole. This is a key reason why the structural health monitoring market is likely to be the most important market driver over the next few years.

Key Takeaways from the Market Study

The wired structural health monitoring segment is set to dominate the structural health monitoring market with a share of 62.40% in 2024.  Based on components, the structural health monitoring software segment is on track to lead the structural health monitoring industry with a share of 38.30% in 2024. The structural health monitoring industry in China is anticipated to develop at a CAGR of 14.50% through 2034.The structural health monitoring industry in Germany is estimated to rise at a 5.50% CAGR through 2034.The structural health monitoring market in the United States has the potential to increase at 10.90% CAGR through 2034.The Germany structural health monitoring industry is predicted to rise by 5.50% CAGR through 2034.The structural health monitoring industry in Australia and New Zealand is likely to progress at a CAGR of 17.50% through 2034.

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Competitive Landscape

The structural health monitoring market includes several leading companies, such as Nova Metrix LLC, Campbell Scientific Inc., COWI, Geocomp Corporation, Acellent Technologies Inc., Sixense, Pure Technologies (Xylem, Inc.), and Digitex.

These companies specialize in offering a range of services to construction companies, both public and private.They also offer consulting and monitoring services to stakeholders in various industries such as civil engineering, construction, transportation, and energy.These companies play a crucial role in helping construction companies monitor and assess the safety and health of their buildings and infrastructure.

Other Key Players:

SGS SAKinematicsGEOKONNational Instruments CorporationLivehooahSignaGuard

Recent Developments:

ABS and Seatrium, in November 2023, achieved structural health monitoring notation for ADMARINE 686, with a digital twin for predictive maintenance.IIT Mandi and INRIA developed AI-based structural health monitoring for accurate infrastructure health prediction in September 2023.In November 2023, University of Central Florida researchers unveiled four innovations utilizing AI and virtual reality to enhance structural health monitoring. This also included their flagship ‘Virtual Visualization System’.

Energy-based infrastructural activities to provide the much-required thrust for the growth of the USA structural health monitoring market

As per the research conducted by FMI, the USA is expected to hold the maximum market share of nearly 75% in the North American market. The massive increase in the number of infrastructural activities, coupled with a massive investment in the infrastructural sector by the government, is expected to drive the structural health monitoring market in the USA.

Apart from that, a number of stakeholders who are into providing energy-based solutions to their clients have started investing heavily in structural health monitoring systems to develop solid infrastructures. This shows a bright future for the structural health monitoring market in the USA.

Moreover, increased investment in the construction sector is expected to contribute massively to the demand for structural health monitoring. Furthermore, a number of key players who are into providing structural health monitoring solutions in the USA are expected to further expedite the market growth.

Being an epicenter for Earthquakes, Japan presents huge opportunities for the structural health monitoring market

Japan has been consistently hit by earthquakes throughout its recorded history. The adoption of a structural health monitoring system ensures that the buildings remain earthquake-proof.

The Japanese investors are particularly impressed with the cost-effective maintenance of the structural health monitoring systems. This consequently reduces the construction work.

Moreover, being susceptible to the earthquake would mean wanting to have a structure that has been developed on the grounds of performance-based design philosophy. That is to say, SHM collects data on the realistic performance of the structures, which can be kept as a reference for future construction-based activities as well, which is probably a breather, especially for Japanese construction businesses.

Report Preview: https://www.futuremarketinsights.com/reports/structural-health-monitoring-market

Key Segments in the Global Structural Health Monitoring Market

By Component:

HardwareSensorsData Acquisition SystemsSoftwareDesign and AnalysisParameter Identification and TrackingServiceInstallation ServiceDesign and Consulting ServiceOperation and Maintenance Service

By Type:

Wired SystemsWireless Systems

By Application:

Bridges and DamsBuildings and StadiumsVessels and PlatformsAirframes and Wind TurbinesLarge Machines and Equipment

By Region:

North AmericaLatin AmericaEuropeAsia PacificMEA

Author By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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DeepL unveils industry-first Glossary Generator to solve business communication and brand consistency challenges

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September 23, 2024

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Enhanced DeepL glossary functionality – including new glossary generator, expanded language support and more – will boost global business translations, saving time, effort, and costs

COLOGNE, Germany, Sept. 23, 2024 /PRNewswire/ — DeepL, a leading global Language AI company, today announced several updates to its glossary feature, which is a powerful tool that enhances translation consistency and accuracy by enabling professionals and companies to personalize translations for specific terms. The tool now offers the industry’s first smart glossary generator, which helps simplify and speed up the process of creating glossaries for translations. Glossary is also available in several new languages and within DeepL’s browser extensions and integrations, fitting seamlessly into existing workflows to offer an even more accessible and smooth user experience across the web and applications like Google Workspace and Microsoft 365.

“AI-powered translations are essential for businesses looking to overcome language barriers in today’s increasingly connected world, and DeepL’s powerful glossary tool takes this a step further by ensuring translations are personalized to a company’s unique phrases and needs,” said Christopher Osborne, VP of Product, DeepL. “We’re always looking for ways to improve the DeepL experience and drive even more value and ROI for 100,000+ customers worldwide, and these new capabilities make our glossary even more efficient, accessible and user-friendly – empowering teams to achieve the customization and consistency they are looking for, while minimising time spent on costly alternatives like manual translations or find-and-replace tools.”

For global businesses aiming to drive revenue growth, investing in brand consistency across all communications and languages is essential to ensure that every message—whether technical terminology, product names, or branded terms—resonates clearly with teams, customers, and markets worldwide. Consistent branding has been proven to increase revenue by 20% or more[1] and enhance visibility by 3 to 4 times[2] – however, maintaining this consistency can be expensive and complex. DeepL’s glossary tool simplifies this process, helping businesses and professionals easily create and scale high-quality, consistent multilingual communications across teams. With glossary, companies can create and manage custom translation glossaries to ensure that specific words or phrases are translated consistently according to their unique terminology.

DeepL’s glossary now offers the following expanded capabilities:

The industry’s first smart, AI-powered glossary generator: DeepL’s new glossary generator is a first-of-its-kind tool enabling teams to create custom translation glossaries with a simple file upload. Previously translated files can be leveraged to generate entries for personalized DeepL glossaries, reducing the need for manual work and significantly enhancing efficiency, enabling teams to facilitate more consistent communication at scale.Expanded glossary language functionality: Glossary now supports Korean, Danish, Swedish, Norwegian, and Romanian translations, bringing the total number of languages to 16. This allows for more precise and nuanced translations across a wider range of linguistic contexts, helping businesses reach a broader audience.More convenient access across DeepL platforms: Users are now able to access and apply the glossary directly within the DeepL browser extensions for Chrome and Edge, enabling consistent translations across the web, including Google Workspace applications. Furthermore, the glossary can now also be applied directly within DeepL for Microsoft 365 integrations, including Word, Outlook, and PowerPoint. Additionally, the glossary can be accessed through DeepL’s web browser, desktop apps, and API.

Unlike other find-and-replace tools, DeepL’s glossary excels with its advanced contextual understanding and ability to process complex grammatical elements—such as case, gender, and tense—to deliver nuanced, natural-sounding translations. This results in substantial productivity gains, largely due to the time saved in post-editing. Blind tests with language experts show that DeepL reduces post-editing time by 30% compared to Google Translate and 20% compared to Chat GPT-4. Furthermore, DeepL requires significantly fewer edits, with Google Translate and Chat GPT-4 needing two to three times as many feedback rounds.

Glossary with DeepL Pro also offers enhanced data security, including proprietary data centers, the highest level of certification and compliance standards (ISO 27001 certification, GDPR/SOC 2 type 2 compliance), data encryption, and a commitment to never using Pro customer data to train models.

DeepL’s glossary generator is now available to Pro Advanced and Ultimate subscribers with support for TMX/DOCX/PDF files. It is initially available for glossaries in German, Spanish, Japanese, Italian, French, and Russian (to and from English), with more languages coming soon.

Learn more about DeepL Pro and try out glossary yourself here.

About DeepL

DeepL is on a mission to break down language barriers for businesses everywhere. Over 100,000 businesses and governments and millions of individuals in 228 global markets trust DeepL’s Language AI platform for human-like translation and better writing. Designed with enterprise security in mind, companies around the world leverage DeepL’s AI solutions that are specifically tuned for language to transform business communications, expand markets, and improve productivity. Founded in 2017 by CEO Jaroslaw (Jarek) Kutylowski, DeepL today has over 900 passionate employees and is supported by world-renowned investors including Benchmark, IVP, and Index Ventures.

[1] Marq, “2021 Brand Consistency Report”
[2] Demand Metric x Lucid Press, “Impact of Brand Consistency” Report, 2016

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Agoda: Chinese Travelers Post a 137% Increase in International Searches for Upcoming Golden Week

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September 23, 2024

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Digital travel platform Agoda has revealed a 137% year-over-year increase in international accommodation searches from China for the upcoming Golden Week. China’s second Golden Week of the year takes place from 1 to 7 October.

Agoda’s accommodation search data reveals a shift in Chinese travelers’ preferences for Golden Week. Last year, the top five outbound destinations were Tokyo, Seoul, Osaka, Kyoto, and Bangkok, respectively. This year, Seoul has emerged as the number one destination, leapfrogging Tokyo. Bali is a new entry in the top five and takes third place. Bangkok and Osaka continue to be among the most searched destinations and complete the ranking in fourth and fifth, respectively.

Taking place from 1 – 7 October this year, Golden Week is a prime travel period for Chinese families looking to take advantage of the week-long break. Golden Weeks are celebrated twice a year in China, around Lunar New Year and China’s National Day.

Top Outbound Destinations for Golden
Week 2024

(Based on Agoda’s accommodation search data)

      1. Seoul, South Korea

      2. Tokyo, Japan

      3. Bali, Indonesia

      4. Bangkok, Thailand

      5. Osaka, Japan

Andrew Smith, Senior Vice President, Supply at Agoda said, “The increase in outbound travel searches for China’s Golden Week suggests a growing confidence among Chinese citizens to explore international travel. It’s great to see destinations close to China’s east coast like Seoul and Osaka featured in the rank, as well as holiday favorites Bangkok and Bali further south.  With the unique advantage of its ‘Asia hotels’ network, Agoda is committed to helping Chinese customers to experience the rest of Asia for less with its great value deals.”

Agoda continues to support travelers by offering over 4.5 million holiday properties globally, more than 130,000 flight routes, and over 300,000 activities, all of which can be conveniently combined in the same booking. For more information on travel options during China’s Golden Week, visit agoda.com or download the Agoda app.

About Agoda

Agoda, a digital travel platform, helps anyone see the world for less with its great value deals on a global network of 4.5M hotels and holiday properties worldwide, plus flights, activities, and more. Agoda.com and the Agoda mobile app are available in 39 languages and supported by 24/7 customer support.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 6,900 staff in 25 markets, dedicated to leveraging best-in-class technology to make travel even easier.

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AECOM supports the Highways Department in winning the Hong Kong Institute of Surveyors Awards for innovative road safety technology

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September 23, 2024

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HONG KONG, Sept. 23, 2024 /PRNewswire/ — AECOM, the world’s trusted infrastructure consulting firm, today announced that a Road Defect Detection System (RDDS) technology it has developed in partnership with the Highways Department of HKSAR Government (HyD) has secured two prestigious awards from the Hong Kong Institute of Surveyors (HKIS). This RDDS project, under part of the award-winning topic “Sustainability Strategy in Road and Tree Inspection by Advanced Geo-spatial Technology,” integrates advanced geographic information system (GIS) and artificial intelligence technologies to automatically detect road defects. The new technology aims to streamline the road inspection process, improving maintenance efficiency, effectively allocating resources and helping ensure public safety.

“AECOM is dedicated to delivering innovative solutions that meet our clients’ specific needs and address their complex challenges. From deploying the world’s largest tunnel boring machine for the Tuen Mun-Chek Lap Kok Link project to integrating GeoAI in our Road Defect Detection System, we harness emerging technologies to support the Highways Department in delivering landmark projects that span tunnels, bridges, highways, and now digital solutions,” said Ian Chung, chief executive of AECOM’s Asia region.

The jointly developed RDDS technology responds to the pressing need to effectively survey Hong Kong’s vast and complex road network. To provide a superior alternative to traditional inspection methods, the AECOM and HyD teams developed an approach that automatically detects defects from road images captured by a vehicle-based camera system.

Integrating the two organizations’ geospatial expertise, the technology uses AI to identify cracks and discolored road markings from road images, which can then be viewed on a web application platform that integrates data such as quantity, location, and severity for engineers to review and assess. The multi-step system simplifies the inspection process and allows for more efficient resource allocation — bringing greater efficiency to HyD’s road maintenance work and supporting a safer road network.

The HKIS honored the technology with the Innovative Surveying Award, which commends industry participants for outstanding project quality in innovative surveying technology, and the Post-occupation Category Grand Award, which recognizes the surveyors’ efforts in enhancing work efficiency and precision through innovative technology at post-occupation stage.

The HKIS Awards aim to recognize the outstanding achievements of Hong Kong surveyors. The awards align with the Sustainable Development Goals set by the United Nations, affirming surveyors’ exceptional accomplishments in sustainable development projects and their contributions to improving environmental outcomes and promoting a sustainable future for Hong Kong.

For more details about the project, please visit here.

 

 

About AECOM 

AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of US$14.4 billion in fiscal year 2023. See how we are delivering sustainable legacies for generations to come at www.aecom.com/hk/.

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