2024: A Year of Growth, Innovation, and Advancing Structural Health Monitoring

As 2024 draws to a close, we reflect on a year marked by significant achievements in structural health monitoring (SHM) across various maritime sectors. Our commitment to innovation and excellence has propelled us to new heights, reinforcing our position as a leader in the industry.

The Floating Production Storage and Offloading (FPSO) sector continued to be a cornerstone of our operations this year, reflected by contracts to supply our advanced SENSFIB™ Hull Stress Monitoring System for three new Brazilian FPSOs. Reflecting the growing trend for digitalisation in SHM, the systems will integrate with digital twin technology, providing comprehensive hull condition data to enhance operational safety and efficiency.

In total, we have now been contracted to supply five SHM systems with digital twin integration for FPSOs that are, or will be, operating in Brazilian waters!

Smart structural health monitoring developments

Informing the connected nature of the FPSO project is our continued collaboration with DNV during 2024, where we have worked on developing new methodologies that combine structural health monitoring with digital twin functionalities. This partnership aims to leverage SENSFIB™ data to enhance predictive maintenance and operational decision-making, aligning with industry trends toward digital transformation.

Adding to this, we were pleased to report in March that our work to digitalise SHM data was verified when the American Bureau of Shipping (ABS) awarded our SENSFIB™ system the SMART (SHM) Tier 3 Product Design Assessment (PDA) certificate. This certification underscores our unique capability to deliver class-approved structural monitoring technology compatible with smart, digital, and cloud-based systems.

Growth in diverse maritime sectors

2024 was a particularly strong year for business development at Light Structure. SENSFIB™ SHM solutions were selected for a wide array of vessels, reflecting the versatility of our technology. Notably, Sumitomo Heavy Industries chose a SENSFIB™ hull stress monitoring systems for three additional AFRAMAX crude oil tankers, bringing the total to eight vessels in the series equipped with our products.

Recognising the growing importance of renewable energy, we have also engaged in discussions with leading offshore wind companies. Our goal is to apply Light Structures’ SHM expertise to offshore wind projects, including fixed turbines, floating turbines, and substations. We anticipate significant developments in this sector in the coming year.

Our export activities have seen growth in 2024, with 97.4% of our products now reaching international markets. This expansion underscores our global reach and the increasing demand for our innovative solutions.

To support our growing operations, we have expanded our team by 25%. We now have 40 staff across Light Structures and our subsidiary in South Korea, GME. We are proud to have such a diverse group of professionals dedicated to advancing SHM technologies. Additionally, Light Structures Inc. has relocated from Miami, Florida, to Delaware. This strategic move positions us closer to key clients, including the U.S. Navy and Coast Guard, enhancing our ability to serve these critical sectors.

Looking towards the new year

As we prepare for 2025, we are optimistic about continued growth across all markets, including shipping, naval, oil and gas, and renewable energy. Our focus remains on delivering cutting-edge SHM solutions that enhance safety, efficiency, and sustainability in the maritime industry.

As the holidays approach, we would like to extend thanks to our dedicated team, valued partners, and loyal customers for making 2024 a year to remember. The support and cooperation we have received have been instrumental in our success, and we look forward to achieving new milestones together in the coming year.

Wishing you all a prosperous and rewarding 2025!