The global '' aircraft health monitoring system market size '' is projected to reach USD 4,987.9 million by 2027, exhibiting a CAGR of 11.56% during the forecast period. Fortune Business Insights shares this information in its report, titled “ Aircraft Health Monitoring System Market, 2020-2027 ”. In 2019, according to the report, the value of the market stood at USD 4,202.4 million .
Booming Demand for Air Travel to Stimulate Market Growth
The demand for air travel has increased at a prolific pace over the past few years, driven by expanding middle-class populations, rising disposable incomes, and improving living standards. For example, data released by the International Civil Aviation Organization (ICAO) show that the total number of air passengers rose by 6.4% from 2017 levels, reaching 4.3 billion in 2018. Low-cost carriers transported approximately 1.3 billion passengers, accounting for 31% of world air travelers. Aircraft health monitoring systems (AHM) have gained enormous importance in the aviation industry as these systems are critical in ensuring the optimal flying conditions of airplanes. Any sloppiness in maintenance operations can put the lives of hundreds of passengers at risk, which makes it necessary for airline operators to adopt AHM solutions.
COVID-19 Impact
The outbreak of the COVID-19 pandemic has proven catastrophic for the aviation industry, with social distancing, travel bans, and lockdowns causing the demand for air travel to decline steeply. For example, according to the ICAO, there was a 60% decrease in passenger traffic, leading to an approximate revenue loss of USD 370 billion for airline companies worldwide. The economic fallout of the pandemic on the aviation industry has stymied airline companies' investment plans and is likely to hinder the adoption of advanced maintenance systems, such as AHM. In 2020, the market contracted by -44.8% and registered a value of USD 2,319.7 million .
List of Key Players Covered in this Market Report:
- Lufthansa Technik (Germany)
- Tech Mahindra (India)
- FLYHT (Canada)
- Rolls Royce (UK)
- Honeywell International, Inc. (US)
- Boeing (US)
- Meggitt (UK)
- Curtiss-Wright (US)
- SAFRAN (France)
- General Electric Company (US)
- United Technologies Corporation (US)
- Airbus SAS (The Netherlands)
Key Market Segments
Based on the sub-system, the market has been segmented into aero-propulsion systems, airframes, ancillary systems, software, and others. On the basis of technology, the market is divided into prognostic systems, diagnostic systems, detection systems, adaptive control, and others. By platform, the market is categorized into commercial aircraft, business jets, and regional & military aircraft. In terms of fit, the market has been bifurcated into retrofit and line-fit. By region, the market has been clubbed into North America, Europe, Asia Pacific, and the Rest of the World.
Highlights of the Report
The report offers a detailed examination of the individual market segments and projections about the upcoming opportunities. The report also contains an unparalleled study of the factors driving and restraining market growth and provides valuable insights into the regional dynamics shaping the market. Moreover, the report shares a microscopic diagnosis of the leading players and their key strategies.
Key Driving Factor
Integration of Smart Technologies in Aircraft Maintenance to Boost the Market
Aircraft maintenance is a crucial operation that airline companies and manufacturers have to perform not just to comply with regulations and standards, but also to ensure stable business growth. The integration of smart technologies, such as artificial intelligence (AI) and machine learning (ML), with aircraft health monitoring systems has opened the gateway of innovation in the aviation industry. For example, Pratt & Whitney's eFAST data transmission technology was utilized by Bombardier in 2021 to perform AHM functions on its C-Series jets. Bombardier has also collaborated with Tech Mahindra to create an Aircraft Ground Support System that leverages big data, cloud computing, sensor technologies. The adoption of advanced technologies by large aircraft companies is, thus, propelling the aircraft health monitoring system market growth.
Key Regional Insights
Growing Domestic Air Passenger Traffic to Catalyze the Market in Asia Pacific
Asia Pacific is set to showcase phenomenal growth in the global AHM system market owing to the soaring number of domestic air passengers. This trend is underpinned by the proliferation of low-cost carriers in India and China, along with massive investments in the region to build robust aviation infrastructures.
North America, however, is expected to dominate the aircraft health monitoring system market share during the forecast period backed by the rising demand for commercial aircraft, electric jets, and the increasing stringency of aviation regulations across the US and Canada. In 2019, the region's market size stood at USD 1,386.8 million . In Europe, on the other hand, the rising demand for predictive maintenance solutions will aid the regional market growth.
Competitive Landscape
Leading Players to Focus on Broadening Portfolios with Enhanced Offerings
With technological advancements in aircraft health monitoring systems speedily progressing, key players in this market are focused on widening their customer base by bringing enhanced offerings to the table. This is also enabling companies to broaden their product portfolios, which, in turn, is cementing their market position.
Key Industry Development:
January 2020: Safran Helicopter expanded its aircraft health monitoring system service by adding new features to track engine health. The new innovations include a user-friendly digital interface, full automation of engine performance, and daily health indicators.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027
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