Aircraft Health Monitoring System Market Demand Analysis in 2021, Global Revenue, Top Companies Growth Forecast to 2027
The global ''aircrafthealth monitoring system market size'' is projected toreach USD 4,987.9 million by 2027, exhibiting a CAGR of 11.56% duringthe forecast period. Fortune Business Insights shares thisinformation in its report, titled “Aircraft Health Monitoring System Market,2020-2027”. In 2019, according to the report, the value of the market stoodat 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 overthe past few years, driven by expanding middle-class populations, risingdisposable incomes, and improving living standards. For example, data releasedby the International Civil Aviation Organization (ICAO) show that the totalnumber of air passengers rose by 6.4% from 2017 levels, reaching 4.3 billion in2018. 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 systemsare critical in ensuring the optimal flying conditions of airplanes. Anysloppiness in maintenance operations can put the lives of hundreds ofpassengers at risk, which makes it necessary for airline operators to adopt AHMsolutions.
COVID-19 Impact
The outbreak of the COVID-19 pandemic has proven catastrophic forthe aviation industry, with social distancing, travel bans, and lockdownscausing the demand for air travel to decline steeply. For example, according tothe ICAO, there was a 60% decrease in passenger traffic, leading to anapproximate revenue loss of USD 370 billion for airline companies worldwide.The economic fallout of the pandemic on the aviation industry has stymiedairline companies’ investment plans and is likely to hinder the adoption ofadvanced maintenance systems, such as AHM. In 2020, the market contractedby -44.8% and registered a value of USD 2,319.7 million.
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
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 S.A.S. (The Netherlands)
Key Market Segments
Based on the sub-system, the market has been segmented into aero-propulsionsystems, airframes, ancillary systems, software, and others. On the basis oftechnology, the market is divided into prognostic systems, diagnostic systems,detection systems, adaptive control, and others. By platform, the market iscategorized into commercial aircraft, business jets, and regional &military aircraft. In terms of fit, the market has been bifurcated intoretrofit and line-fit. By region, the market has been clubbed into NorthAmerica, Europe, Asia Pacific, and the Rest of the World.
Highlights of the Report
The report offers a detailed examination of the individual marketsegments and projections about the upcoming opportunities. The report alsocontains an unparalleled study of the factors driving and restraining marketgrowth and provides valuable insights into the regional dynamics shaping themarket. Moreover, the report shares a microscopic diagnosis of the leadingplayers and their key strategies.
Key Driving Factor
Integration of Smart Technologies in Aircraft Maintenance to Boostthe Market
Aircraft maintenance is a crucial operation that airline companiesand manufacturers have to perform not just to comply with regulations andstandards, but also to ensure stable business growth. The integration of smarttechnologies, such as artificial intelligence (AI) and machine learning (ML),with aircraft health monitoring systems has opened the gateway of innovation inthe aviation industry. For example, Pratt & Whitney’s eFAST datatransmission technology was utilized by Bombardier in 2021 to perform AHMfunctions on its C-Series jets. Bombardier has also collaborated with TechMahindra to create an Aircraft Ground Support System that leverages big data,cloud computing, sensor technologies. The adoption of advanced technologies bylarge aircraft companies is, thus, propelling the aircraft health monitoringsystem market growth.
Key Regional Insights
Growing Domestic Air Passenger Traffic to Catalyze the Market inAsia Pacific
Asia Pacific is set to showcase phenomenal growth in the globalAHM system market owing to the soaring number of domestic air passengers. Thistrend is underpinned by the proliferation of low-cost carriers in India andChina, along with massive investments in the region to build robust aviationinfrastructures.
North America, however, is expected to dominate the aircrafthealth monitoring system market share during the forecast period backed by therising demand for commercial aircraft, electric jets, and the increasingstringency of aviation regulations across the US and Canada. In 2019, theregion’s market size stood at USD 1,386.8 million. In Europe, onthe other hand, the rising demand for predictive maintenance solutions will aidthe regional market growth.
Aircraft Health Monitoring System Market report Focus on:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
Competitive Landscape
Leading Players to Focus on Broadening Portfolios with EnhancedOfferings
With technological advancements in aircraft health monitoringsystems speedily progressing, key players in this market are focused onwidening their customer base by bringing enhanced offerings to the table. Thisis also enabling companies to broaden their product portfolios, which, in turn,is cementing their market position.
Key Industry Development:
January 2020: Safran Helicopter expandedits aircraft health monitoring system service by adding new features to trackengine 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 with TOC:
https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aircraft Health Monitoring System Market
- Impact of COVID-19 Pandemic on the Global Aircraft Health Monitoring System Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
TOC Continued…!
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