Global Aircraft Health Monitoring Market : Industry Insights by Type, Fit, Installation, Operation Time and Solution - Analysis and Forecast by 2024

Aircraft health monitoring (AHM) is complete range of tools, and solutions of hardware and software, which executes remote monitoring of airplane data. Employment of AHM system enhances safety of an aircraft and decreases maintenance and operational costs. The global aircraft health monitoring market is growing at a significant rate, due to upsurge in implementation of connected aircraft solutions and escalating number of aviation accidents. Different solution contributed to the aircraft health monitoring market size. The market has witnessed high demand for hardware due to amplified implementation of avionics systems, connected aircraft solution and sensors in an aircraft.

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On the basis of aircraft type, the aircraft health monitoring market is subdivided commercial, rotatory wing, business jets and military. Of all aircraft type, commercial segment is expected to grow at the fastest rate in the market due to upsurge in aircraft deliveries, mounting disposable income and budding tourism industry. The commercial segment is further subdivided into narrow body, medium wide body, very large body, regional and small wide body.

The hardware segment is further subdivided into avionics, ground servers, sensors, flight data management systems and connected aircraft solutions. In addition, the services segment is further sub divided into flight data monitoring (FDM) and flight health data transmission. Moreover, the software segment is further subdivided into diagnostic flight data analysis, onboard software and prognostic flight data analysis.

Flight messenger, internet of things (IoT)-enabled sensors to quantify in-flight torque data and huge data analytics in AHM are the trends in the aircraft health monitoring market. Accessibility of real-time data for enhanced decision-making, upsurge in implementation of connected aircraft solutions, upsurge in situational attentiveness and cost-effective maintenance, augmented requirement for alerting & analysis solutions and escalating number of aviation accidents are the primary growth drivers for aircraft health monitoring industry.

Mounting up gradation and replacement of outdated aircraft with innovative generation aircraft, mounting disposable income of middle class, advance in aerospace IT expenditure and usage of wireless sensors in AHMs are also facilitating the growth for the aircraft health monitoring market.

Data bus restrictions, regulatory consent, hazards related with cybersecurity agreement with strict aviation regulations, difficulties in conquering high-quality and precise information from aircraft systems and lack of skilled professionals are the major challenges for the growth of aircraft health monitoring market.

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Globally, the manufacturing companies trying to enter the aircraft health monitoring market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Geographically, Asia-Pacific is observed to witness the fastest growth in the market, due to upsurge in aircraft deliveries. In addition, mounting military expenditure in countries such as China and India, and mounting disposable income of middle class are also creating a positive impact on the aircraft health monitoring market growth in the region.

Key players in the aircraft health monitoring market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In May 2018, Honeywell and AT&T collaborated to provide IoT solutions to shippers with important information about cargo and to enhance aircraft safety, turnaround time and costs. Airbus, General Electric, Safran, Flyht, Boeing, Rolls-Royce, Honeywell International, Meggitt, United Technologies Corporation, Rockwell Collins and Curtiss-Wright are the key players operating in the market.

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This release was published on openPR.