Press release
Aircraft Health Monitoring System Market Expected to Reach $1,489 Million by 2023
Aircraft Health Monitoring System Market was valued at $926 million in 2016, and is projected to reach $1,489 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. Asia-Pacific was the highest revenue contributor in 2016, accounting for around 44% share. However, LAMEA is projected to grow at the highest CAGR of 9.9% during the forecast period.
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Growth in aerospace IT expenditure among emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems, thereby driving the AHMS market growth. In addition, the market is driven by rise in demand for real-time fault management, high demand for performance monitoring, and increased need for custom alerting & analysis solutions.
Key Findings of the Aircraft Health Monitoring System Market:
• The commercial segment dominated the global aircraft health monitoring system market in 2016, while the defense segment is expected to grow at the highest CAGR from 2017 to 2023.
• The narrow body aircraft segment is estimated to provide significant growth opportunities to the key market players.
• The Asia-Pacific market is expected to be dominant, in terms of market size. However, LAMEA is estimated to provide significant growth rate during the forecast period.
Market by Geography:
• North America
• Europe
• Asia-Pacific
• LAMEA
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Major Key Players:
The key players operating in the aircraft health monitoring system market include Honeywell International Inc., Rockwell Collins Inc., Boeing Company, Ultra Electronics Holdings PLC, RSL Electronics Ltd., United Technologies Corporation, General Electric Company, Meggitt PLC, Rolls-Royce PLC., and Airbus Group.
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