Aircraft Health Monitoring System Market Verticals Defense, Commercial, Healthcare, Aerospace Industry by 2023
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Aircraft Health Monitoring System Market by Type, Aircraft Type, and Fit: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global aircraft health monitoring system market was valued at $926 million in 2016, and is projected to reach at $1,489 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. Wide-body aircraft possesses maximum potential, which is expected to create lucrative opportunities for industry players.
Increased application areas for aircraft health monitoring systems, increase in need for airplane data integration towards real-time monitoring, enhanced focus towards reduction of overhead costs, and surge in demand for application-specific solutions drive the aircraft health monitoring system market growth. In addition, recent innovations and growth in adoption of advanced systems have further fueled this growth.
Adoption of aircraft health monitoring (AHM) systems among commercial and defense sectors has increased owing to the integration of airplane data to determine the current and future serviceability or performance. The aircraft health monitoring systems market is impacted by the need to reduce costs towards maintenance operations, increase in airplane data availability, rise in need to reduce flight delays & air turnbacks, and growth in awareness about AHM. However, challenges associated with certification clearances and scarcity of trained professionals limit the market growth.
Key aircraft health monitoring systems market players are involved in the introduction of new features and capabilities to enhance their existing product portfolio. This is anticipated to increase the product penetration and enable key providers to establish themselves in the emerging markets. In this regard, UTC Aerospace Systems introduced Pulse Health Monitoring System (HMS) in August 2016 to effectively monitor the aircraft health status and performance issues using diagnostic and prognostic analytics software modules.
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Key Findings of the Aircraft Health Monitoring System Market:
1 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.
2 The narrow body aircraft segment is estimated to provide significant growth opportunities to the key market players.
3 The Asia-Pacific market is expected to be dominant, in terms of market size. However, LAMEA is estimated to provide a significant growth rate during the forecast period.
Key players profiled in the report
* 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
* Airbus Group
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