Aircraft Health Monitoring Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The aircraft health monitoring market is estimated at USD 3.3 billion in 2020 and is projected to reach USD 5.5 billion by 2025, at a CAGR of 10.8% from 2020 to 2025. Aircraft health monitoring systems monitor the health and performance parameters of the various systems, such as engines, structural components, and avionics, that are integrated into an aircraft. The health monitoring system collects operational data from these subsystems and use this data to diagnose and predict the probable end of life or failure of several components, thereby minimizing maintenance costs and enhancing operational safety.

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The MRO segment accounts for the largest market size during the forecast period

Based on end user, the MRO segment of the aircraft condition monitoring system market is expected to dominate the market share during the forecast period (2020 to 2025). Since the MRO sector ensures the availability and airworthiness of the aircraft fleet, an increase in the operational fleet is envisioned to drive the demand for MRO services. Furthermore, replacing aging aircraft in the fleets of several airlines also creates scope for MRO to meetre delivery contracts. Moreover, in several countries, such as India, where extensive fleet expansion or modernization initiatives are underway, the government policies are being formulated to develop MRO hubs to reduce the dependency on foreign MRO players, thereby fostering the scope of growth of the MRO sector.

The commercial aviation segment is projected to grow at the highest CAGR during the forecast period.

Based on the platform, the commercial aviation segment is projected to grow much faster than its counterparts. The increasing focus of airlines on providing passengers with affordable means of transport, including low-cost airlines, will support the growth of the commercial aviation sector. Though the passenger traffic has been affected deleteriously by the COVID-19 outbreak, industry analysts project attaining normalcy by the end of 2023 and growth by 2025. The recovery is evident from the recent statistics released by the IATA, which reported that the total demand for air travel in April 2022 witnessed a YoY growth of 78.7%. This passenger growth has also encouraged airline operators to resume deferred deliveries and other fleet modernization and expansion programs put on hold due to the COVID-19 outbreak.

The hardware segment accounts for the largest market share during the forecast period.

Based on the solution, the hardware segment of the aircraft health monitoring market is expected to dominate the market share during the forecast period (2020 to 2025). Since sophisticated sensors and other hardware are required to be installed onboard the aircraft to monitor the essential parameters and collect data for analysis, the cost of installing, operating, and maintaining such systems is much higher than the software services, thus contributing to their higher market share.

Asia Pacific is projected to grow at the highest CAGR during the forecast period.

Asia Pacific is projected to be the fastest-growing region in the aircraft condition monitoring system market during the forecast period, backed by significant development in air transport; The region is a diverse mix of countries and aviation requirements; it is projected that by 2038, it will witness the highest number of aircraft deliveries than any other region. The increase in aircraft deliveries will eventually lead to the growth of the aircraft health monitoring market. The increasing demand for aircraft models such as the A380, A350 XWB, B787 Dreamliner, B777, and other AHMS integrated aircraft models will support market demand in the region. Airbus and Boeing provide their health monitoring systems, AiRTHM (Airbus Real-Time Health Monitoring) and AHM (Airplane Health Management). This, in turn, is expected to drive the aircraft health monitoring market in the Asia Pacific region.

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Major players operating in the aircraft health monitoring market include Safran SA(France), Airbus SE (Netherlands), Raytheon Technologies Corporation (US), Honeywell International Inc (US), and Teledyne Technologies Inc (US), among others. These key players offer aircraft health monitoring across regions and have well-equipped and robust distribution networks across the North American, European, Asia Pacific, Middle East, African, and Latin American regions.

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This release was published on openPR.