Press release
Aircraft Health Monitoring System Market is Set to Reach Revenues of $6.95 Billion by 2028 with CAGR 8.0% during Forecast Period 2024-2033
Aircraft Health Monitoring System Market Report
The Business Research Company offers in-depth market insights through Aircraft Health Monitoring System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aircraft health monitoring system market size has grown strongly in recent years. It will grow from $4.69 billion in 2023 to $5.11 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to safety and maintenance regulations, cost reduction pressures, aging aircraft fleet, focus on preventive maintenance, airline operational efficiency.
The aircraft health monitoring system market size is expected to see strong growth in the next few years. It will grow to $6.95 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rising air traffic and fleet expansion, integration with fleet management systems, focus on aircraft connectivity, emergence of predictive analytics, regulatory support and standardization. Major trends in the forecast period include advancements in sensor technologies, integration with flight operations data, development of portable and wearable ahms devices, expansion in unmanned aerial vehicles (uavs) and urban air mobility (uam), global collaboration for ahms standardization.
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Market Segmentation:
The aircraft health monitoring system market covered in this report is segmented -
1) By System: Engine Health Monitoring, Structural Health Monitoring, Component Health Monitoring
2) By Subsystem: Aero-propulsion, Avionics, Ancillary Systems, Aircraft Structures
3) By Installation: On Board, On Ground
4) By Technology: Prognostics System, Diagnostics System, Detection System, Adaptive Control, Other Technologies
5) By End User: Commercial, Military
Major Driver - Rising Aircraft Accidents Drive Demand For Aircraft Health Monitoring Systems
The increasing incidence of aircraft accidents is expected to propel the growth of the aircraft health monitoring system market going forward. An aircraft accident is any incident involving an aircraft that causes harm or damage to the aircraft or any person, property, or item. Aircraft health monitoring systems (AHMS) identify defects and abnormalities in vital systems in real-time, enabling preventive maintenance and averting in-flight breakdowns that might lead to accidents. For instance, in March 2023, according to the International Air Transport Association (IATA), a Canada-based association for inter-airline cooperation, approximately 39 flight accidents occurred in 2022 as compared to 29 in the year 2021, with an average of 43 accidents between 2018 and 2022. Therefore, the increasing incidence of aircraft accidents drives the market for aircraft health monitoring systems.
Competitive Landscape:
Major companies operating in the aircraft health monitoring system market report are General Electric Company, Raytheon Technologies Corporation, The Boeing Company, Airbus SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., Safran Group, Rolls-Royce Holdings PLC, Textron Aviation Inc., Amphenol Corporation, Bombardier Inc., Lufthansa Technik AG, AMETEK Inc., Collins Aerospace (United Technologies Corporation), Teledyne Technologies Inc., Embraer S.A., Air France Industries KLM Engineering & Maintenance Group, Curtiss-Wright Corporation, Zodiac Aerospace, Meggitt PLC, SITA N.V., Ultra Electronics Holdings PLC, eInfochips, Intelsat S.A., GE Engine Services LLC, FLYHT Aerospace Solutions Ltd, Avionica Inc., RSL Electronics Ltd, Acellent Technologies Inc., Goodrich Corporation, Ventura Aerospace Inc.
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Top Trend - Ai-Powered Percept System Revolutionizes Aircraft Engine Analysis
Technological advancements are a key trend gaining popularity in the aircraft health monitoring system market. Major companies operating in the aircraft health monitoring system market are introducing innovative products to sustain their position in the market. For instance, in June 2023, Pratt & Whitney, a US-based aerospace manufacturer, introduced Percept, an artificial intelligence-based aircraft engine analysis system. The computer vision application runs on the Awiros Video Intelligence Operating System (OS). Its cloud-based interface enables customers to shoot photographs and videos of aircraft engines on mobile devices and obtain real-time part availability replies. This allows for faster and more cost-effective turnover of leased engine assets. Instead of an inspector needing to examine an engine and verify details individually, an automated examination cuts the time required by approximately 90%.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Health Monitoring System Market Characteristics
3. Aircraft Health Monitoring System Market Trends And Strategies
4. Aircraft Health Monitoring System Market - Macro Economic Scenario
5. Aircraft Health Monitoring System Market Size And Growth
…..
27. Aircraft Health Monitoring System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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