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Aircraft Health Monitoring Systems: Global Market Overview 2024
Aircraft Health Monitoring Systems Global Market
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According to The Business Research Company's, The aircraft health monitoring market size has grown strongly in recent years. It will grow from $4.2 billion in 2023 to $4.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to continuous research and development, pilot feedback and incident analysis, flight data recorder development, improvements in communication systems, focus on reliability and maintenance planning.
The aircraft health monitoring market size is expected to see strong growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to predictive maintenance solutions, increasing emphasis on flight safety, operational cost reduction, fleet-wide monitoring and optimization, fuel efficiency and performance optimization, condition-based maintenance strategies. Major trends in the forecast period include demand for real-time diagnostics, advancements in sensor technology, integration of iot and big data analytics, emphasis on predictive maintenance, increased focus on flight safety.
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Market Drivers and Trends:
An increase in air traffic is expected to propel the growth of the aircraft health monitoring market going forward. Air traffic refers to the movement of aircraft in the airspace, including both civilian and military aviation . Modern aircraft are equipped with a variety of sensors that monitor the health and performance of critical systems. These sensors can track parameters such as engine performance, temperature, pressure, and structural integrity. For instance, according to International Air Transport Association, a Canada-based trade association, Total traffic in February 2023 rose 55.5% compared to February 2022 Therefore, increase in air traffic is driving the growth of the aircraft health monitoring market .
Product Innovation is a key trend in the aircraft health monitoring market. Major companies operating in aircraft health monitoring systems are focused on developing advanced monitoring systems to strengthen their market position. For instance, in November 2022, Collins Aerospace a US-based new AHM (Aircraft Health Monitoring) solution and suppliers of aerospace and defense products launched its new AHM solution, which is designed to enhance the performance and health of the Boeing 737 NG (Next Generation) engines .The new digital fleet management applications include predictive health analytics use cases for optimized maintenance operations, digital tech-ops for 737 NG, A320 family, and other aircraft on a single screen, and condition monitoring for 737 NG co-created with United Airlines. The AHM system is designed to provide real-time data and insights for proactive maintenance and operational efficiency, contributing to the advancement of aviation technology and safety standards.
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Major Key Players of the Market:
Airbus SAS, Safran SA, Honeywell International Inc., Teledyne Technologies Inc., The Boeing Company, General Electric Company, Rolls-Royce Holdings plc, Flyth Aerospace Solutions Ltd., Raytheon Technologies Corporation, Curtiss-Wright Corporation, RSL Electronics Ltd., Deutsche Lufthansa AG, Acellent Technologies Inc., Societe Internationale de Telecommunications Aeronautiques, Embraer SA, AMETEK Inc., Tech Mahindra Limited, Ventura Aerospace Inc., Meggitt plc, Lufthansa Technik AG, FLYHT Aerospace Solutions Ltd., Esterline Technologies Corporation, Ultra Electronics Holdings plc, Thales Group, BAE Systems plc, Moog Inc., SKF AB, LORD Corporation, Goodrich Corporation, Eaton Corporation
Aircraft Health Monitoring Market 2024 Key Insights:
• The aircraft health monitoring market size is expected to see strong growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%.
• The Soaring Demand For Aircraft Health Monitoring Systems In Response To Escalating Safety Imperatives In The Aviation Industry
• Innovation With Cutting-Edge Aircraft Health Monitoring Solutions
• Asia-Pacific was the largest region in the aircraft health monitoring market in 2023
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