Press release
Aircraft Health Monitoring System Market Set to Reach $7.35 Billion by 2029 with 8% Yearly Growth
Aircraft Health Monitoring System Market Size
The surge in aircraft mishaps is predicted to fuel the advancement of the aircraft health monitoring system market. Aircraft mishaps refer to any situation involving an aircraft that results in damage or injury to the aircraft, individuals, properties, or objects. Aircraft health monitoring systems (AHMS) promptly detect faults and inconsistencies in crucial systems, which allows for timely preventive maintenance and helps to prevent in-flight failures prone to cause accidents. For example, the International Air Transport Association (IATA), a Canada-based inter-airline cooperation association, reported approximately 39 airplane accidents in 2022, an increase from 29 in 2021, and an average of 43 accidents from 2018 to 2022 in March 2023. Consequently, the growing rate of aircraft mishaps is fostering the aircraft health monitoring systems market growth.
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How will the growth rate of the aircraft health monitoring system market shape industry trends by 2034?
The market size of the aircraft health monitoring system has seen a significant increase in the past few years. The expected figures are to rise from $5.01 billion in 2024 to $5.43 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.4%. Factors contributing to the growth experienced during the historic period include safety and maintenance regulations, cost reduction pressures, the age of the aircraft fleets, attention towards preventive maintenance and the operational efficiency of airlines.
The market for aircraft health monitoring systems is projected to experience robust growth in the upcoming years, eventually reaching $7.35 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%. This growth in the forecast period can be credited to increasing air traffic, fleet expansion, integration with fleet management systems, an increased focus on aircraft connectivity, the development of predictive analytics, and regulatory and standardization support. Notable trends in this forecast period include advancements in sensor technologies, combining with flight operations data, the creation of portable and wearable AHMS devices, growth in unmanned aerial vehicles (UAVs) and urban air mobility (UAM), as well as international cooperation for AHMS standardization.
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What trends are poised to drive the future success of the aircraft health monitoring system market?
The unfolding trend of technological progression is shaping the landscape of the aircraft health monitoring system market, affirmed by leading market participants releasing cutting-edge products. To illustrate, Pratt & Whitney, an American aerospace producer, debuted an AI-driven aircraft engine analysis solution called Percept in June 2023. This system uses the Awiros Video Intelligence Operating System (OS) for its computer vision functionality. It boasts a cloud-based interface that lets users capture images and videos of airplane engines using handheld devices, simultaneously delivering prompt parts availability responses. This provision expedites the turnover of leased engine assets economically and effectively. Rather than having an inspector verify each engine's particulars, an automated review trims down the needed time by an estimated 90%.
Which primary segments of the aircraft health monitoring system market are driving growth and industry transformations?
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
Subsegments:
1) By Engine Health Monitoring: Real-Time Monitoring Systems, Data Acquisition Systems, Engine Performance Analysis Tools
2) By Structural Health Monitoring: Sensor-Based Monitoring Systems, Fatigue Monitoring Systems, Damage Detection Systems
3) By Component Health Monitoring: Avionics Health Monitoring Systems, Landing Gear Monitoring Systems, Fuel System Monitoring System
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Which geographical regions are pioneering growth in the aircraft health monitoring system market?
Asia-Pacific was the largest region in the aircraft monitoring system market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft health monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the aircraft health monitoring system market landscape?
Major companies operating in the aircraft health monitoring system market include 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., Ventura Aerospace Inc.
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What Is Covered In The Aircraft Health Monitoring System Global Market Report?
• Market Size Forecast: Examine the aircraft health monitoring system market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the aircraft health monitoring system market for a structured understanding.
• Key Players Overview: Analyze major players in the aircraft health monitoring system market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft health monitoring system market.
• Segment Contributions: Evaluate how different segments drive overall growth in the aircraft health monitoring system market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft health monitoring system market.
• Industry Challenges: Identify potential risks and obstacles affecting the aircraft health monitoring system market.
• Competitive Landscape: Review strategic developments in the aircraft health monitoring system market, including expansions, agreements, and new product launches.
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