Future of Aircraft Health Monitoring System Market: Size, Share & Forecasts to 2029

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What Is the Projected Market Size Valuation of the Aircraft Health Monitoring System Market by 2025?
Recently, there has been a substantial growth in the size of the aircraft health monitoring system market. Forecasts suggest a surge from $5.01 billion in 2024 to $5.39 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. This historical growth trend can be credited to factors such as safety and maintenance standards, cost-cutting pressures, the aging status of aircraft fleets, a focus on preventative maintenance, and an overhaul in airline operational efficiency.

What Is the Estimated Market Growth Value for the Aircraft Health Monitoring System Industry in 2029?
Anticipations for the market size of the aircraft health monitoring system present robust escalation in the approaching years, as it is projected to expand to $7.2 billion by 2029, manifesting a compound annual growth rate (CAGR) of 7.5%. The anticipated growth within this period could be attributed to heightening air traffic, fleet expansion, assimilation with fleet management systems, and concentration on aircraft connectivity. Other influential factors are the advent of predictive analytics, regulatory backing, and standardization. Major trends projected within the period consist of progress in sensor technologies, integration with flight operation data, the advent of portable and wearable AHMS contrivances, proliferation in unmanned aerial vehicles (UAVs) and urban air mobility (UAM), and worldwide collaboration for standardization of AHMS.

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What Are the Growth Drivers and Opportunities in the Aircraft Health Monitoring System Market?
The rise in aircraft incidents is anticipated to spur the expansion of the aircraft health monitoring system market. An aircraft incident refers to any event involving an aircraft that results in harm or damage to the aircraft, people, property, or any object. Aircraft health monitoring systems (AHMS) detect flaws and faults in essential systems in real time, which enables preemptive maintenance and prevents in-flight failures that may result in incidents. For instance, as per the International Air Transport Association (IATA), a Canada-based inter-airline cooperation association, approximately 39 flight incidents transpired in 2022, compared to 29 in 2021, with an average of 43 incidents between 2018 and 2022. Hence, the rise in aircraft incidents is instrumental in driving the aircraft health monitoring systems market forward.

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What Are the Primary Segments Covered in the Global Aircraft Health Monitoring System Market Report?
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

What Are the Top Growth Trends in the Aircraft Health Monitoring System Market?
The evolution of technology plays a prominent role in the emerging trends within the aircraft health monitoring system sector. Prominent businesses within this field are in the process of rolling out cutting-edge products as a strategy to maintain market competitiveness. For example, in June 2023, Pratt & Whitney, a distinguished aerospace manufacturer in the US, launched a groundbreaking AI-powered aircraft engine analysis tool called Percept. Anchored on Awiros' Video Intelligence Operating System (OS), this system leverages cloud technology to allow customers to capture images and videos of aircraft engines with their mobile devices, while instantaneously providing feedback on component availability. This innovation significantly minimizes the turnover time of leased engine assets, making it more cost-efficient. The automation of the examination process eliminates the need for manual inspection and validation of engine details, diminishing the time necessity by approximately 90%.

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Which Companies Are Shaping the Future of the Aircraft Health Monitoring System Market?
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.

Which Region Holds the Largest Market Share in the Aircraft Health Monitoring System Industry?
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

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This release was published on openPR.