Aircraft Health Monitoring System Market Demand Analysis in 2020, Global Revenue, Top Companies Growth Forecast to 2027
The
global ''aircraft
health monitoring system market size'' is projected to reach USD 4,987.9 million by
2027, exhibiting a CAGR of 11.56% during
the forecast period. Fortune
Business Insights shares this information in its report,
titled “Aircraft Health
Monitoring System Market, 2020-2027”. In 2019, according to the
report, the value of the market stood at USD 4,202.4 million.
Booming Demand for Air Travel to Stimulate Market Growth
The
demand for air travel has increased at a prolific pace over the past few years,
driven by expanding middle-class populations, rising disposable incomes, and
improving living standards. For example, data released by the International
Civil Aviation Organization (ICAO) show that the total number of air passengers
rose by 6.4% from 2017 levels, reaching 4.3 billion in 2018. Low-cost carriers
transported approximately 1.3 billion passengers, accounting for 31% of world
air travelers. Aircraft health monitoring systems (AHM) have gained enormous
importance in the aviation industry as these systems are critical in ensuring
the optimal flying conditions of airplanes. Any sloppiness in maintenance
operations can put the lives of hundreds of passengers at risk, which makes it
necessary for airline operators to adopt AHM solutions.
COVID-19 Impact
The
outbreak of the COVID-19 pandemic has proven catastrophic for the aviation
industry, with social distancing, travel bans, and lockdowns causing the demand
for air travel to decline steeply. For example, according to the ICAO, there
was a 60% decrease in passenger traffic, leading to an approximate revenue loss
of USD 370 billion for airline companies worldwide. The economic fallout of the
pandemic on the aviation industry has stymied airline companies’ investment
plans and is likely to hinder the adoption of advanced maintenance systems,
such as AHM. In 2020, the market contracted by -44.8% and
registered a value of USD
2,319.7 million.
List of Key Players Covered in this Market Report:
- Lufthansa Technik
(Germany)
- Tech Mahindra
(India)
- FLYHT (Canada)
- Rolls Royce (UK)
- Honeywell
International, Inc. (US)
- Boeing (US)
- Meggitt (UK)
- Curtiss-Wright
(US)
- SAFRAN (France)
- General Electric
Company (US)
- United
Technologies Corporation (US)
- Airbus S.A.S.
(The Netherlands)
Key Market Segments
Based
on the sub-system, the market has been segmented into aero-propulsion systems,
airframes, ancillary systems, software, and others. On the basis of technology,
the market is divided into prognostic systems, diagnostic systems, detection
systems, adaptive control, and others. By platform, the market is categorized
into commercial aircraft, business jets, and regional & military aircraft.
In terms of fit, the market has been bifurcated into retrofit and line-fit. By
region, the market has been clubbed into North America, Europe, Asia Pacific,
and the Rest of the World.
Highlights of the Report
The
report offers a detailed examination of the individual market segments and
projections about the upcoming opportunities. The report also contains an
unparalleled study of the factors driving and restraining market growth and
provides valuable insights into the regional dynamics shaping the market.
Moreover, the report shares a microscopic diagnosis of the leading players and
their key strategies.
Key Driving Factor
Integration of Smart Technologies in Aircraft Maintenance to Boost
the Market
Aircraft
maintenance is a crucial operation that airline companies and manufacturers
have to perform not just to comply with regulations and standards, but also to
ensure stable business growth. The integration of smart technologies, such as
artificial intelligence (AI) and machine learning (ML), with aircraft health
monitoring systems has opened the gateway of innovation in the aviation
industry. For example, Pratt & Whitney’s eFAST data transmission technology
was utilized by Bombardier in 2021 to perform AHM functions on its C-Series
jets. Bombardier has also collaborated with Tech Mahindra to create an Aircraft
Ground Support System that leverages big data, cloud computing, sensor
technologies. The adoption of advanced technologies by large aircraft companies
is, thus, propelling the aircraft health monitoring system market growth.
Key Regional Insights
Growing Domestic Air Passenger Traffic to Catalyze the Market in
Asia Pacific
Asia
Pacific is set to showcase phenomenal growth in the global AHM system market
owing to the soaring number of domestic air passengers. This trend is
underpinned by the proliferation of low-cost carriers in India and China, along
with massive investments in the region to build robust aviation
infrastructures.
North
America, however, is expected to dominate the aircraft health monitoring system
market share during the forecast period backed by the rising demand for
commercial aircraft, electric jets, and the increasing stringency of aviation
regulations across the US and Canada. In 2019, the region’s market size stood
at USD 1,386.8
million. In Europe, on the other hand, the rising demand for
predictive maintenance solutions will aid the regional market growth.
Competitive Landscape
Leading Players to Focus on Broadening Portfolios with Enhanced
Offerings
With
technological advancements in aircraft health monitoring systems speedily
progressing, key players in this market are focused on widening their customer
base by bringing enhanced offerings to the table. This is also enabling
companies to broaden their product portfolios, which, in turn, is cementing
their market position.
Key Industry Development:
January 2020: Safran Helicopter expanded its
aircraft health monitoring system service by adding new features to track
engine health. The new innovations include a user-friendly digital interface,
full automation of engine performance, and daily health indicators.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027
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