Artificial Intelligence
Aircraft Health Monitoring System Market to Hit USD 4,987.9 Million by 2027 | At a 11.56% CAGR
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Pune, India, April 18, 2023 (GLOBE NEWSWIRE) — The global aircraft health monitoring system market size was USD 4,202.4 million in 2019 and is projected to grow from USD 2,319.7 million in 2020 to USD 4,987.9 million in 2027 at a CAGR of 11.56% in the 2020-2027 period. The Aircraft Health Monitoring System (AHMS) Market is experiencing significant growth, driven by the increasing demand for real-time data analysis and predictive maintenance in the aviation industry. AHMS is an integrated system that uses advanced sensors and analytics tools to monitor the health of aircraft components and systems in real-time. The system provides critical data on the performance of aircraft systems, enabling maintenance teams to detect and address potential issues before they become critical. The adoption of AHMS is driven by several factors, including the increasing demand for real-time data analysis and predictive maintenance, the need to reduce maintenance costs, and the growing emphasis on passenger safety. The aviation industry is increasingly leveraging AHMS to improve operational efficiency and reduce downtime by enabling maintenance teams to quickly identify and address potential issues.
Additionally, AHMS provides critical insights into aircraft performance and maintenance requirements, allowing airlines to optimize their maintenance schedules and reduce costs.
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List of Key Players Profiled in the Aircraft Health Monitoring System Market Report:
- Airbus S.A.S. (The Netherlands)
- Boeing (US)
- United Technologies Corporation (US)
- Honeywell International, Inc. (US)
- General Electric Company (US)
- Rolls Royce (UK)
- SAFRAN (France)
- FLYHT (Canada)
- Curtiss-Wright (US)
- Tech Mahindra (India)
- Meggitt (UK)
- Lufthansa Technik (Germany)
- Other Players
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 11.56 % |
| 2027 Value Projection | USD 4,987.9 Billion |
| Market Size in 2020 | USD 2,319.7 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | By Sub-System Analysis By Technology Analysis By Platform Analysis By Fit Analysis |
| Regions Covered | North America Europe Asia Pacific South America Middle East and Africa |
| Aircraft Health Monitoring System (AHMS) Market Growth Drivers | Rising Demand for Next-Generation Aircraft Carriers to Fuel Market Growth |
| Adoption of More Electric Aircraft to Boost Growth of the Market |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027
Segments
On the basis of sub-system, the market has been segregated into aero-propulsion systems, airframes, ancillary systems, software, and others. By technology, the market is segmented into prognostic systems, diagnostic systems, detection systems, adaptive control, and others. Based on platform, the market is classified into commercial aircraft, business jets, and regional & military aircraft. Based on fit, the market has been bifurcated into retrofit and line-fit. In terms of geography, the market has been grouped into North America, Europe, Asia Pacific, and Rest of the World.
North America to Bolster Its Apex Market Position; Asia Pacific to Register Highest CAGR
With a size of USD 1,386.8 million in 2019, North America is poised to dominate the aircraft health monitoring system market share during the forecast period. The principal reason for the region’s unassailable position in the global market is the strong presence of aviation industry giants, such as Bombardier and Boeing, in the US and Canada. These companies have been heavily investing in advanced aircraft maintenance technologies, which have ensured the enduring growth of the regional market.
Asia Pacific is slated to showcase the highest CAGR, supported by the rapidly increasing air passenger traffic in the region. This is primarily attributable to the phenomenal economic growth and development of India and China over the past few decades. Furthermore, domestic airline companies are also making strategic investments in modern fleet management technologies, such as aircraft health monitoring systems, to broaden their business horizons.
Aerospace Bigwigs to Dictate Competitive Dynamics
The competitive landscape of this market is characterized by the dominant activities of bigwigs, such as Airbus and Honeywell, in the aerospace industry. Their robust finances and strong portfolios have allowed these companies to continuously invest in the development of next-generation aircraft health monitoring systems. However, the governing dynamics of this market are now being reshaped due to the entry of startups that are specializing in inventive technologies and enhancing this market’s potential.
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Report Coverage
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.
Drivers and Restraints
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.
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.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aircraft Health Monitoring System Market
- Impact of COVID-19 Pandemic on the Global Aircraft Health Monitoring System Market
- Steps Taken by the Industry/Companies/Government to Overcome the Impact
- Key Development in the Industry in Response to COVID-19 Impact
- Global Aircraft Health Monitoring System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Sub-System
- Aero-Propulsion System
- Airframe
- Ancillary System
- Software
TOC Continued…!
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Key Industry Development
- December 2020: Safran Helicopter Engines inked a Support-by-Hour contract with China-based State Grid General Aviation Company (SGGAC). Under the contract, Safran will provide maintenance, repair, and overhaul (MRO) services to SGGAC, covering its H225 and H215 fleets.
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