Overview and Scope
The aircraft health monitoring refers to a set of strategies, tools, solutions, and approaches linked to a hardware and software system that performs remote monitoring of aircraft data to understand the current or future service and performance maintenance of an aircraft.
Sizing and Forecast
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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Segmentation & Regional Insights
The aircraft health monitoring market covered in this report is segmented –
1) By Solution: Hardware, Software, Services
2) By System: Engine Health Monitoring, Structural Health Mmonitoring, Component Monitoring
3) By Operation Mode: Real time, Non-real-time
4) By Fit: Line fit, Retro fit
5) By End User: OEMs, MRO, Airlines
Asia-Pacific was the largest region in the aircraft health monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for safety and efficiency in the aviation industry due to accidents is expected to propel the aircraft health monitoring market. The primary goal of safety management in the aviation industry is to avoid human injury or death, as well as damage to the environment and property. Due to the various risks involved in aircraft for both passengers and the environment, several aviation companies have begun to invest in the health and safety of aircraft to ensure safer travel and to decrease aircraft-related fatalities. These increasing safety concerns for aircraft by governments and companies have increased the demand for aircraft health monitoring systems, which help reduce maintenance and operational costs while improving overall aircraft safety. For instance, in 2022, according to the International Air Transport Association (IATA), a Canada-based Trade association Annual Safety Report, the commercial aviation industry experienced 39 total accidents in 2022, which represented an increase from 29 accidents in 2021. Therefore, the increasing demand for safety and efficiency in the aviation industry due to accidents will drive the growth of the aircraft health monitoring market.
Key Industry Players
Major companies operating in the aircraft health monitoring market report are 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
The aircraft health monitoring market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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