The Aircraft Health Monitoring Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Health Monitoring Global Market Report 2024, 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..
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.
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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
Product Innovation is a key trend in the aircraft health monitoring market. Major companies operating in aircraft health monitoring systems are focused on developing advanced monitoring systems to strengthen their market position. For instance, in November 2022, Collins Aerospace a US-based new AHM (Aircraft Health Monitoring) solution and suppliers of aerospace and defense products launched its new AHM solution, which is designed to enhance the performance and health of the Boeing 737 NG (Next Generation) engines .The new digital fleet management applications include predictive health analytics use cases for optimized maintenance operations, digital tech-ops for 737 NG, A320 family, and other aircraft on a single screen, and condition monitoring for 737 NG co-created with United Airlines. The AHM system is designed to provide real-time data and insights for proactive maintenance and operational efficiency, contributing to the advancement of aviation technology and safety standards.
The aircraft health monitoring market report table of contents includes:
- Executive Summary
- Aircraft Health Monitoring Market Characteristics
- Aircraft Health Monitoring Market Trends And Strategies
- Aircraft Health Monitoring Market – Macro Economic Scenario
- Global Aircraft Health Monitoring Market Size and Growth
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- Global Aircraft Health Monitoring Market Competitive Benchmarking
- Global Aircraft Health Monitoring Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aircraft Health Monitoring Market
- Aircraft Health Monitoring Market Future Outlook and Potential Analysis
- Appendix
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