The aircraft health monitoring market is estimated to be USD 6.3 billion in 2023 and is projected to reach USD 8.6 billion by 2028, at a CAGR of 6.5% during the forecast period. Some of the factors fueling the market’s growth include increasing use of engine condition monitoring (ECM) by airlines and real-time information for enhanced health management of aircraft. The increasing demand to lower the operational and rising inclination toward aircraft upgradation and replacement are some of the lucrative opportunities for aircraft health monitoring system providers during the forecast period.
Based on end user, the MRO segment accounts for the largest market size during the forecast period
The aircraft health monitoring market has been segmented into MRO, OEMs and Airlines are considered in the aircraft health monitoring market. The MRO is estimated to be account for the largest share in the aircraft health monitoring market. Technology advancements have made aeroplane health monitoring systems more dependable, accurate, and cost-effective. This has made it easy for MRO suppliers to use these technologies and receive the advantages they offer.
Based on the platform, the commercial aviation segment is projected to grow at the highest CAGR during the forecast period
The aircraft health monitoring market has been segmented into civil aviation, military aviation and advanced air mobility. civil aviation sector is the largest AHMS market, accounting for the vast the majority of total AHMS revenue. This is owing to the enormous number of commercial aircraft operating worldwide. By lowering maintenance costs and downtime, AHMS can help airlines save money. Airlines may prevent costly repairs and reduce the time planes spend on the ground by identifying and addressing possible faults early.
Based on solution, the hardware segment accounts for the largest market size during the forecast period
The aircraft health monitoring market is segmented into hardware, software and services. the aircraft health monitoring market is estimated to be dominated by the hardware segment with a market share of highest market share in 2023. Hardware components are designed to be dependable and long-lasting, allowing them to operate in the demanding circumstances of an aviation environment. This dependability is essential for ensuring that AHMS is effective in identifying and addressing possible problems. Sensors and data acquisition units, for example, are vital for collecting real-time data on the health of critical systems and components. This data is used to monitor the aircraft’s performance and identify potential difficulties before they become severe issues.
“Asia Pacific is projected to grow at the highest CAGR during the forecast period.”
Asia Pacific is projected to be the fastest-growing region in the aircraft health monitoring market during the forecast period, backed by significant development in air transport. Air travel in the Asia-Pacific area is increasing significantly, owing to rising disposable incomes and an increasing middle class. As a result, the number of commercial aircraft operating in the region has increased, creating demand for AHMS.
The break-up of profile of primary participants in the aircraft health monitoring market:
- By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14%
- By Designation: C Level – 55%, Director Level – 27%, and Others – 18%
- By Region: North America – 27%, Europe – 55%, Asia Pacific –9%, Rest of the World – 9%
Major players operating in the aircraft health monitoring market Safran (France), Airbus S.E (Netherlands), Raytheon Technologies Corporation (US), Honeywell International Inc (US), Teledyne Technologies Inc (US), among others.
This research report categorizes the aircraft health monitoring market basis of platform (Commercial Aviation, Business & General Aviation, Military Aviation), end user (Airlines, OEMs, MRO), installation (On Board, On Ground), fit (Line Fit, Retrofit), solution (Hardware, Software, Services), operation mode (Real time, non-real-time), System (Engine Health Monitoring, Structural Health Monitoring, Component Monitoring) in these segments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, Latin America and Africa. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the aircraft health monitoring market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with the aircraft health monitoring market. Competitive analysis of upcoming startups in the aircraft health monitoring market ecosystem is covered in this report.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aircraft health monitoring market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on aircraft health monitoring system offered by the top players in the market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the aircraft health monitoring market
- Market Development: Comprehensive information about lucrative markets – the report analyzes the aircraft health monitoring market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the aircraft health monitoring market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the aircraft health monitoring market