Delray Beach, FL, Dec. 18, 2024 (GLOBE NEWSWIRE) -- The Aircraft Health Monitoring Market size is projected to grow from USD 6.3 Billion in 2023 to USD 8.6 Billion by 2028, at a CAGR of 6.5% from 2023 to 2028.
Airlines are looking for ways to increase operating efficiency and cut maintenance costs as the number of passengers on their aircraft grows. Aircraft health monitoring systems assist airlines in identifying and resolving potential maintenance issues before they become serious concerns, ensuring that planes remain safe and operational. Technology advancements have made aeroplane health monitoring systems more dependable, accurate, and cost-effective. This has made it easier for airlines to use these technologies and reap the benefits they provide.
Top Aircraft Health Monitoring Companies
- Safran (France),
- Airbus S.E (Netherlands),
- Raytheon Technologies Corporation (US),
- Honeywell International Inc (US),
- Teledyne Technologies Inc (US),
- The Boeing Company (US), and
- Curtiss-Wright Corporation (US).
The MRO segment accounts for the largest market size during the forecast period
Based on end user, 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. As the average age of the worldwide commercial aircraft fleet rises, so do the maintenance requirements. Airlines and MRO suppliers are seeking for solutions to optimise maintenance schedules, decrease downtime, and boost aircraft reliability as aircraft age.
The commercial aviation segment is projected to grow at the highest CAGR during the forecast period
Based on the platform, the aircraft health monitoring market has been segmented into civil aviation, military aviation and advanced air mobility segments. Commercial aviation will register the fastest growth in the aircraft health monitoring market owing to the high demand for health monitoring systems, solutions, and services. The civil aviation sector is the largest AHMS market, accounting for the vast bulk of total AHMS revenue.
The hardware segment accounts for the largest market size during the forecast period
Based on solution, 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 the highest market share in 2023. 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. These factors will drive the AHMS market.
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 a burgeoning middle class. As a result, the number of commercial aircraft operating in the region has increased, creating demand for AHMS. Some of the world's main manufacturers of AHMS hardware components and software are based in the APAC area. This has fueled technological developments in the sector, making AHMS more dependable, accurate, and cost-effective. This, in turn, is expected to drive the aircraft health monitoring market in the Asia Pacific region.
Aircraft Health Monitoring Market Dynamics:
Opportunity: Adoption by MRO providers
Maintenance, Repair, and Overhaul (MRO) providers are essential players in the aircraft health monitoring industry, responsible for maintaining and repairing aircraft. The adoption of aircraft health monitoring system (AHMS) technology by MRO providers presents an opportunity for the AHMS market because it allows these providers to offer more advanced maintenance solutions to their customers. By incorporating AHMS technology into their maintenance operations, MRO providers can improve the accuracy and efficiency of their maintenance processes. AHMS can provide real-time data on the health of aircraft systems and components, enabling MRO providers to identify potential issues before they become critical and plan maintenance activities more efficiently.
Challenge: Regulatory requirements
The challenge of regulatory requirements in the aircraft health monitoring system (AHMS) market is the need to comply with safety regulations and standards set by aviation authorities. These regulations require airlines and aircraft manufacturers to implement AHMS to ensure that their aircraft are safe and reliable. For example, the US Federal Aviation Administration (FAA) requires commercial aircraft to be equipped with AHMS to monitor critical systems and detect potential safety issues. The European Aviation Safety Agency (EASA) has also set similar requirements for AHMS in commercial aircraft. In addition to safety regulations, there are also standards such as the ARINC 429 and ARINC 629 that specify the communication protocols used in AHMS.
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