The global aircraft health monitoring market size was USD 4.26 Billion in 2022 and is expected to register a steady revenue CAGR of 7.9% during the forecast period, according to latest analysis by Emergen Research. Rising focus on fuel efficiency in aircraft is the key factor driving market revenue growth.
Aircraft health monitoring systems can be used to improve efficiency and safety of aircraft operations by identifying potential issues before they become major problems. These systems can also provide real-time data that can be used to optimize aircraft performance and reduce costs associated with maintenance and repairs. In addition, increasing focus on engine condition monitoring by airlines, in turn, rising demand for advanced monitoring systems and software is also driving revenue growth of the market. In the recent years, airlines are more likely to invest in these systems to improve efficiency and safety of their operations, as well as reduce costs associated with maintenance and repairs. Moreover, using these systems can also help airlines to identify potential issues before they become major problems, which can help minimize downtime and disruptions to flight schedules. This results in more efficient flight operations and leads to an increase in revenue for airlines. Various airlines in recent days are adopting aircraft health monitoring solutions. For instance, in July 2022, ITA Airways, Italy’s national airline, started using Airbus Skywise Health Monitoring system as its primary fleet performance tool, which includes over 60 aircraft. SHM tool helps airlines save time and money by making maintenance decisions based on data.
However, high costs associated with developing, implementing, and maintaining aircraft health monitoring systems can be a significant barrier to adoption for many airlines and maintenance providers. Costs associated with aircraft health monitoring systems can include initial purchase and installation of systems, as well as ongoing costs for maintenance, updates, and support. In addition, airlines and maintenance providers may need to invest in additional resources, such as staff training, to ensure that their employees are able to effectively use and maintain these systems.
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The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.
Leading Companies of the Aircraft Health Monitoring Industry and Profiled in the Report are:
Airbus, Safran, Honeywell International Inc., Collins Aerospace, Teledyne Controls LLC., The Boeing Company, Rolls-Royce Plc., RSL Electronics, FLYHT Aerospace Solutions Ltd., and General Electric.
Emergen Research has segmented the global aircraft health monitoring market based on technology, solution, fit, platform, end-use:
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Prognostic Systems
- Detection Systems
- Diagnostic Systems
- Adaptive Control
- Others
- Solution Outlook (Revenue, USD Billion; 2019-2032)
- Hardware
- Software
- Services
- Fit Outlook (Revenue, USD Billion; 2019-2032)
- Retrofit
- Line Fit
- Platform Outlook (Revenue, USD Billion; 2019-2032)
- Commercial Aircraft
- Business Aircraft
- Military Aircraft
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Original Equipment Manufacturer (OEM)
- Maintenance, Repair, Overhaul (MRO)
- Airlines
Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
Browse the complete Global Aircraft Health Monitoring Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/aircraft-health-monitoring-market
Some Key Highlights from the Report
- The diagnostic systems segment is expected to register a steadily fast revenue growth rate over the forecast period due to rising awareness relating to the safety of aircraft. Diagnostic systems can help airlines and maintenance providers to identify potential safety issues before they become critical. These systems can detect patterns that can indicate a developing problem, allowing for early intervention and preventative maintenance, by analyzing data from various aircraft systems. In addition, these systems can also help airlines and maintenance providers optimize their operations by providing real-time insights into the performance of their aircraft.
- The software segment is expected to account for a significantly large revenue share over the forecast period. The health monitoring software allows for remote monitoring, diagnostics, and analysis of aircraft systems, which can reduce the need for on-site inspections and maintenance. In addition, airlines and maintenance providers, with the help of aircraft health monitoring software, can predict when a component is likely to fail and schedule maintenance accordingly, which reduces downtime and improves efficiency.
- The Asia Pacific market is expected to register a significantly fast revenue growth rate during the forecast period due to increasing focus on safety in aircraft and rising demand for aircraft health monitoring systems in the aviation industry. Growth is particularly strong in China, Japan, and India, where demand has risen in the aircraft industry and investments has increased in the recent years. Chinese companies, such as COMAC and AVIC, have made notable advancements in the production of both commercial and military aircraft.
- On 28 September 2022, Inmarsat and Teledyne Controls announced a partnership to enhance and support digital operations of airlines in Europe. This partnership will combine Inmarsat’s SB-S platform, which is powered by ELERA satellite network, with Teledyne’s AID+-enabled GroundLink Comm+ communication system and third-party Electronic Flight Bag (EFB) software, which is already in use on over 14,000 aircraft across 200 airlines.
The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2023-2032. According to the regional analysis, the market is primarily spread over key geographical regions as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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