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.
COVID-19 has taken a colossal toll on the world's economic activity with individuals, organizations, governments, and businesses having to adapt to the challenges of the crisis. Air travel restrictions across various regions for both domestic and international flights have led to inactive fleets across the globe.
Like many other sectors, the aircraft health monitoring market is also heavily impacted by the COVID-19 pandemic. Various stakeholders such as component providers, system manufacturers, government agencies, suppliers, distributors, aircraft & engine manufacturers, and MRO companies are impacted significantly due to the slowdown of transportation, border closures, and increase in the number of inactive fleets.
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. An increase in aircraft modernization programs is one of the most significant factors driving the MRO segment in the aircraft health monitoring market.
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 commercial aviation, business and general aviation and military aviation. 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. Airlines in the commercial sector are focused on implementing these solutions to reduce the operating costs of their air fleets, which will support the market growth over the projected timeframe.
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 2020. This growth can be attributed to the increasing use of sensors in engines to analyze real-time condition data for preemptive detection of failures will drive aircraft health monitoring demand over the projected period.
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, The region is a diverse mix of countries and aviation requirements; it is projected that by 2038, it will witness the highest number of aircraft deliveries than any other region. The increase in aircraft deliveries will eventually lead to the growth of the aircraft health monitoring market.
The increasing demand for aircraft models such as the A380, A350 XWB, B787 Dreamliner, B777, and other AHMS integrated aircraft models will support market demand in the region. Airbus and Boeing provide their own health monitoring systems, AiRTHM (Airbus Real-Time Health Monitoring) and AHM (Airplane Health Management), respectively. This, in turn, is expected to drive the aircraft health monitoring market in the Asia Pacific region.
Major players operating in the aircraft health monitoring market Safran S.A.(France), Airbus S.A.S (Netherlands), Raytheon Technologies Corporation (US), Honeywell International Inc (US), Teledyne Technologies Inc (US), among others.
Market Dynamics
Drivers
Increasing Use of Engine Condition Monitoring (Ecm) by Airlines
Real-Time Information for Enhanced Health Management of Aircraft
Reduced Maintenance Costs with Predictive Monitoring and Management of Aircraft
Restraints
Lack of Uniform Data Standards and Susceptibility to Harsh Working Conditions
Opportunities
Innovative Cloud-Based It Solutions for Storage of Health Monitoring Data
Rising Inclination Toward Aircraft Upgradation and Replacement
Challenges
Compliance with Stringent Aerospace Regulations
Limited Data Transfer Capacity of Legacy Systems
Impact of COVID-19 on Aircraft Health Monitoring Market
Demand-Side Impacts
Key Developments from January 2020 to November 2020
Supply-Side Impact
Key Developments from January 2020 to December 2020
Trends/Business Impacting Customer Business
Revenue Shift and New Revenue Pockets for Aircraft Health Monitoring System Manufacturers
Aircraft Health Monitoring Market Ecosystem
Prominent Companies
Private and Small Enterprises
End-users
Innovations and Patent Registrations
Trade Analysis
Tariff and Regulatory Landscape
Easa
Faa
Industry Trends
Technology Analysis
Failure Diagnose Expert System
Wireless Sensor Network
Internet of Things (Iot)-Enabled Sensors for Measuring Inflight Torque Data
Big Data Analytics in Ahm
Integrated Vehicle Health Management (IVHM)
Futuristic Platforms
Structural Health Monitoring (Shm) in Unmanned Aerial Vehicles (Uav)
Onboard Ivhm System Concept for All-Electric Aircraft
Health and Usage Monitoring System (Hums) for Evtol/Pav
Use Case Analysis: Aircraft Health Monitoring Market
Aircraft OEMs Have Entered into Agreements with Airlines for Data Analytics
Airbus Launches Skywise Health Monitoring (Shm)
The Health Monitoring & Predictive Maintenance System of Rolls-Royce
Impact of Megatrends
Connected Air Fleet
Disruptive Technologies in Supply Chain Management
Automation for Enhancing Aircraft Health
For more information about this report visit https://www.researchandmarkets.com/r/dz2wny
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