Aircraft Health Monitoring System Market Size & Industry Analysis To Reach $ 20,583.40 Mn By 2032, Growing At 13.0% CAGR

EINPresswire/ -- The global aircraft health monitoring system market was valued at USD 4,202.4 million in 2019 and is projected to grow from USD 2,319.7 million in 2020 to USD 20,583.40 million by 2032, registering a CAGR of 13.00% during the forecast period from 2020 to 2032. In 2019, North America led the market with a 32.57% share, reflecting its strong adoption of advanced aviation technologies.

List of Key Players Profiled in the Report:

Airbus S.A.S. (The Netherlands)
Boeing (U.S.)
United Technologies Corporation (U.S.)
Honeywell International, Inc. (U.S.)
General Electric Company (U.S.)
Rolls Royce (U.K.)
SAFRAN (France)
FLYHT (Canada)
Curtiss-Wright (U.S.)
Tech Mahindra (India)
Meggitt (U.K.)
Lufthansa Technik (Germany)
Other Players

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Market Drivers and Restraints

Emergence of IoT Technology and Rising Demand for Next-Gen Aircraft to Propel Market Growth

A key market driver is the emergence of the Internet of Things (IoT), which enhances real-time monitoring through wireless sensors, improving the reliability and lifespan of aircraft components. The rising demand for next-generation aircraft like the Boeing 787 and Airbus A350, coupled with increasing global passenger traffic, is fueling the need for advanced health monitoring systems to ensure safety and efficiency. Furthermore, the industry's shift towards "More Electric Aircraft" to reduce weight and fuel costs is boosting the demand for real-time monitoring of these lighter, electric-based systems to ensure their reliability and reduce maintenance costs.

However, the lack of common industry standards for data management across different systems and components can act as a restraint. This disparity leads to unorganized and unreliable data, creating challenges for centralized database management and potentially hampering the widespread adoption of AHM technology.

Market Segmentation

Aero-propulsion Segment to Hold High Market Share Due to Critical Safety Requirements

By sub-system, the market is segmented into aero-propulsion systems, airframe, ancillary systems, software, and others. The aero-propulsion segment is expected to hold a dominant market share as the engine is a critical component requiring continuous real-time monitoring to ensure passenger safety.
Prognostic Systems Segment to Lead Backed by Predictive Maintenance Capabilities

As per technology, the market is classified into prognostic systems, diagnostic systems, detection systems, adaptive control, and others. The prognostic systems segment is projected to hold a dominant share, driven by the critical need to predict potential component failures. This capability allows operators to schedule maintenance proactively, enhancing safety and reliability.

Commercial Aircraft Segment to Dominate Attributable to High Passenger Traffic

Based on platform, the market is classified into commercial aircraft, business jets, regional, and military aircraft. The commercial aircraft segment is expected to dominate the market, fueled by the high volume of global air passenger traffic carried by commercial airlines and the continuous expansion of the global commercial fleet.

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Regional Insights

Presence of Major Manufacturers to Foster Market Progress in North America

North America is expected to lead the market, holding a 32.57% share in 2019. This is attributable to the presence of major aircraft manufacturers like Boeing and key technology providers such as Honeywell International and United Technologies Corporation. Significant investment in aviation safety and technology in the U.S. further solidifies the region's dominance.

The Asia Pacific market is projected to grow at the highest CAGR, fueled by increasing passenger traffic and rising demand for new aircraft in countries like China and India. Europe is expected to see moderate growth, supported by stringent safety regulations and a focus on enhancing operational efficiency through predictive maintenance technologies.

Competitive Landscape

Key Players Focus on Innovation and Strategic Alliances

The market is consolidated, with key players like Boeing, Airbus, and United Technologies Corporation holding a dominant share. These industry leaders leverage strong product portfolios and extensive databases to maintain their market position. The competitive landscape is also shaped by other significant players, including Rolls Royce, SAFRAN, and Lufthansa Technik, who are focusing on innovation, strategic collaborations, and investments in emerging technologies to offer advanced AHM solutions and strengthen their market presence.

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Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Key Industry Developments:

July 2021: GE Digital partnered with Airbus and Delta TechOps to create a digital alliance for fleet health monitoring and diagnostics solutions, aiming to provide cost savings to 140 commercial aviation operators.

May 2021: Bombardier announced that its authorized service centers would begin free modifications of in-service Challenger 300s and 350s with a health monitoring unit to streamline flight data acquisition.

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