(MENAFN- EIN Presswire) EINPresswire/ -- The global aircraft health monitoring system industry generated $3.58 billion in 2020, and is projected to reach $7.27 billion by 2030, witnessing a CAGR of 7.6% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Increase in demand for real-time problem management, custom alerting & analysis solutions, and rise in demand for performance monitoring drive the growth of the aircraft health monitoring system market. However, lack of qualified specialists restrains the market to some extent. On the other hand, increase in application areas for aircraft integrated vehicle health management (IVHM) presents new opportunities in the upcoming years.

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High demand for decision support systems and increase in the demand for advanced data analytics are expected to drive the growth of the aircraft health monitoring system market during the forecast period. However, dearth of trained professionals is anticipated to hamper the growth of the market. Moreover, growth of integrated vehicle health management (IVHM) is expected to offer lucrative opportunities for the market in the future.

Rise in demand for real-time problem management, custom alerting & analysis solutions, and rise in demand for performance monitoring drive the growth of the aircraft health monitoring system market. Implementation of stringent lockdown and restrictions on import-export activities resulted to decrease the demand for air travels. Thousands of planes were grounded in 2020, thereby affecting the overall growth of the global aircraft health monitoring system market.

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COVID-19 Scenario:

The outbreak of the COVID-19 pandemic led to the global lockdown, thereby affecting the overall growth of the global aircraft health monitoring system market.
Implementation of stringent lockdown and restrictions on import-export activities resulted in decrease in demand for air travels. Thousands of planes were grounded in 2020.
This impact is expected to remain in force for few years.

Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. The U.S. dominated the global aircraft health monitoring system market share in North America in 2020, owing to increase in investment towards R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making reliable, and efficient aircraft health monitoring systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of aircraft health monitoring system across several Asian nations, for instance, China, India, Japan, and South Korea.

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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding more than one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, this region is projected to manifest the fastest CAGR of 9.0% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.

Leading players of the global aircraft health monitoring system market size analyzed in the research include Airbus, Honeywell International Inc, FLYHT Aerospace Solutions Ltd., General Electric, Meggitt PLC, Rolls-Royce PLC, RSL Electronics Ltd, Raytheon Technologies Corporation, Teledyne Controls LLC., and The Boeing Company.

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