According to a new report by Allied Market Research, titled, Aircraft Health Monitoring System Market by Type, Aircraft Type, and Fit: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global aircraft health monitoring system market was valued at $926 million in 2016, and is projected to reach at $1,489 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023. Wide-body aircraft possesses maximum potential, which is expected to create lucrative opportunities for industry players.
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This system closely relates to the maintenance, repair, and overhaul (MRO) segment in an airline industry. Implementation of AHMS decreases maintenance & operational costs and improves overall safety of an aircraft. The growth of the aircraft health monitoring system market is driven by rise in demand for real-time fault management, high demand for performance monitoring, and increased need for custom alerting & analysis solutions.
The current business scenario has witnessed surge in adoption of aircraft health monitoring system in the developed and the developing regions, owing to the technological innovations in product offerings, increased need to improve performance and operational efficiency, rise in demand for real-time monitoring systems, and increase in application areas among end users. Furthermore, factors such as the need to reduce costs towards maintenance operations, increase in airplane data availability, high need to reduce flight delays & air turnbacks, and growth in awareness about AHM are expected to provide numerous opportunities for aircraft health monitoring system market growth. However, lack of trained professionals is expected to restrict the market growth during the forecast period.
The commercial segment dominated the market in 2016, with around 63% revenue share of the global market. This is attributed to the improved IT infrastructure and increased cloud-related expenditures to cater to the untapped markets among the developing nations.
The narrow body aircraft segment dominated the global aircraft health monitoring system market, with around 73% share in 2016, followed by wide-body aircraft segment. Furthermore, regional jets segment is estimated to grow at the highest CAGR of 11.9%, owing to widespread adoption of advanced health monitoring systems and increased aerospace & defense spending.
Asia-Pacific was the highest revenue contributor in 2016, accounting for around 44% share. However, LAMEA is projected to grow at the highest CAGR of 9.9% during the forecast period.
The report features the competitive scenario of the aircraft health monitoring system market and provides comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the aircraft health monitoring system market include Honeywell International Inc., Rockwell Collins Inc., Boeing Company, Ultra Electronics Holdings PLC, RSL Electronics Ltd., United Technologies Corporation, General Electric Company, Meggitt PLC, Rolls-Royce PLC., and Airbus Group.
Key Findings of the Aircraft Health Monitoring System Market:
- The commercial segment dominated the global aircraft health monitoring system market in 2016, while the defense segment is expected to grow at the highest CAGR from 2017 to 2023.
- The narrow body aircraft segment is estimated to provide significant growth opportunities to the key market players.
- The Asia-Pacific market is expected to be dominant, in terms of market size. However, LAMEA is estimated to provide significant growth rate during the forecast period.