According to the latest report by IMARC Group, titled "Aircraft Health Monitoring System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global aircraft health monitoring system market size reached US$ 3.85 Billion in 2021. Aircraft health monitoring system (AHMS) refers to a collection of tools, practices, solutions and techniques that are employed to understand and improve the performance of an airplane. It uses remote monitoring of airplane data to keep a record of the lifecycle of aircraft components, to comprehend their current or future serviceability and predict failures or malfunctions at an earlier date. Some of the most commonly detected faults include high vibrations, low oil pressure, overheating of engines and hard landing. These systems provide accurate analytical output by efficiently optimizing safety for the aircraft with the help of real-time data captured through various sensors integrated on aircraft parts. Consequently, their usage is widely associated with enhancing safety and reliability, minimizing aircraft downtime, reducing maintenance and operational costs and mitigating system failures.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aircraft Health Monitoring System Market Trends:
The global market is primarily driven by the increasing volume of air traffic, along with the rising concerns regarding passenger safety. This is supported by the confluence of several factors, such as rapid globalization, reduced airfare, the increasing number of commercial aircraft, rising incidences of commercial and military aircraft accidents and significant growth in the travel and tourism industry. Along with this, there has been a growing need for upgrading and replacing old aircraft with new-generation models to avoid catastrophic damages, which is providing a boost to the market growth. The market is further driven by the rising integration of the Internet of Things (IoT) and wireless sensors with these systems. Facilitated by the growing requirement for automation in the end use sectors, the increasing demand for accurate aviation analytics and connected aircraft solutions is creating a positive outlook for the market. Furthermore, extensive research and development (R&D) activities, along with technological advancements, have enabled aircraft health monitoring in a more precise manner. For instance, equipping AHMS with photonics to monitor the real-time condition, vibration and structural health of the aircraft, as well as its parts, is expected to gain widespread prominence among the end users. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 7.5% during 2022-2027.
- On the basis of the component, the market has been divided into hardware, software and services.
- Based on the subsystem, the market has been classified into aero-propulsion, avionics, ancillary systems, aircraft structures and others.
- On the basis of the end user, the market has been bifurcated into commercial and military.
- Based on the installation, the market has been categorized into onboard and on ground.
- On the basis of the fit, the market has been segmented into linefit and retrofit.
- Based on the operation time, the market has been divided into real-time and non-real-time.
- On the basis of the operation type, the market has been classified into detection, diagnostics, condition-based maintenance and adaptive control, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Airbus SE, Curtiss-Wright Corporation, FLYHT Aerospace Solutions Ltd., GE Engine Services LLC (General Electric Company), Honeywell Aerospace, Meggitt PLC, Rolls-Royce plc, Safran, SITA N.V., and The Boeing Company.
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