Aircraft Health Monitoring System Market by Type (Commercial and Defense), Aircraft Type (Wide-body Aircraft, Narrow Body Aircraft, and Regional Jets), and Fit (Retro-fit and Line-fit) - Global Opportunity and Forecasts, 2017-2023
Aircraft health monitoring system (AHMS) is a system of hardware and software that comprises sensors and other highly interconnected processing elements that determine the remote monitoring of airplane data to understand its current or future serviceability and performance. These systems are also known as aircraft condition monitoring systems (ACMS).
AHMS closely relates to the maintenance, repair, and overhaul (MRO) segment in an airline industry.
Implementation of AHMS enables reduction in maintenance & operational costs and improves overall safety of an aircraft.
The global aircraft health monitoring system market was valued at $926 million in 2016, and is projected to reach $1,489 million by 2023, growing at a CAGR of 7.4% from 2017 to 2023.
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The growth of the aircraft health monitoring system market is driven by increase in demand for real-time fault management, rise in need for custom alerting & analysis solutions, and high demand for performance monitoring. In addition, increase in aerospace IT spending among emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems, thus boosting the market growth.
However, dearth of trained professionals is expected to impede this growth in the near future. In addition, increased application areas for aircraft integrated vehicle health management (IVHM) are expected to create lucrative opportunities for aircraft health monitoring system market growth.
The global aircraft health monitoring system market is segmented based on type, aircraft type, fit, and geography. The type segment is categorized into commercial and defense.
Based on aircraft type, the market is divided into wide-body aircraft, narrow body aircraft, and regional jets. On the basis of fit, it is categorized into retro-fit and line-fit.
Geographically, the aircraft health monitoring system market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players that operate in the aircraft health monitoring system market are 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.
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KEY BENEFITS FOR STAKEHOLDERS
- This report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global aircraft health monitoring system market.
- Porter’s Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets.
- Current and future trends adopted by the key market players are highlighted to determine overall competitiveness.
- The quantitative analysis of the aircraft health monitoring system market growth from 2017 to 2023 is provided to elaborate the market potential.
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