Aircraft Health Monitoring System Market Overview:
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.
Aircraft health monitoring system (AHMS) incorporates a comprehensive range of practices, tools, solutions, and techniques interrelated closely to a system of hardware and software, which performs remote monitoring of airplane data to understand its current or future serviceability and performance. This system makes use of massive amount of airplane data to deliver improved analytical output while optimizing safety for varied aircraft. Implementation of AHMS reduces maintenance & operational costs and improves overall safety of an aircraft.
Growth in aerospace IT expenditure among emerging nations and technological advancements for workflow optimization fuel the demand for advanced analytical systems, thereby driving the AHMS market growth. In addition, the 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. However, scarcity of trained professionals is expected to restrain the AHMS market growth during the forecast period. Furthermore, increased application areas for aircraft integrated vehicle health management (IVHM) are expected to create lucrative opportunities for aircraft health monitoring system market expansion.
The global aircraft health monitoring system market is segmented based on type, aircraft type, fit, and geography. Commercial and defense are categorized as sub-segments of by type. Aircraft type includes wide-body aircraft, narrow body aircraft, and regional jets. Retro-fit and line-fit are covered under the fit segment. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Aircraft Health Monitoring System Market Segmentation:
Top Impacting Factors
The global aircraft health monitoring system market is influenced by several factors that include growth in demand for increased application areas among aerospace industry, growth associated with commercial aircraft market, scarcity of trained professionals, and impact of developing economies. All these factors collectively create opportunities for the AHMS market growth. However, each factor is expected to have its definite impact on the AHMS market share.
Top Impacting Factors
Impact of Developing Economies
Developing countries possess high potential for the aircraft health monitoring system market, owing to a low adoption base and developing aerospace infrastructure. Further, the need for cost-effective predictive solutions among commercial airline industry is expected to fuel the demand for these systems.
Increased application areas
Increase in automation, technology upgradation, minimization of operation costs, rise in demand for real-time fault management, and high demand for performance monitoring are expected to boost the market growth during the forecast period. The military departments, globally, continuously focus on reducing operation costs associated with the maintenance of defense aircraft along with increasing the need to enhance the safety standards, which leads to heavy investments to improve maintenance, repair and overhaul (MRO) services. Earlier, adoption of these services was largely among developed nations, but in the recent years, most of the emerging economies with high defense budgets, such as India and China, have started implementing AHM services.
Lack Of Skilled Workforce
At present, the impact of this factor on the market growth is high, which limits end users to invest into advanced solutions and services. However, by 2023, the impact is projected to decrease due to availability of skilled workforce.
Growth Associated With Commercial Aircraft Market
Government organizations of numerous countries have introduced a number of initiatives to support and promote prominent players to establish commercial aircraft manufacturing facilities, especially in emerging and developed regions. This is anticipated to provide new growth opportunities for local and international players operating in the commercial aircraft health monitoring market. The UK government has taken an initiative towards the development of commercial aircraft industry by partnering with The Boeing Company, and has invested around $447 million for aerospace R&D projects. The Indian government changed its strategies to attract new players in the aviation market, for which it allowed domestic private players in aerospace manufacturing and R&D with 100% FDI.
- The 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 key market players are highlighted to determine overall competitiveness.
- The quantitative analysis of the market through 2016‐2023 is provided to elaborate the market potential.
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