The aircraft health monitoring systems market is anticipated to register a CAGR of more than 6% during the forecast period.
- Increased need to improve the safety, performance, and operational efficiency of the aircraft and the rise in demand for real-time aircraft data monitoring systems are the main driving factors for the market.
- An increase in the adoption of connected aircraft solutions is another major factor helping the growth of the aircraft health monitoring systems market.
- Another factor affecting the adoption of advanced aircraft health monitoring systems is the need to reduce MRO costs. Continuous monitoring of aircraft systems prevents immediate requirements or replacements of parts and components.
Key Market Trends
The Commercial Segment is Expected to Dominate the Market
Currently, the commercial segment has the highest market share in the aircraft health monitoring systems market. This increase in share is due to the increasing aircraft deliveries in the past few years. With the growing aircraft fleet and destinations of the airlines, the airlines are proportionally making investments in a real-time health monitoring system that will help them reduce the MRO costs, by reducing inspection times. Approximately 30% of the total delay times are due to the incurrence of unplanned maintenance. To avoid these delays, the airlines, in partnership with MRO providers, are replacing the traditional inspection procedures, such as general and detailed visual inspections, as well as non-destructive inspections, such as x-rays. Continuous monitoring of parts may result in eliminating time-consuming steps, like dismantling process to gain access to the inspection areas. The constant R&D in the development of new health monitoring systems with advanced technology and sensors is anticipated to support the growth of the segment during the forecast period.
Asia-Pacific is Anticipated to be the Largest Market
As of 2019, Asia-Pacific was the largest market in the aircraft health monitoring systems market. The region is also expected to continue its dominance in the market in the years to come. The Asia-Pacific region is now experiencing a surge in passenger traffic, and the airlines in the region are procuring many commercial aircraft every year. In particular, China and India, two of the largest aviation markets in the world, are purchasing commercial aircraft on a large scale. Even in the defense sector, procurement of new generation aircraft is in progress in many countries in the Asia-Pacific region, thereby indicating a massive potential for the aircraft health monitoring systems market in the coming years.
Airbus SE, The Boeing Company, United Technologies Corporation, Honeywell International Inc., and General Electric are some of the major players in the market. Although the health management systems are produced by the engine manufacturers and the MRO providers, aircraft OEMs, like Airbus and Boeing, are offering their health monitoring solutions to drive the aftermarket revenues. Players may make use of emerging technologies, like smart sensors, in designing new types of aircraft health monitoring systems, and thereby increase their market share by attracting new customers. Product innovation and investment in R&D may play a vital role in the success of the new and existing players in this market in the coming years. For product innovations, various stakeholders (MRO providers, aircraft OEMs, technology providers, and airlines) in the market are collaborating to develop and manufacture new AHM and predictive maintenance solutions. Some of such partnerships are formed between Bombardier and Tech Mahindra, and Airbus and Delta Air Lines.
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