The global aircraft health monitoring system market size is anticipated to reach USD 7.55 billion by 2026, according to a new research published by Polaris Market Research. In 2017, the hardware segment dominated the global aircraft health monitoring system (AHMS) industry, in terms of revenue. North America accounted for the majority share in the global market in 2017.
The increasing government regulations regarding safety, along with growing instances of aviation accidents majorly drive the market growth. The increasing volume of air traffic and rising safety concerns, especially from the defense sector, have increased the demand for real-time fault management, predictive maintenance, performance monitoring, thereby supporting the growth of Aircraft health monitoring system industry. Other factors driving the market growth include growing adoption of connected aircraft solutions, growing need of automation and reduction in operation costs, technological advancements, and increasing adoption of IOT. New emerging markets, upgradation and replacement of old aircraft with new generation aircrafts, and significant investments in research and development would provide numerous growth opportunities in the aircraft health monitoring system industry during the forecast period.
The aircraft health monitoring system is a collection of various tools and techniques which work together to monitor the lifecycle of the aircraft parts. This technology is also able to predict when a particular part or process might fail. Over-heating of engines, high vibrations, low oil pressure, hard landings are some examples of situations that require investigation and attendance. The technology enables proactive maintenance of the aircraft along with its engine and other intricate parts.
North America is expected to dominate the global Aircraft health monitoring system market during the forecast period. This is due to rising number of commercial aircrafts and increasing air traffic in the region. Increasing safety concerns, and growing demand for safe travel experience boosts the aircraft health monitoring system industry growth in the region. Presence of global players in this region taps market potential and boosts the market growth. Increasing technological advancements and significant investments in research and development for development of advanced aircraft health monitoring solutions support the market growth in this region. The government regulations regarding aircraft safety, increasing adoption of connected aircraft solutions, and upgradation of old aircrafts further supports aircraft health monitoring solutions market growth.
The well-known companies profiled in the aircraft health monitoring systems report include Rolls-Royce plc, Airbus S.A.S., Rockwell Collins, Ultra Electronics Holdings PLC, Boeing Company, Honeywell International Inc., General Electric Company, RSL Electronics Ltd., Meggitt PLC, and Lufthansa Technik. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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Polaris Market Research has segmented the global Aircraft Health Monitoring System market on the basis of source, functionality, application, distribution channel and region:
Aircraft Health Monitoring Systems Component Outlook (Revenue, USD Billion, 2015 – 2026)
Aircraft Health Monitoring Systems Aircraft Type Outlook (Revenue, USD Billion, 2015 – 2026)
Aircraft Health Monitoring Systems Fit Outlook (Revenue, USD Billion, 2015 – 2026)
Aircraft Health Monitoring Systems Technology Outlook (Revenue, USD Billion, 2015 – 2026)
Aircraft Health Monitoring Systems End User Outlook (Revenue, USD Billion, 2015 – 2026)
Aircraft Health Monitoring Systems Regional Outlook (Revenue, USD Billion, 2015 – 2026)