Northbrook, IL 60062 -- (SBWIRE) -- 05/02/2023 -- The aircraft health monitoring market size is projected to grow from an estimated USD 6.3 billion in 2023 to USD 8.6 billion by 2028, at a CAGR of 6.5% during the forecast period according to a new report by MarketsandMarkets™. This growth can be attributed to the increasing aircraft operational and flight safety activities.
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The MRO segment accounts for the largest market size during the forecast period.
Because of the increasing demand for maintenance services, the desire to lower costs, the growing acceptance of predictive maintenance, and the emphasis on safety and regulatory compliance, the MRO segment is driving the AHMS market. Global aviation traffic has increased in recent years, resulting in an increase in the number of aircraft in operation. This has resulted in an increase in demand for MRO services to assure aircraft safety and airworthiness.
The commercial aviation segment is projected to grow at the highest CAGR during the forecast period.
Based on the platform, the aircraft health monitoring Industry has been segmented into civil aviation, military aviation and advanced air mobility. Civil aviation will register the fastest growth in the aircraft health monitoring market owing to the civil aviation sector is the largest AHMS market, accounting for the vast bulk of total AHMS revenue. This is owing to the enormous number of commercial aeroplanes operating worldwide and continuous expanding fleet size of various aircraft platforms.
The hardware segment accounts for the largest market size during the forecast period.
Based on solution, the aircraft health monitoring market is segmented into hardware, software and services. the aircraft health monitoring market is estimated to be dominated by the hardware segment with a market share of highest market share in 2023. This growth can be attributed to increasing use of sensors in structural, component and engine health monitoring systems to provide real-time condition analysis for preemptive detection of failures that might occur on an aircraft.
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Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is projected to be the fastest-growing region in the aircraft health monitoring market during the forecast period. The Asia-Pacific area is seeing tremendous growth in air travel, owing to rising disposable incomes and a burgeoning middle class. As a result, the number of commercial aircraft operating in the region has increased, creating demand for AHMS. Governments in the APAC area are emphasizing aviation safety, which is increasing demand for AHMS. This is especially true in nations like China and India. APAC aviation regulatory organisations are enforcing stronger safety requirements for commercial flights, which is fuelling demand for AHMS. By providing real-time data on the health of crucial systems and components, AHMS can assist airlines in meeting these regulations.
Major players operating in the aircraft health monitoring Companies include Safran (France), Airbus S.E (Netherlands), Raytheon Technologies Corporation (US), Honeywell International Inc (US), Teledyne Technologies Inc (US), among others. These key players offer aircraft health monitoring across regions, and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East, African, and Latin American regions.
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