New York, US, June 23, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) 's report highlights Commercial Aircraft Health Monitoring Systems Market Information By IVHM Technology, Subsystem, Fit, Aircraft Type and Region- Forecast till 2030, the market will achieve USD 11.5 billion by 2023-2030 at a 6% CAGR.
Commercial Aircraft Health Monitoring Systems Market Overview
The commercial aircraft health monitoring systems industry is a crucial component of modern aviation. These systems, also known as aircraft health management systems or AHMS, play a vital role in monitoring the condition and performance of aircraft systems and components in real-time. The implementation of commercial aircraft health monitoring systems offers several benefits to airlines, aircraft manufacturers, and maintenance organizations.
The commercial aircraft health monitoring systems market will touch USD 11.5 billion at a 6% CAGR by 2030, as per the recent Market Research Future report.
COVID-19 Analysis
Due to the epidemic, demand for air travel fell precipitously, forcing many commercial planes to be grounded. The number of airlines operating fewer flights or temporarily grounding their fleets resulted in a decline in the use of the health monitoring systems & related services. During the epidemic, airlines had financial difficulties that resulted in postponed maintenance and delayed modernization. Investments in new aircraft diagnostics and health monitoring technology were either postponed or reduced. This has an impact on the development and uptake of sophisticated aeroplane health monitoring systems. To get over the financial crisis brought on by the epidemic, airlines & aircraft operators concentrated on maintenance cost reduction.
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This includes lowering maintenance costs, simplifying processes, and improving maintenance schedules. Investments in condition monitoring technology and preventative maintenance programs that aim to save maintenance costs consequently became a focus. The epidemic brought to light the value of data analytics and digitization in the aviation sector. The necessity for cutting-edge data-driven solutions to boost operational effectiveness, optimize maintenance procedures, and increase safety was acknowledged by airlines and aircraft manufacturers. As a result, real-time monitoring & diagnostics technologies were used, and data analytics received more attention than before.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 11.5 Billion |
| CAGR | 6% CAGR (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By IVHM Technology, Subsystem, Fit, Aircraft Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Using predictive maintenance on the active fleet can cut down on maintenance expenditures |
Key Players
- Eminent industry players profiled in the global commercial aircraft health monitoring systems market report include –
- Airbus (France)
- Boeing (U.S.)
- Bombardier (Canada)
- Embraer (Brazil)
- Gulfstream (U.S.)
- Acellent Technologies Inc. (U.S.)
- BeanAir (Germany)
- Curtiss-Wright Corporation (U.S.)
- FLYHT Aerospace Solutions Ltd. (Canada)
- General Electric Company (U.S.)
- Honeywell International Inc. (U.S.)
- Meggitt PLC (U.K.)
- Rolls-Royce plc (U.K.)
- RSL Electronics Ltd. (Israel)
- Safran S.A. (France)
- United Technologies Corporation (U.S.)
Drivers
Need for Effective Maintenance Practices to Boost Market Growth
Effective aviation maintenance procedures are essential for guaranteeing the dependability and safety of commercial aircraft. Traditional maintenance practices sometimes rely on time-consuming physical inspections & routine checks that could miss serious problems. Data provided by real-time monitoring systems on various aircraft parts allows for preventative maintenance, less downtime, and improved maintenance schedules. Predictive maintenance solutions are being adopted by commercial aircraft operators in an effort to reduce unplanned maintenance issues and maximize aircraft utilization. By combining data from several sources, including flight data recorders, the maintenance logs, and sensor systems, health management systems offer a thorough approach to aircraft maintenance.
Browse In-depth Market Research Report (120 Pages) on Commercial Aircraft Health Monitoring Systems Market: https://www.marketresearchfuture.com/reports/commercial-aircraft-health-monitoring-systems-market-1494
Opportunities
Advances in Sensor Technology to offer Robust Opportunities
The evolution of the aircraft health monitoring systems has been significantly influenced by developments in sensor technology. Modern sensors are able to collect in-depth data on variables like temperature, pressure, vibration, & fluid levels, enabling thorough monitoring of crucial systems and parts. Real-time monitoring, early defect identification, and condition-based maintenance are made possible by the combination of modern sensors and data analytics tools. In order to apply prognostics and health management in the commercial aircraft health monitoring systems, sensor technology is essential. PHM is a proactive strategy that uses sensors, data analysis, & cutting-edge algorithms to keep an eye on the performance and health of numerous aircraft systems and components.
Restraints and Challenges
Lack of Skilled Specialists to act as Market Restraint
The lack of skilled specialists, high installation and maintenance cost, lack of standardization, and data privacy & security concerns may act as market restraints over the forecast period.
Market Segmentation
The commercial aircraft health monitoring systems (AHMS) market is bifurcated based on aircraft type, fit, subsystem, and IVHM technology.
By IVHM technology, prognostic will lead the market over the forecast period.
By subsystem, aero-propulsion will domineer the market over the forecast period.
By fit, retrofit will spearhead the market over the forecast period.
By aircraft type, fixed wing aircraft will head the market over the forecast period.
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Regional Analysis
North America to Head Commercial Aircraft Health Monitoring Systems Market
The market is expanding in North America primarily due to the high demand for sophisticated aircraft health monitoring systems, the existence of significant aircraft producers, and the expanding use of IoT and AI technology in the aviation sector. Due to the burgeoning demand for commercial aircraft in this area, particularly in the U.S. and Canada, the North America market held the biggest revenue share in the worldwide market in 2022. Additionally, the market's revenue growth is being fueled by the region's expanding aerospace and aviation industry.
APAC to Have Admirable Growth in Commercial Aircraft Health Monitoring Systems Market
Throughout the forecasted period, it is estimated that the Asia Pacific market would register a significantly high rate of revenue growth. This is due to the region's increased awareness of aeroplane safety and the aviation industry's rise, notably in China, Japan, & India. The aviation industry in China has grown tremendously in recent years. Thanks to the Chinese government's considerable expenditures in the expansion of the sector, Chinese companies like COMAC and AVIC have made major improvements in producing commercial and military aircraft.
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