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Aircraft Health Monitoring System Market size exceeded USD 4 billion in 2019 and is estimated to grow at a CAGR of over 6% between 2020 and 2026. Rapid adoption of comprehensive aircraft health monitoring system in the aviation industry will drive the market growth.
Major developed countries with huge military troops are allocating budget toward design and development of comprehensive aircraft health monitoring system capable of managing a range of aircraft along with keeping records of their spare parts and MRO.
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The aircraft health monitoring system industry will experience moderate dip in 2020 due to the outbreak of COVID-19 pandemic. Global trade & travel limitation, closure of manufacturing, and research & development facilities are the major reasons limiting the market growth. The line fit segment will experience accelerated growth rate after the conclusion of COVID-19 pandemic to cater to urgent demand in the shipping industry.
Report Coverage | Details |
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Base Year: | 2019 |
Market Size in 2019: | USD 4 Billion (2019) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 6% |
2026 Value Projection: | USD 6 Billion (2026) |
Historical Data for: | 2015 to 2019 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 303 |
Segments covered: | By System, By Operation, By Platform, By Fit and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The aircraft health monitoring system market from business jet segment is projected to expand at 6% CAGR during 2020-2026 propelled by increasing number of High Net Worth Individuals (HNWI) and Ultra HNWI globally. These individuals often prefer business jets to reduce time of their commutation.
Changing trend towards aircraft maintenance by UHNWI to outsource long-term contracts for MRO will support the market demand. Instead of personally looking after upgrades and MRO activities of aircraft, business jet owners are outsourcing these activities to eliminate unexpected financial load and ensure airworthiness of their jets at any given point of time.
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Europe line fit segment captured around USD 800 million revenue in 2019 and is estimated to witness 5% growth rate through 2026. Increasing efforts of major aircraft manufacturers present in the region to increase their production capacities and reduce backlog orders is fueling the industry growth.
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The aircraft health monitoring system market from Asia Pacific hardware segment will register growth of more than 7% from 2020 to 2026. Efforts taken by global market players to establish their manufacturing MRO units within Asia Pacific will fuel the regional segment demand.
Supporting government norms toward FDI and skilled labor at economical cost are the major factors attracting industry players. For instance, in February 2019, major aircraft manufacturers, which include Boeing and Rolls Royce, planned to invest in Thailand, Bangkok, and Japan and gain regional benefits provided by government through Special Economic Zones (SEZ).
The North America non-real time operations segment is predicted to cross USD 1 billion by 2026. The market penetration can be witnessed by efforts taken by major information technology companies to develop comprehensive aircraft health monitoring systems. Major MRO service providers, such as Lufthansa Technik and L&T, have launched their own software for operations, whereas Microsoft and Google are collaborating with aircraft manufacturers to develop an elaborative software to streamline operations.
Europe market size surpassed USD 1 billion in 2019 and is projected to observe over 5% CAGR through 2026. The growth can be attributed to efforts taken by the European Union to improve airworthiness of aircraft operating within confined airspace through establishment of a comprehensive data sharing network. Implementation of various regulations focusing on improving data sharing between aircraft and ground stations will drive the market growth.
Major aircraft health monitoring system market players are Airbus, Boeing, United Technologies Corporation, Honeywell International, General Electric, Rockwell Collins, Meggitt, Rolls-Royce, Flyht, Curtiss-Wright, Safran, Air France Klm Engineering & Maintenance, Lufthansa Technik, Esterline, and Embraer.
Long-term Indefinite Delivery Indefinite Quantity (IDIQ) contract to upgrade the existing system is the primary market strategy practiced by various industry players within defense vertical. This strategy allows the company to secure its market share within the coming years. For instance, in July 2019, Northrop Grumman received an IDIQ contract worth USD 104 million from the U.S. navy. The company will be responsible for manufacturing, delivery, and retrofitting of mission computer systems to UH-1Y, AH-1Z, and UH-60V aircraft. The contract will conclude by 2023.
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Market, By Platform, 2017 - 2026 (USD Million)
Narrow Body Aircraft
Market, By Fit, 2017 - 2026 (USD Million)
Line fit
Market, By System, 2017 - 2026 (USD Million)
Hardware
Market, By Operation, 2017 - 2026 (USD Million)
Real time operation
The above information has been provided for the following regions and countries: