Aircraft Health Monitoring System Market size worth over $6bn by 2026

Aircraft Health Monitoring System Market size is set to exceed USD 6 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Growth in the market is supported by rise in aircraft operations across the globe. Moreover, increasing aircraft deliveries within commercial and military sectors will generate growth opportunities for the market. For instance, in 2019, Airbus delivered 863 commercial aircraft, 63 more than previous year with total growth of 37% in deliveries in last five years. In the defense segment, HAL announced to double the production of LCA Mark 1 A jets from 8 aircraft to 16 aircraft in 2020.

 

Request Sample Buy NowInquiry Before Buying

 

The sudden outbreak of COVID-19 pandemic will moderately slowdown the aircraft health monitoring system market growth in 2020. Restriction in air travel and international trade to limit the spread of coronavirus has restricted the market demand. Significant reduction in profit margins of major industry players will negatively impact the budget allocation toward research & development, hampering technological competitiveness of the market.
 

Global Aircraft Health Monitoring System Market By Platform

Get more details on this report - Request Free Sample PDF
 

Technological development and integration of sensors in aircraft health monitoring systems

The hardware segment will expand at a CAGR of more than 6% during the forecast timeframe. Technological developments in optical and laser sensors allowing them to detect minute changes will improve opportunities for integration of hardware in aircraft health monitoring systems. In August 2018, the Multidisciplinary Digital Publishing Institute with support of Air Force Office of Scientific Research released a research paper featuring application of sensors for structural health monitoring. The research concluded that using sensors can significantly reduce the monitoring cost, time, and human error by automating the complete process.
 

Browse key industry insights spread across 250 pages with 280 market data tables & 23 figures & charts from the report, “Aircraft Health Monitoring System Market Size By Platform (Narrow Body Aircraft, Wide Body Aircraft, Regional Aircraft, Business Jet, Helicopter, Fighter Jet), By Fit (Line Fit, Retro Fit), By System (Hardware, Software, Services), By Operation (Real Time Operation, No Real Time Operation), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aircraft-health-monitoring-system-market
 

Establishment of new regulations to improve airworthiness

Government bodies across the globe are establishing various regulations for increasing airworthiness of aircraft to minimize aerial accidents. Requirement to integrate certain hardware including ADS-B transmitters and receivers to improve aerial communication and increase frequency of A, B, C, and D checks to minimize problems during aircraft operations is imposed by various countries. On an average, the line maintenance happens with every landing and takeoff, the C checks are done every 18 months and D checks are done according to the model of an aircraft.
 

Component support agreements to augment growth of the hardware segment

The hardware segment will capture over 65% market share by 2026. Major industry players outsource inventory management to MRO vendors, reducing their operational cost for re-orders and supporting the market size expansion. The contracts are long-term fixed price contracts. For instance, in July 2019, Northrop Grumman received a contract from government of Bahrain worth USD 104 million to upgrade UH-1Y, AH-1Z, and UH-60V Aircraft Mission Computers. The contract encloses indefinite delivery, indefinite quantity (IDIQ) delivery of production units, retrofit units, and spare units for the following aircraft.
 

Increasing efforts to increase commercial aircraft MRO facilities in Asia Pacific

The Asia Pacific aircraft health monitoring system market accounted for around 30% revenue share in 2019 and will witness 7% growth from 2020 to 2026. This can be credited to increasing efforts of Asia Pacific to enter in the aircraft MRO sector at global level. For instance, in March 2020, a subsidiary of Air India entered into an agreement with Pratt & Whitney to overlook MRO operations of PW1100G-JM engines. The agreement was signed to cater to the rising demand of the aviation industry within the region.
 

Long-term agreements to secure market share will support competitiveness

One of the major strategies practiced by companies operating in the market is entering long-term agreements to secure their market shares over coming years. For instance, in October 2016, Meggitt received a contract worth USD 48 million to supply Health and Usage Monitoring System (HUMS) for Avicopter AC313/SJ and AC352 helicopters. The deliveries began by 2020 and contract is expected to last over 20 years.
 

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X