With a predicted growth rate of 7.5% over the forecast period, the size of the global market for aircraft health monitoring systems was estimated to be USD 3.5 billion in 2020 and could reach USD 7.2 billion by 2030
Aircraft Health Monitoring System (AHMS) is a set of steps taken which are interrelated to monitor the data gathered from airplanes to check its health in terms of performance and service. There are various tools, practices, solutions, techniques which are done with the help of hardware and software. It works on data captured from airplanes to provide better analytical results and at the same time ensuring the safety of different aircrafts. With the help of AHMS maintenance and operational costs reduce and at the same time it increases the safety of passengers and crew members of the aircraft.
There is an increased demand in aerospace industry and related IT expenditure in developing nations. Various technology advancements have led to optimization of workflow and increased the requirement for analytical systems, hence driving the Aircraft Health Monitoring System (AHMS) Market. Also, market is growing owing to high need for actual fault administration and management along with performance monitoring, analyzing solution and alerting. However, these actions require skilled and trained professional which are not easily found. Growing use of “integrated vehicle health management” is driving the Aircraft Health Monitoring System (AHMS) Market.
Growth Factors Effecting Commercial Aircraft Market
Commercial Aircraft Health Monitoring Systems market is growing steadily owing to the increased number of commercial aircrafts to meet the high volume of air traffic. Safety of passengers and crew is of outmost priority and to ensure this various measures are undertaken. Various organizations from across the globe, have introduced numerous initiatives with the help of government for the growth of Commercial aircraft health monitoring systems market. It is going to help in creating more growth prospects for established and upcoming companies. Recently, the government of UK has done partnered along with The Boeing Company, to develop commercial crafts and invested USD XXX million for the research and development projects. To encourage new companies to invest in the market, Indian government has allowed private companies to manufacture and be involved in research and development process.
The Aircraft Health Monitoring System Market is segmented based on type, aircraft type, fit, and geography. By Type it is segmented as commercial and defense. On the basis of Aircraft type includes narrow body aircraft, wide-body aircraft, and regional jets. Based on fit of the aircraft it is segmented as Retro-fit and line-fit. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific has the maximum share in Aircraft health monitoring systems (AHMS) market.
Some of the key players in Aircraft health monitoring systems (AHMS) market, Rockwell Collins Inc., Honeywell International Inc., Ultra Electronics Holdings PLC, Boeing Company, RSL Electronics Ltd., United Technologies Corporation, General Electric Company, Meggitt PLC, Airbus Group and Rolls-Royce PLC and many others.
Aircraft Health Monitoring System (AHMS) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 7.2 billion|
|Growth Rate||CAGR of 7.5 % during 2020-2030|
|Segment Covered||By Platform, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Air France Klm Engineering and Maintenance, Collins Aerospace, Curtiss-Wright, General Electric, Honeywell International, Lufthansa Technik, Meggitt|
Based on segments the Aircraft health monitoring systems (AHMS) market, can be segmented as
By Aircraft Type:
- Narrow body aircraft
- Wide-body aircraft, and
- Regional Jets.
- North America,