The global aircraft health monitoring market size is projected to grow from USD 3.74 billion in 2018 to USD 5.43 billion by 2023, at a CAGR of 7.77% from 2018 to 2023. Availability of real-time information for better decision-making, rise in the number of aviation accidents, increase in adoption of connected aircraft solutions, and availability of massive amount of data generated from sensors are major factors driving the aircraft health monitoring market.
Based on installation, the onboard segment of the aircraft health monitoring market is projected to grow at a higher CAGR during the forecast period as compared to the on ground segment. The growth of the onboard segment can be attributed to the increase in demand for highly connected aircraft systems.
Based on solution, the hardware segment is estimated to lead the AHM market in 2018.
Based on solution, the hardware segment is estimated to lead the aircraft health monitoring market in 2018. The growth of this segment can be attributed to the rise in the application of sensors in engines, aerostructures, and other parts of the aircraft. Installation of ACARS and flight data management systems in aircraft have also increased the adoption of hardware solutions.
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The Asia Pacific market is expected to witness the highest growth during the forecast period.
Among regions, the Asia Pacific aircraft health monitoring market is projected to witness the highest growth during the forecast period. Factors responsible for the growth of the aircraft health monitoring market in Asia Pacific include According to IATA, the Revenue Passenger Kilometers (RPK) growth in this region was 9.1% in 2017. The region is a diverse mix of countries and aviation requirements; it is projected that by 2033, it will witness the highest number of aircraft deliveries than any other region. The increase in aircraft deliveries will eventually lead to the increase in the aircraft health monitoring market, which will further drive the market for avionics systems.
Major companies profiled in the aircraft health monitoring market report are Boeing (US), Airbus (Netherlands), United Technologies Corporation (US), General Electric (US), Honeywell (US), and Rockwell Collins (US), among others. Other major players include Rolls Royce (UK), Safran (France), FLYHT (Canada), Curtiss-Wright (US), Esterline (US), Meggitt (UK), GoGo (US), Inmarsat (UK), and SITA (Switzerland) among others.
Airbus is a key player in the AHM market. The company is one of the leading aircraft manufacturers in the world. It offers products and services for the aerospace and defense sector. The company is focused on launching new products for the AHM market to strengthen its product portfolio and enhance its revenue. It is also focused on securing contracts to maintain its leading position in the AHM market. Strong focus on R&D activities enables the company to offer technologically advanced systems that meet the changing requirements of its customers. The company has an AIRMAN web online solution for real-time aircraft health monitoring on A320, A330, and A350 aircraft. In February 2018, Airbus received a contract from Sichuan Airlines to provide AirTHM services as well as maintenance services for all A350 aircraft. .
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