According to the new market research report on "Aircraft Health Monitoring Market by Aircraft Type (Commercial, Business, Rotary, Military), Operation Time (Real-Time, Non-Real-Time), Installation (Onboard, On Ground), Fit (Linefit, Retrofit), Solution, and Region - Global Forecast to 2023", published by MarketsandMarkets™ , the market 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.
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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 is the a higher rate during the forecast period.
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.
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