Aircraft Health Monitoring Market by Installation (Onboard and On-ground), Aircraft Type (Fixed Wing and Rotary Wing), Fit Type (Line Fit and Retrofit), End Use (Commercial and Military): Global Market Size Estimates and Forecast (2022–2030)
The market is expected to cross US$ 5.13 billion in 2022 and is projected to hit US$ 10.11 billion by 2030, recording a CAGR of 8.9% during the forecast period.
Development of Advanced Sensors Systems to Drive the Market Growth.
The rising demand for reliable dispatch of aircraft is one of the major factors pushing the vendors to develop advanced sensors for condition monitoring of an aircraft. More than 44,000 aircraft are handled by Federal Aviation Administration (FAA) everyday that handle around 2.4 million passengers per day in the US alone. The demand for condition monitoring gets very important to cater to such large number of air traffic. The vendors across this market are majorly focusing on the development of advanced sensors that include temperature sensors, acoustic sensors, etc. to provide health diagnostics for the aircraft operators. For instance, in October 2021, Frontier Airlines adopted Skywise Health Monitoring (SHM) technology from Airbus across its fleet of A320neo aircraft. Such developments are driving the aircraft health monitoring market worldwide.
Commercial segment is likely to exhibit highest CAGR in the aircraft health monitoring market during the forecast period. This is owing to the rising deliveries of commercial aircraft models across different regions which is propelled by increasing passenger traffic across different regions. Further, the expected deliveries of commercial aircraft is acting as another a major factor, which is likely to generate new market opportunities for aircraft health monitoring market vendors during the forecast period.
Within the report, the aircraft health monitoring market is segmented into installation, aircraft type, fit type, end use, and geography. By installation, the aircraft health monitoring market is segmented into onboard and on-ground. Based on aircraft type, the aircraft health monitoring market is segmented into fixed wing and rotary wing. Based on fit type, the aircraft health monitoring market is segmented into line fit and retrofit. Based on end use, the aircraft health monitoring market is segmented into commercial and military. Geographically, the aircraft health monitoring market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Rising Commercial and General Aviation Aircraft Deliveries is Likely to Provide Future Opportunities for Market Vendors During the Forecast Period.
The rising number of commercial aircraft deliveries is generating new market opportunities for market vendors during the forecast period. The increasing number of commercial aircraft fleet due to rising passenger traffic is another major factor expected to drive the market during the forecast period. Further, according to the Boeing and Airbus company forecasts, there will be more than 40,000 commercial aircraft deliveries by the end of 2041, which will again drive the demand for aircraft health monitoring systems during the forecast period. Furthermore, the growing piston engine aircraft deliveries worldwide is another major factor propelling the demand for new installation of aircraft health monitoring systems worldwide.
Increasing Demand for Predictive Maintenance of Military Aircraft and Likely to Drive the Aircraft Health Monitoring Market Growth.
With the rising procurement of military aircraft models by different armed forces worldwide, the demand for predictive maintenance is also growing rapidly to sustain better output from older military aircraft fleet. Such factors are leading to higher adoption of aircraft health monitoring systems across military end users. Moreover, the rising military expenditure for the procurement of different types of combat aircraft, combat helicopters, ISR aircraft, and military UAVs is likely to generate new market opportunities for aircraft health monitoring market vendors during the forecast period.
Recent Strategic Developments in Aircraft Health Monitoring Market
The aircraft health monitoring market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2021, Liebherr-Aerospace signed an agreement with two airlines airBaltic and SWISS wherein both the airlines are getting the benefits from Liebherr-Aerospace’s set of predictive maintenance algorithms and other trend monitoring applications, combined with advanced technical support.
- In April 2022, Pratt & Whitney signed an agreement with SITA Aero for full flight data retrieval and processing to enable predictive maintenance of aircraft engines.
- In August 2021, AirAsia India signed a ten-year contract with Airbus to supply its Skywise Health Monitoring (SHM) digital solution for its fleet of aircraft.
The aircraft health monitoring market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. KLM Engineering and Maintenance, Collins Aerospace, Curtiss-Wright, General Electric, Honeywell International Inc., Lufthansa Technik AG, Meggitt plc, Rolls-Royce plc, Safran, and Sita Aero are among the prominent players operating in the aircraft health monitoring market.
Target audience for the report:
- Onboard aircraft health monitoring system manufacturers
- On-ground aircraft health monitoring system manufacturers
- Software providers
- Commercial aviation, military aviation, and government related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the aircraft health monitoring market has been segmented on the basis of:
- Installation:
- Onboard
- On-ground
- Aircraft Type
- Fixed Wing
- Rotary Wing
- Fit Type:
- Line Fit
- Retrofit
- End Use:
- Commercial
- Military
- Region
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
- North America
- Companies profiled
- KLM Engineering and Maintenance
- Collins Aerospace
- General Electric
- Honeywell International Inc.
- Sita Aero
Companies profiled
- KLM Engineering and Maintenance
- Collins Aerospace
- General Electric
- Honeywell International Inc.
- Sita Aero