The aircraft health monitoring system market is estimated to record noteworthy gains over the forthcoming timeframe owing to increasing establishment of MRO facilities and rising defense budgets across global economies. Aircraft health monitoring system integrates a wide range of tools, techniques, solutions, and practices that are closely interconnected to a system of software and hardware, that performs remote monitoring of aircraft data to assess its current or future performance and serviceability.
Effective implementation of aircraft health monitoring system reduces the overall maintenance and operational costs, while also improving the safety for various aircrafts. Aircraft health monitoring systems are considered as one of the main ways to maintain aircrafts in the industry today. These systems utilize real-time data collected by sensors in order to enhance reliability and safety thereby addressing potential problems as soon as possible.
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Integration of various communication and display technologies such as Virtual Reality and Augmented Reality (AR) may also boost product development. Estimates suggests that global aircraft health monitoring system market will cross the USD 6 billion mark by 2026.
Integration of software in aircraft
The software segment in the Aircraft Health Monitoring System Market contributed more than USD 1 billion in revenues during 2019 and could witness a growth rate of more than 7% CAGR over 2020-2026. Proliferation of new technologies and integration of software to streamline scope of operations in aircraft health are revolutionizing aircraft sector. In a bid to accelerate the pace of R&D toward augmentation of new technologies in aviation, several airline manufacturers are teaming up with regional technology providers.
For instance, Palantir and Airbus announced a collaboration for launching a cloud-based airframe health monitoring system called Skywise in 2017. The software works as a single access point to work order, fleet configuration, and component data of every individual airbus aircraft as well as spare consumption. The software has the potential to improve operational accuracy of Airbus and is likely to offer greater control over the supply chain, which in turn will reduce the overall cost of operations.
Establishment of low cost carriers
Proliferation of LCC (Low Cost Carrier) model in the commercial airplane sector is increasing gradually. A narrow body aircraft with minimal inflight facilities is generally used for domestic routes and aids in reducing flight costs due to less facilities. In a bid to cater to the rising market demand for LCC operations, major airline operators are focused on increasing narrow body aircraft production.
For instance, Indigo placed order of some 300 Airbus aircraft consisting of a mix of A320neo, A321XLR and A321neo in 2019. The contract was worth USD 33 billion and will enable Indigo to enhance its presence in international as well as domestic markets.
From narrow body aircraft applications, aircraft health monitoring system market will garner revenue of over USD 2 billion annually by 2026 due to the rise in number of inflight passengers in developing economies.
Key aircraft manufacturers in North America
In 2019, North America held 25% of the global Aircraft Health Monitoring System Market share and is estimated to gain traction over the coming years. The robust growth can be attributed to the presence of major aircraft manufacturers in the region, along with the total number of operational aircraft.
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In the same year, the United States had over 5,000 fixed wing defense aircraft, and approximately 200 rotary wing defense aircraft with a total of 212,335 commercial aircraft operating within the country, which is the highest across the globe. Rise in acquisition activities of the U.S. for defense and commercial aircrafts with requirements of MRO for existing fleet will boost regional industry prospects.
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.6. Methodology and forecast parameters
Chapter 2. Aircraft Health Monitoring System Market Summary
2.1. Aircraft health monitoring system industry 360º synopsis, 2015 - 2026
2.2. Business trends
2.3. Regional trends
2.4. Platform trends
2.5. Fit trends
2.6. System trends
2.7. Operation trends
Chapter 3. Aircraft Health Monitoring System Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Impact of COVID-19
3.4.1. North America
3.4.3. Asia Pacific
3.4.4. Latin America
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