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.
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In terms of platform, the industry is bifurcated into wide body aircraft, narrow body aircraft, business jet, regional aircraft, fighter jet, and helicopter. Out of these, the narrow body aircraft is expected to account for almost USD 2 billion by the end of 2026. This growth can be attributed to the surging number of inflight passengers across emerging economies due to increase in disposable income.
The advent of the Low-Cost Carrier (LCC) model to lower airfares could play a crucial role in fueling the product demand. As per the LCC model, a narrow body airplane with nominal inflight facilities would handle all domestic routes. Prominent airline companies are concentrating their efforts on expanding their fleets of narrow body aircraft to satisfy the growing demand for LCC operations.
Taking October 2019 for instance, India’s low-fare airline, Indigo placed an order of 300 Airbus airliners that consisted of a mix of A320neo, A321XLR, and A321neo. Apparently, this contract was valued at almost USD 33 billion, allowing Indigo to expand its presence in international and domestic markets.
Growing inclination towards retrofitting could massively boost the demand for aircraft health monitoring systems. Estimates suggest that the retro fit segment is likely to register almost 7% CAGR by 2026. Governments across the world have laid significant emphasis on retrofitting ADS-B in new airplanes. In January 2020, FAA made ADS-B compulsory for all the airliners operating in the FAA’s jurisdiction.
Companies operating in the aircraft health monitoring system market are primarily indulging in long-term service contracts and partnership agreements to get their hands on the latest technologies. These strategies enable industry players to expand their geographical presence and market share.
Citing an instance, recently in June 2020, GE Aviation joined forces with Bell Textron Inc., a division of Textron Inc., to deliver health awareness system for the Bell 360 Invictus competitive prototype, a section of the Future Attack Reconnaissance Aircraft (FARA) initiative of the U.S. Army.
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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.
Major Key Points from Table of Content:
Chapter 5. Aircraft Health Monitoring System Market, By Platform
5.1. Key trends, by platform
5.2. Narrow body aircraft
5.2.1. Aircraft health monitoring system market estimates and forecast, 2015 - 2026
5.3. Wide body aircraft
5.3.1. Aircraft health monitoring system market estimates and forecast, 2015 – 2026
5.4. Regional aircraft
5.4.1. Market estimates and forecast, 2015 – 2026
5.5. Business jet
5.5.1. Market estimates and forecast, 2015 – 2026
5.6.1. Market estimates and forecast, 2015 – 2026
5.7. Fighter jet
5.7.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Aircraft Health Monitoring System Market, By Fit
6.1. Key trends, by fit
6.2. Line fit
6.2.1. Market estimates and forecast, 2015 - 2026
6.3. Retro fit
6.3.1. Market estimates and forecast, 2015 - 2026
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