The Aircraft Health Monitoring System Market: Highlights
Health Monitoring Systems are gaining momentum in the aircraft industry as all the major aircraft OEMs are increasingly incorporating these systems into their best-selling aircraft in order to enhance the flight safety as well as to reduce MRO cost. The aircraft health aircraft monitoring system market is one of the fastest-growing systems in the aircraft industry and is likely to grow at an above average growth rate of the overall aircraft industry (7.3% vs 3.5%) over the next five years.
Aircraft Health Monitoring System Market - Insights by Aircraft Type:
The market is segmented into narrow-body aircraft, wide-body aircraft, very large body aircraft, regional aircraft, business jet, helicopter, and military aircraft. Narrow- and wide-body aircraft dominate the market and are estimated to remain the leading aircraft segments over the next five years as well. Increasing production rates of B737 and A320 including their fuel-efficient variants (A320neo and B737 max) coupled with the market entry of new players (COMAC and Irkut) are the major factors driving the overall narrow-body aircraft segment and so are the health monitoring systems for them. Similar to narrow-body aircraft, increasing production rates of B787 and A350XWB coupled with the introduction of fuel-efficient variants including B777x and A330neo are the major factors driving the demand for health monitoring systems in the wide-body aircraft segment.
Aircraft Health Monitoring System Market - Insights by Installation Type:
the AHMS market is segmented as onboard and on-the-ground. It is estimated that the onboard segment is likely to depict a higher growth during the forecast period, propelled by the installation of different health monitoring system components, such as sensors, communication systems, and flight data management systems, with an aim to provide an increased passenger safety and reduce MRO cost.
Aircraft Health Monitoring System Market - Insights by Region:
North America is expected to remain the largest market for aircraft health monitoring systems in the coming five years, whereas Asia-Pacific is likely to witness the highest growth during the same period. The USA is the growth engine of the North American market. Similarly, China, Japan, and India are the key sources of growth in the Asia-Pacific’s aircraft health monitoring system market. Substantial growth in air passenger and freight traffic in China and India are compelling aircraft manufacturers and tier players to open their manufacturing plants in the region. This, in turn, will create a healthy demand for aircraft health monitoring systems in Asia-Pacific during the forecast period.
Some of the major players in the AHMS market are Airbus S. A. S. , The Boeing Company, United Technologies Corporation, Honeywell International Inc. , General Electric Company, Rockwell Collins, Inc. , Meggitt PLC, Rolls-Royce Holdings PLC, Safran S. A. , Air France Industries KLM Engineering & Maintenance, and Lufthansa Technik AG. These major players are likely to remain the most dominant ones over the next five years as well. Several efforts are being made by these players to remain competitive and to quickly gain more shares in the market. Some of which are a regional expansion, execution of mergers & acquisitions and joint ventures, and advancement in technologies.