Aircraft Health Monitoring Global Market Report 2024

Aircraft Health Monitoring Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on aircraft health monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for aircraft health monitoring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aircraft health monitoring market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Solution: Hardware; Software; Services
• 2) By System: Engine Health Monitoring; Structural Health Monitoring; Component Monitoring
• 3) By Operation Mode: Real time; Non-real-time
• 4) By Fit: Line fit; Retro fit
• 5) By End User: OEMs; MRO; Airlines
• Companies Mentioned: Airbus SAS; Safran SA; Honeywell International Inc.; Teledyne Technologies Inc.; The Boeing Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Aircraft health monitoring involves a comprehensive set of strategies, tools, solutions, and methodologies integrated into a hardware and software system. This system conducts remote monitoring of aircraft data to gain insights into the current and future service and performance maintenance needs of an aircraft.

The primary systems within aircraft health monitoring encompass engine health monitoring, structural health monitoring, and component monitoring. Engine health monitoring (EHM) specifically focuses on systems that proactively monitor the health of an aircraft's engine to ensure its protection. EHM involves the transfer of data from the aircraft engine to a ground-based operational center, facilitating the recording and monitoring of engine performance. The operational modes of aircraft health monitoring include real-time and non-real-time, offering a combination of hardware, software, and services. The aircraft health monitoring industry provides both line fit and retrofit solutions, with end-users ranging from original equipment manufacturers (OEMs) and maintenance, repair, and overhaul (MRO) entities to airlines.

The aircraft health monitoring market research report is one of a series of new reports from The Business Research Company that provides aircraft health monitoring market statistics, including aircraft health monitoring industry global market size, regional shares, competitors with an aircraft health monitoring market share, detailed aircraft health monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft health monitoring industry. This aircraft health monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aircraft health monitoring market size has grown strongly in recent years. It will grow from $4.2 billion in 2023 to $4.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historical period can be attributed to ongoing research and development initiatives, analysis of pilot feedback and incidents, advancements in flight data recorder development, improvements in communication systems, and a concerted focus on enhancing reliability and maintenance planning.

The aircraft health monitoring market size is expected to see strong growth in the next few years. It will grow to $6.63 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to the adoption of predictive maintenance solutions, a heightened emphasis on flight safety, efforts to reduce operational costs, fleet-wide monitoring and optimization, a focus on fuel efficiency and performance optimization, and the implementation of condition-based maintenance strategies. Key trends expected in the forecast period include a growing demand for real-time diagnostics, advancements in sensor technology, the integration of IoT (Internet of Things) and big data analytics, an increased emphasis on predictive maintenance practices, and a continued focus on enhancing flight safety.

The surge in demand for heightened safety and efficiency within the aviation sector, largely driven by accidents, is anticipated to propel the aircraft health monitoring market. Safety management in aviation aims to prevent human casualties, environmental damage, and property loss. Given the inherent risks in air travel, aviation entities are increasingly investing in aircraft safety to ensure safer flights and minimize aircraft-related fatalities. This heightened concern for aircraft safety has led to a rise in the adoption of aircraft health monitoring systems, aimed at reducing maintenance and operational expenses while enhancing overall safety standards. For instance, according to the International Air Transport Association (IATA) 2022 Annual Safety Report, the commercial aviation sector witnessed 39 accidents in 2022, marking an increase from 29 accidents in the preceding year. Hence, the escalating demand for safety and efficiency, prompted by accidents, is set to drive the growth of the aircraft health monitoring market.

Anticipated growth in air traffic is poised to drive the expansion of the aircraft health monitoring market in the foreseeable future. Air traffic encompasses the movement of aircraft, encompassing both civilian and military aviation, across airspace. Contemporary aircraft are equipped with diverse sensors that continuously monitor vital systems' health and performance. These sensors monitor critical parameters like engine functionality, temperature, pressure, and structural integrity. For instance, as per the International Air Transport Association, total traffic experienced a 55.5% rise in February 2023 compared to the corresponding period in 2022. Thus, the escalating air traffic volume is fueling the aircraft health monitoring market's growth trajectory.

Within the aircraft health monitoring market, a prominent trend is product innovation. Key industry players focused on aircraft health monitoring systems are steadfastly developing cutting-edge monitoring solutions to fortify their market positions. For instance, in November 2022, Collins Aerospace, a US-based aerospace and defense product supplier, unveiled its new Aircraft Health Monitoring (AHM) solution. Specifically designed to optimize Boeing 737 NG (Next Generation) engine performance and health, this innovative digital fleet management application offers predictive health analytics, digital tech-ops for various aircraft on a single interface, and condition monitoring for 737 NG, co-created with United Airlines. The AHM system delivers real-time data and insights for proactive maintenance and operational efficiency, contributing significantly to aviation technology advancement and safety standards.

Leading companies in the aircraft health monitoring market are employing sophisticated monitoring tools and technologies to oversee and elevate the performance and operational health of CT7-8 engines. These CT7-8 engines belong to a robust engine family, falling within the 2,500 to 3,000 shaft horsepower (shp) class, specifically designed to cater to the rigorous operational demands of contemporary medium lift helicopters. Acknowledged for their durability, fuel efficiency, and outstanding performance attributes, these engines are well-suited for diverse roles such as executive transportation, search and rescue missions, passenger transportation, and operations within the oil and gas sector. A notable instance is the joint pilot program launched in March 2023 by GE Aerospace, a US-based provider of aircraft engines and systems, and PHI Aviation, a US-based provider of safe and reliable helicopter services. This program introduces the CT7-8 digital engine health monitoring tool, aiming to harness cutting-edge technology to oversee and enhance the performance of the CT7-8 engines, renowned for their power and efficiency.

In August 2021, Parker Hannifin Corporation, a US-headquartered manufacturer specializing in motion and control technologies and systems, completed the acquisition of Meggitt PLC for an undisclosed sum. This strategic acquisition is envisioned to empower both entities to better serve their clientele through innovation, expedited research and development efforts, and a mutually complementary portfolio comprising aerospace and defense technologies. Meggitt PLC, based in the UK, specializes in manufacturing components, sub-systems, and health monitoring systems tailored for aerospace, defense, and selected energy markets.

Major companies operating in the aircraft health monitoring market report are Airbus SAS, Safran SA, Honeywell International Inc., Teledyne Technologies Inc., The Boeing Company, General Electric Company, Rolls-Royce Holdings PLC, Flyth Aerospace Solutions Ltd., Raytheon Technologies Corporation, Curtiss-Wright Corporation, RSL Electronics Ltd., Deutsche Lufthansa AG, Acellent Technologies Inc., Societe Internationale de Telecommunications Aeronautiques, Embraer SA, AMETEK Inc., Tech Mahindra Limited, Ventura Aerospace Inc., Meggitt PLC, Lufthansa Technik AG, FLYHT Aerospace Solutions Ltd., Esterline Technologies Corporation, Ultra Electronics Holdings PLC, Thales Group, BAE Systems PLC, Moog Inc., SKF AB, LORD Corporation, Goodrich Corporation, Eaton Corporation

Asia-Pacific was the largest region in the aircraft health monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aircraft health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the aircraft health monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The aircraft health monitoring market includes revenues earned by entities by providing fault diagnostics systems, artificial intelligence, wireless sensor networks, and high-speed communication. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.