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The global aircraft health monitoring system market size was USD 4,202.4 million in 2019 and is projected to grow from USD 2,319.7 million in 2020 to USD 20583.40 million in 2032 at a CAGR of 13.00% in the forecast period. North America dominated the global market with a share of 33% in 2019. North America dominated the aircraft health monitoring system market with a market share of 32.57% in 2019.
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Request SampleThe sudden rise in CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with aircraft health monitoring systems witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -44.8% in 2020.
The increase in the need for operational efficiency of aircraft is projected to fuel the demand for aircraft health monitoring (AHM) systems across the globe in the next few years. AHM is one of the most important parts of the aviation system in which precise data gathering, information of components, and knowledge is shared quickly across organizations. Several aircraft owners are widely adopting these systems to reduce aircraft downtime, facilitate predictive serviceability, and prevent future system failures.
The system enhances the overall fuel performance, carbon emission performance, and overall fleet performance. It is integrated with wireless sensors technology, real-time monitoring, failure diagnosis, data mining, and artificial intelligence (AI). AHM systems use real-time data captured through sensors for improving the safety and reliability of an aircraft and its components to avoid any onboard system failure with diagnosis-ready situations. These systems have reduced the retirement rate of aircraft due to proper predictive downtime and excellent prognostic options, ensuring components’ increased lifespan. The emergence of the Internet of Things (IoT) and wireless sensor technology is predicted to fuel industry expansion in the forthcoming years across the globe.
Negative Impact of COVID-19 on the Aviation Industry to Stall Market Growth
According to the International Air Transport Association (IATA), the global air transport industry was projected to witness negative growth in 2020. Revenues were projected to fall by 50% from USD 838 billion in 2019 to USD 419 million in 2020. Several countries across the globe banned international flights for a few months for domestic as well as international travellers to cease the spread of the infection. The economic slowdown also affected regular passengers travelling due to the high risk of transmitting the coronavirus. Many airline companies have cancelled new aircraft orders in the past few months, having been severely impacted by supply chain disruptions across the globe. These factors have mainly affected the growth of the aircraft health monitoring system market.
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Emergence of IoT Technology to Propel Market Growth
The aviation industry is mostly dependent on technological advancements and the modernization of devices and components to enhance aircraft efficiency. The emergence of IoT technology, along with its adoption by key players, is fueling the demand for AHM solutions worldwide. The aviation industry mostly includes original equipment manufacturers, engine manufacturers, sensor makers, and software companies collaboratively working on interconnected platforms.
The aircraft health monitoring system is an interdependent platform that includes real-time monitoring of onboard systems through wireless sensors. These advanced sensors collect real-time data and share it with various operators to reduce the risk of system failure. The IoT technology is changing the features of various systems owing to its excellent reliability and the continuous monitoring of sensors, thus improving the lifespan of onboard components.
This technology can also improve the accuracy of predictive maintenance of airplanes and their various systems, parts, and components to ensure safety and fewer failures. For example, the 787 aircraft carrier transmits 28 times more amounts of data than the 777 aircraft due to the use of various IoT-based sensors that share real-time performance data in flights. Technological advancements in this industry to enhance the fuel efficiency of aircraft are expected to propel market growth during the forecast period.
Rising Demand for Next-Generation Aircraft Carriers to Fuel Market Growth
The increasing demand for next-generation aircraft carriers, such as the 787, 777X, A320 neo, A350, and A350, is projected to fuel the aircraft monitoring system market during the forecast period. The domestic aviation industry holds a strong and largest market share owing to a large number of air passengers preferring shorter routes for air travel. According to Boeing’s Market Outlook 2020, the global passenger traffic is projected to grow by an average of 4% annually up to 2040. The growing air passenger traffic on domestic and international routes owing to affordable flights across the globe is propelling the aviation industry growth.
The safety and security of passengers command the highest priority for government authorities and airline companies. Several airlines and MRO companies are widely adopting integrated real-time monitoring systems for various aircraft components, such as engine components, hydraulics, landing gears, and other flight systems. According to Boeing’s Market Outlook 2020, the global commercial fleet size is anticipated to touch 48,400 units by 2039. The future commercial fleet is projected to hold a large share by single-aisle aircraft, such as the 737MAX, around the globe.
Adoption of More Electric Aircraft to Boost Growth of the Market
Technological developments are expected to have a huge impact on the deployment of aircraft health monitoring systems. The aviation industry is moving towards the adoption of More electric aircraft carriers owing to the rising fuel costs and high carbon emissions by air vehicles. Aircraft manufacturers, system suppliers, and various OEM companies in the industry are under huge pressure to reduce the overall weight of aircraft systems, components, and parts. The reduced aircraft weight burns less amount of fuel for long-haul flights.
More electric aircraft systems are lighter than conventional systems, such as hydraulic systems and pneumatic systems, due to the use of electric circuits. Also, they reduce the weight of the system which is the major reason for their strong demand, owing to the reduced maintenance cost and operational cost of carriers, across the globe. These electric-based systems need to be monitored in real-time by AHM systems for accurate serviceability to enhance their lifespan. According to the consultancy firm Oliver Wyman, the global maintenance, repair, and overhaul (MRO) market is expected to grow at an annual average rate of 3.5% up to 2029. The MRO market size is projected to rise from USD 81.9 billion in 2019 to USD 116 billion by 2029. These factors are projected to boost the growth of the aircraft health monitoring system market in the forthcoming years.
Lack of Common Industry Standards to Limit AHM Adoption
The aviation industry is witnessing strong annual growth across the globe owing to the increase in passenger traffic and airplane traffic over the past few years. Several companies, including service providers and component providers, are associated with aircraft maintenance technology. These components are effectively monitored to reduce system failures and provide better time-bound serviceability, which enhances the reliability and safety of the aircraft owing to the superior performance of the sensors. This technology includes the integration and installation of sensors at the manufacturing stage or before installation.
The transfer of technology from one company to another reduces data reliability due to the ineffective use of data. Several parts and components have different industry standards due to different origins, which leads to unorganized database management. The lack of centralized database management due to the lack of common industry standards are the major concerns for several companies operating in the industry. This, in turn, is projected to hamper the global market growth in the upcoming years.
Aero-propulsion Segment to Hold Dominant Market Share
Based on the sub-system, the market segments include aero-propulsion systems, airframes, ancillary systems, software, and others. The aero-propulsion system segment held a dominant share of the market in 2019. The dominance is due to propulsion being the most important function carried by the engine system, which needs to be monitored in real-time by the various operators. Any failure of the propulsion system will be risky for the lives of travellers. Therefore, the engine subsystem needs to be monitored continuously by various sensors and networks.
The software system segment is projected to register a higher CAGR by 2027 due to the increasing application of system software and onboard software. The system-related software of the aircraft drives the data analysis. The growing demand for new-generation aircraft type will need more accurate data analysis through continued monitoring, along with troubleshooting.
Prognostic Systems Segment Held Dominant Share in The Market
Based on technology, the market divisions include prognostic systems, diagnostic systems, detection systems, adaptive controls, and others. The prognostic systems segment held a dominant share of the market in 2019. The dominance is due to the critical requirements to detect the working & nonworking of various systems, devices, circuits, and components. These systems are capable of detecting upcoming faults of the various components, which may stop working after a certain period. This predictability of failure scenarios is highly important in the aviation industry, enabling operators to understand future serviceability and replacement conditions accurately. The increasing focus on passenger safety for safe travelling, owing to stringent government regulations for the aviation industry, is projected to drive segment growth in the future years.
The adaptive control system segment is projected to register a higher CAGR by 2027 due to the increasing demand for condition-based maintenance in various aeroplanes across the globe.
Commercial Aircraft Segment Dominated the Market in 2019
Based on the platform, the market is segmented into commercial aircraft, business jets, regional, and military aircraft. The commercial aircraft segment held a major share in the market and is projected to hold a leading position during the forecast period. Most of the air passenger traffic is carried by commercial flights in various regions. The aviation industry’s growth is majorly driven by commercial aircraft for international and domestic routes. Most of the airline companies operating around the world have employed commercial passenger carrier airplanes due to their high passenger-carrying capacity.
The regional jets segment is expected to grow at the fastest CAGR during the forecast period due to the growing passenger traffic in several regions over the past few years. Affordable flights, a rising number of flight connections, and various operators will fuel the segmental growth in the upcoming years.
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Retro-fit Segment to Register a High CAGR till 2027
In terms of Fit, the market is segregated into line-fit and retrofit. The line-fit segment is expected to have a dominant share of the market during the forecast period. Most commercial aircraft are manufactured in the assembly line by major companies as compared to other customized products. Therefore, most of the sensor fitting is preferred in the production line to enhance the efficiency of the monitoring system. These factors are projected to fuel this segment’s growth in the future years.
The retrofit segment is projected to grow at the highest CAGR owing to the several small aircraft and aged aircraft needing separate installation of AHM systems.
North America Aircraft Health Monitoring System Market Size, 2019 (USD Million)
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The market size in the North America region stood at USD 1,386.8 million in 2019. The dominance of this region is attributable to the demand for commercial aircraft and its safety regulations in the region. The dominance of this region is due to the large aircraft companies, such as Boeing, United Technology Corporation, and Honeywell International, operating in the US.
The European market is expected to grow at a moderate CAGR owing to the rising demand for predictive-based technology by airline companies to reduce downtime and enhance operational efficiency. Europe has stringent regulations and standards regarding certifications and industry standards for aircraft systems and components. These favourable factors are projected to fuel the demand for aircraft health monitoring systems in the region.
The Asia Pacific region is expected to grow at the highest CAGR owing to the increasing per capita spending in the region. The growing passenger traffic across the region is responsible for the growth of the aviation industry at a healthy CAGR in the past few years. The rising demand for next-generation aircraft in several countries due to infrastructure development is projected to lead the regional market share during the forecast period. In addition to this, market players in this region are investing in airline companies, which, in turn, will fuel the demand for aircraft health monitoring systems in the future years.
The Rest of the World is projected to grow at a high CAGR owing to the growing demand for narrow-body aircraft from the Middle East countries. The increase in the construction of new airports will boost the market growth in Latin America and the Middle East & Africa in the upcoming years.
Boeing, Airbus, and United Technologies Corporation to Hold Key shares in the Global Market
The market is consolidated owing to the strong product portfolio and remarkable database management of major companies in developed and emerging economies. Currently, Boeing, Airbus, and UTC lead the market, accounting for a dominant share in 2019. The presence of strong barriers to entry due to the requirement of a massive amount of database management and additional mandatory certifications will limit the entry of domestic players entering the global market.
Other key players, such as Rolls Royce, SAFRAN, Curtiss-Wright, Tech Mahindra, Meggitt, and Lufthansa Technik, have also entered the market competition with advanced aircraft health monitoring products. The introduction of innovative AHM systems, huge investments in the development of emerging technologies, and collaboration strategies are being adopted by market players operating in the system market of aircraft health monitoring.
An Infographic Representation of Aircraft Health Monitoring System Market
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The aircraft health monitoring system market research report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Million) |
Segmentation
| By Sub-System
|
By Fit
| |
By Platform
| |
By Technology
| |
By Geography
|
Fortune Business Insights says that the global market size was USD 4,202.4 million in 2019 and is projected to reach USD 4,987.9 million by 2027.
In 2019, the North America market value stood at USD 1,386.8 million.
Growing at a CAGR of 11.56%, the market will exhibit steady growth in the forecast period (2020-2027).
The aero-propulsion system segment is expected to be the leading segment in this market during the forecast period.
The increasing demand for real-time health monitoring of components to enhance the safety and operational efficiency of aircraft is driving the growth of the market.
Airbus, Boeing, and United Technologies Corporation are the major players in the global market.
North America dominated the market share in 2019.
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