Selbyville, Delaware, June 16, 2020 (GLOBE NEWSWIRE) — According to latest report “Aircraft Health Monitoring Market by Platform (Narrow Body Aircraft, Wide Body Aircraft, Regional Aircraft, Business Jet, Helicopter, Fighter Jet), Fit (Line Fit, Retro Fit), System (Hardware, Software, Services), Operation (Real Time Operation, No Real Time Operation), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of aircraft health monitoring systems will cross $6 billion by 2026. Changing government regulations to increase airworthiness in the aviation industry by enhancing connectivity between aircraft and ground operators will support the market growth.
The retrofit segment will capture 25% aircraft health monitoring market share by 2026. This market penetration can be credited to changing government regulations toward integration of various communication and navigation devices. Ageing aircraft fleet across the globe and rising requirement to upgrade or replace existing models to match the regulatory norms for operations will boost the segment growth.
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The narrow body aircraft segment in the aircraft health monitoring market will generate around USD 2 billion by 2026. The rise in number of inflight passengers in developing economies due to increasing disposable income and improving lifestyle of individuals will augment the market growth. Introduction of Low-Cost Carrier (LCC) model to reduce the cost of flight tickets is supporting the market demand.
The software systems segment valuation exceeded USD 1 billion in 2019 and is predicted to witness growth rate of over 7% during the forecast timeframe. Introduction of new technologies in software to streamline scope of operations in aircraft health monitoring will positively impact the market revenue. Major airline manufacturers are collaborating with regional technology providers to accelerate the pace of research and development toward augmentation of new technologies in the aviation industry.
The North America aircraft health monitoring market held around 25% market share in 2019 due to presence of major aircraft manufacturers and total number of operational aircraft within the region. For instance, in 2019, the U.S. had a total of 212,335 commercial aircraft, more than 5,000 fixed wing defense aircraft, and approximately 200 rotary wing defense aircraft operating within the country, the highest across the globe. Continuous acquisition activities of the U.S. in commercial and defense verticals with requirements of MRO for existing fleet are influencing the market statistics.
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Long-term service agreements and collaborations to gain access to the latest market technologies are some of the primary strategies practiced by major market players operating in the market. These strategies allow companies to secure their market shares over coming years, supporting market competitiveness. Major players in aircraft health monitoring market include Airbus, Boeing, United Technologies Corporation, Honeywell International, General Electric, Rockwell Collins, Meggitt, Rolls-Royce, Flyht, Curtiss-Wright, Safran, Air France Klm Engineering & Maintenance, Lufthansa Technik, Esterline, and Embraer.
Table of Contents (ToC) of the report:
Chapter 3. Aircraft Health Monitoring Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Impact of COVID-19
3.5. Evolution of aircraft health monitoring system
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.8. Regulatory landscape
3.8.1. North America
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Growth potential analysis
3.11. Porter’s analysis
3.12. PESTEL analysis
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