The Global Aircraft Health Monitoring Market is estimated to reach USD 4.3 Billion by 2025 at a CAGR of 7.5%, observes forencis research (FSR). Aircraft Health Monitoring is a system based on wireless technology that foresees the failure signs of an aircraft which further prevents any type of mishap by sending signals to the maintenance team. This system uses real-time data collected from numerous sensors mounted on an aircraft which increases the overall safety and security of the aircraft. The main objective of the system is to recognize faults in the system and pinpoint the fault source. The aircraft health monitoring system improves the functionality of the aircraft and also reduces the maintenance cycle by a huge margin.
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Aircraft Health Monitoring Market: Drivers & Challenges
- Increasing Aviation Fatalities
The fatalities due to the air crash are experiencing a sharp rise. As per the aviation safety network, airline accidents had jumped 900%, over the years. The crucial aspect to be considered is loss-of-control related accidents. In loss-of-control, the aircraft deviates from the designated flight path towards a non-recoverable path, caused by a mechanical failure of any subsystem in the aircraft, human actions or environmental disturbances. The aircraft health monitoring system helps in reducing mechanical failures of the system by foreseeing them and preventing any fatalities. The airline manufacturers are striving to incorporate such monitoring systems to restrain any type of airline accidents.
Thus, increasing aviation fatalities may contribute to the growth of the aircraft health monitoring market, during the forecasted period.
- Reducing Fuel Consumption and Carbon Dioxide Emission
Globally, emission of carbon dioxide, carbon monoxide, and other such poisonous gases is a major environmental issue. Airline manufacturers are endeavoring for fuel-efficient aircrafts to support environmental initiatives in reducing the carbon footprint. The aircraft health monitoring system observes the performance of the aircraft, collects fuel usage information and calculates resultant carbon dioxide emission. The summary of this data gives airline operator’s total emission caused by every flight, which helps manufacturers to enhance the environmental performance of an aircraft.
Thus, reducing fuel consumption and carbon dioxide emission is expected to drive the overall growth of the aircraft health monitoring market, during the forecast period.
- High Maintenance Cost
The aircraft health monitoring system is a complex system comprising of numerous sensors, and other hardware components connected with the software platform communicating with the on-ground system. The robustness and reliability of all the installed components becomes crucial. The component network needs to be fail-safe and if any component of the system breaks it may hinder the performance monitoring of the aircraft components. Maintenance of all these components during the lifecycle of the aircraft adds to the additional cost.
Thus, high maintenance costs can be challenging for the growth of the aircraft health monitoring market, during the forecast period.
Aircraft Health Monitoring Market: Key Segments
- Segmentation based on component covers: Hardware, Software, and
- Segmentation based on installation covers:On-Board System, and Ground System.
- Segmentation based on operation covers: Real-Timeand Post Flight.
- Segmentation based on aircraft type covers:Commercial, Helicopter, Business Jet and
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa andSouth America, with individual country-level analysis.
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Global Aircraft Health Monitoring Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Aircraft Health Monitoring Market, by Component
Aircraft Health Monitoring Market, by Installation
- On-Board System
- Ground System
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Aircraft Health Monitoring Market, by Operation
- Post Flight
Aircraft Health Monitoring Market, by Aircraft Type
- Business Jet
Aircraft Health Monitoring Market, by Region
- South Korea
- Rest of Asia-Pacific
- North America
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
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