The global aircraft health monitoring system market size is projected to reach USD 4,987.9 million by 2027, exhibiting a CAGR of 11.56% during the forecast period. Fortune Business Insights shares this information in its report, titled “Aircraft Health Monitoring System Market, 2020-2027”. In 2019, according to the report, the value of the market stood at USD 4,202.4 million.
Booming Demand for Air Travel to Stimulate Market Growth
The demand for air travel has increased at a prolific pace over the past few years, driven by expanding middle-class populations, rising disposable incomes, and improving living standards. For example, data released by the International Civil Aviation Organization (ICAO) show that the total number of air passengers rose by 6.4% from 2017 levels, reaching 4.3 billion in 2018. Low-cost carriers transported approximately 1.3 billion passengers, accounting for 31% of world air travelers. Aircraft health monitoring systems (AHM) have gained enormous importance in the aviation industry as these systems are critical in ensuring the optimal flying conditions of airplanes. Any sloppiness in maintenance operations can put the lives of hundreds of passengers at risk, which makes it necessary for airline operators to adopt AHM solutions.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027
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Read Press Release:
Aircraft Health Monitoring System Market Latest Trends, Industry Size, Major Segments and Competitive Landscape Forecast To 2027, Fortune Business Insights
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