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Aircraft Health Monitoring System Market Size Report 2020-2027: Global Industry Trends, Share, Size,

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The global aircraft health monitoring system (AHMS) 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 Size, Share & COVID-19 Impact Analysis, By Sub-System (Aero-Propulsion System, Airframe, Ancillary System, Software, And Others), By Technology (Prognostic Systems, Diagnostic Systems, Detection Systems, Adaptive Control, And Others), By Platform (Commercial Aircraft, Business Jets, Regional and Military Aircraft), By Fit (Retrofit, and line-fit) and Regional Forecast, 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 aircraft flights 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.

COVID-19 Impact

The outbreak of the COVID-19 pandemic has proven catastrophic for the aviation industry, with social distancing, travel bans, and lockdowns causing the demand for air travel to decline steeply. For example, according to the ICAO, there was a 60% decrease in passenger traffic, leading to an approximate revenue loss of USD 370 billion for airline companies worldwide. The economic fallout of the pandemic on the aviation industry has stymied airline companies’ investment plans and is likely to hinder the adoption of advanced maintenance systems, such as AHM. In 2020, the engine health monitoring market contracted by -44.8% and registered a value of USD 2,319.7 million.

List of Key Players Covered in this Market Report:

  • Lufthansa Technik (Germany)
  • Tech Mahindra (India)
  • FLYHT (Canada)
  • Rolls Royce (UK)
  • Honeywell International, Inc. (US)
  • Boeing (US)
  • Meggitt (UK)
  • Curtiss-Wright (US)
  • SAFRAN (France)
  • General Electric Company (US)
  • United Technologies Corporation (US)
  • Airbus S.A.S. (The Netherlands)

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/aircraft-health-monitoring-system-market-105027

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Read Press Release:

Global Military Aircraft Health Monitoring System Market 2020 Growing Share Analysis, Industry Size, Future Growth, Investment Opportunities, Covid-19 Impact Analysis, Key Manufacturers and 2027 Forecast Research Report

Read Related News:

https://www.globenewswire.com/en/news-release/2021/03/16/2193625/0/en/Aircraft-Health-Monitoring-System-Market-to-Hit-4-987-9-Million-by-2027-Increasing-Adoption-of-Predictive-Maintenance-Solutions-by-Airline-Operators-to-Fuel-the-Market-Says-Fortune.html

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