Aircraft Health Monitoring System Market Size By Platform (Narrow Body Aircraft, Wide Body Aircraft, Regional Aircraft, Business Jet, Helicopter, Fighter Jet), By Fit (Line Fit, Retro Fit), By System (Hardware, Software, Services), By Operation (Real Time Operation, No Real Time Operation) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026
The aircraft health monitoring system market is estimated to record noteworthy gains over the forthcoming timeframe owing to increasing establishment of MRO facilities and rising defense budgets across global economies. Aircraft health monitoring system integrates a wide range of tools, techniques, solutions, and practices that are closely interconnected to a system of software and hardware, that performs remote monitoring of aircraft data to assess its current or future performance and serviceability.
Effective implementation of aircraft health monitoring system reduces the overall maintenance and operational costs, while also improving the safety for various aircrafts. Aircraft health monitoring systems are considered as one of the main ways to maintain aircrafts in the industry today. These systems utilize real-time data collected by sensors in order to enhance reliability and safety thereby addressing potential problems as soon as possible.
In addition, AHMS field acts as an umbrella, which integrates numerous cross-vertical services relating to chemical materials, ICT (information and communication technologies), structural and mechanical engineering. This system can further serve as a launchpad for the upcoming generation of predictive analytics algorithms, which might translate to faster maintenance operations along with a lower downtime for the airplane.
Aircraft health monitoring system market is segmented in terms of platform, fit, solution, operation, and regional landscape.
Based on platform, the aircraft health monitoring system is classified into fighter jet, business jet, helicopter, regional aircraft, wide body aircraft, and narrow body aircraft. Though slow at the moment, international travel and tourism is expected to generate considerable demand from the wide body aircraft segment. Similarly, the projected rise in recreational activities supported by increasing global tourism will augment the demand for regional aircraft segment in coming years.
The growing need for having effective access to immediate medical attention, especially during the current pandemic situation, is generating immense demand for helicopters, driving segment significantly.
With increasing defense budgets of global economies across the globe, the demand to increase ones aerial capabilities through acquisition and modification of fighter jets will support market growth from the fighter jets segment through the projected timeframe.
With respect to solution, the aircraft health monitoring system market is segmented in terms of hardware, software, and services. Shifting trend among customers towards outsourcing complete MRO suite to third party service providers will positively impact the services segment growth.
In terms of operation, the aircraft health monitoring system is categorized into real time operation and no real time operation. Integration of various sensors to collect real time data and technological advancements in the field of cloud computing and AI will support the real time operation segment growth.
From a regional frame of reference, efforts by major industry players to establish their MRO facilities in the region will augment the Latin America AHMS growth. Increasing activities related to crude oil extraction, in efforts to cater to the exponentially rising oil and gas demand, is slated to support the growth of the Middle East & Africa AHMS market.
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