Aircraft Health Monitoring System Market Dynamics, Forecast, Analysis and Supply Demand 2020 …
Aircraft Health Monitoring System Market Dynamics, Forecast, Analysis and Supply Demand 2020 …
Top trends driving aircraft health monitoring system market growth through 2026
Aircraft health monitoring system demand is driven by the growing focus on minimizing aircraft downtime. These systems aid in optimizing MRO (Maintenance Repair and Overhaul) costs of an aircraft by replacing invasive maintenance, cost-intensive work with non-invasive testing and inspections and that report on the condition of an aircraft.
Governments across the globe are setting forth regulations to increase airworthiness in the aviation industry for enhancing connectivity between ground operators and aircrafts. Growing requirement to reduce carbon, sulfide missions and improve operational efficiency of aircrafts is fueling the deployment of monitoring systems.
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Integration of various communication and display technologies such as Virtual Reality and Augmented Reality (AR) may also boost product development. Estimates suggests that global aircraft health monitoring system market will cross the USD 6 billion mark by 2026.
Integration of software in aircraft
The software segment in the aircraft health monitoring system industry contributed more than USD 1 billion in revenues during 2019 and could witness a growth rate of more than 7% CAGR over 2020-2026. Proliferation of new technologies and integration of software to streamline scope of operations in aircraft health are revolutionizing aircraft sector. In a bid to accelerate the pace of R&D toward augmentation of new technologies in aviation, several airline manufacturers are teaming up with regional technology providers.
For instance, Palantir and Airbus announced a collaboration for launching a cloud-based airframe health monitoring system called Skywise in 2017. The software works as a single access point to work order, fleet configuration, and component data of every individual airbus aircraft as well as spare consumption. The software has the potential to improve operational accuracy of Airbus and is likely to offer greater control over the supply chain, which in turn will reduce the overall cost of operations.
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Establishment of low cost carriers
Proliferation of LCC (Low Cost Carrier) model in the commercial airplane sector is increasing gradually. A narrow body aircraft with minimal inflight facilities is generally used for domestic routes and aids in reducing flight costs due to less facilities. In a bid to cater to the rising market demand for LCC operations, major airline operators are focused on increasing narrow body aircraft production.
For instance, Indigo placed order of some 300 Airbus aircraft consisting of a mix of A320neo, A321XLR and A321neo in 2019. The contract was worth USD 33 billion and will enable Indigo to enhance its presence in international as well as domestic markets.
From narrow body aircraft applications, aircraft health monitoring system market will garner revenue of over USD 2 billion annually by 2026 due to the rise in number of inflight passengers in developing economies.
Key aircraft manufacturers in North America
In 2019, North America held 25% of the global aircraft health monitoring system market share and is estimated to gain traction over the coming years. The robust growth can be attributed to the presence of major aircraft manufacturers in the region, along with the total number of operational aircraft.
In the same year, the United States had over 5,000 fixed wing defense aircraft, and approximately 200 rotary wing defense aircraft with a total of 212,335 commercial aircraft operating within the country, which is the highest across the globe. Rise in acquisition activities of the U.S. for defense and commercial aircrafts with requirements of MRO for existing fleet will boost regional industry prospects.
Published at Mon, 21 Sep 2020 11:48:45 +0000
