Global Aircraft Health Monitoring Market Forecast to 2023 - Projected to Reach USD 5.43 Billion - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 13, 2018--The “Aircraft Health Monitoring Market by Aircraft Type (Commercial, Business, Rotary, Military), Operation Time (Real-Time, Non-Real-Time), Installation (Onboard, On Ground), Fit (Linefit, Retrofit), Solution, and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The AHM market is estimated to be USD 3.74 billion in 2018 and is projected to reach USD 5.43 billion by 2023, at a CAGR of 7.77% from 2018 to 2023.
Increasing demand for smart connected aircraft from commercial and military operators to lower maintenance cost is expected to drive the growth of the AHM market during the forecast period.
However, regulatory clearance and lack of common data standards and risks associated with cybersecurity restrain for the growth of this market.
DriversAvailability of Real-Time Information for Better Decision-Making Rise in the Number of Aviation Accidents Increase in Adoption of Connected Aircraft Solutions
RestraintsRegulatory Clearance Lack of Common Data Standards and Risks Associated With Cybersecurity
OpportunitiesIncreasing Upgradation and Replacement of Old Aircraft With New Generation Aircraft Use of Wireless Sensors in AHMs
ChallengesCompliance With Stringent Aviation Regulations Challenges in Obtaining High-Quality and Accurate Information From Aircraft Systems Data Bus Limitations
The commercial segment in AHM market is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the increase in air travel, the rise in disposable income of the middle-class population, and international trade and tourism. Commercial aviation companies invest in technologically-advanced aircraft to facilitate effective use of them.
Moreover, they are constantly seeking ways to reduce and minimize operational costs, including unscheduled aircraft maintenance to improve the efficiency of aircraft.
The growth rate of the markets in Asia Pacific is expected to grow at the highest rate during the forecast period. The increase in aircraft deliveries will lead to the rise in the demand for aircraft health monitoring systems in this region. Also, the increased military spending in countries such as India and China is expected to drive the market in this region.
Companies MentionedAir France Klm Engineering & Maintenance Airbus Boeing Cobham Curtiss-Wright Embraer Esterline Flight Data Services Flyht General Electric Gogo Honeywell International Inmarsat Iridium L3 Technologies Lufthansa Technik Meggitt Panasonic Rockwell Collins Rolls-Royce Safran Sita Sky Trac Teledyne Technologies United Technologies Corporation
For more information about this report visit https://www.researchandmarkets.com/research/glbs2v/global_aircraft?w=4
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INDUSTRY KEYWORD: TRANSPORT AIR MANUFACTURING AEROSPACE
SOURCE: Research and Markets
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PUB: 07/13/2018 09:22 AM/DISC: 07/13/2018 09:22 AM