Global Aircraft Health Monitoring Market Report and Forecast 2024-2032

Global Aircraft Health Monitoring Market Outlook

The global aircraft health monitoring market size reached approximately USD 5.33 billion in 2023. The market is estimated to grow at a CAGR of 7.3% in the forecast period of 2024-2032, reaching a value of around USD 10.05 billion by 2032.

Key Trends in the Market

Aircraft health monitoring is a process that uses data collection, data analysis, and sensors to monitor the performance of an aircraft. It identifies potential failures and malfunctions and ensures the safety, operational efficiency, and reliability of flights.

• Rising demand for advanced aircraft monitoring systems to prevent flight delays, air turnbacks, and risk of aircraft accidents by identifying recurring issues is one of the crucial aircraft health monitoring market trends.

• Electric aircraft are increasingly preferred amid the rising focus on sustainability and the surge in fuel cost and carbon emission. Increasing efforts to develop lightweight aircraft health monitoring systems that can communicate through wireless technology and can self-sustain while reducing operational costs are likely to aid the aircraft health monitoring market demand in the coming years.

• There is an increasing integration of IoT-enabled sensors and artificial intelligence models in aircraft health monitoring systems to measure real-time data, predict potential issues, and bolster predictive maintenance. In addition, the aircraft health monitoring market growth can be attributed to the rising adoption of remote diagnostics by service providers to assess faults remotely and the surging deployment of big data that can efficiently analyse a large amount of data.

Market Analysis

Based on solution, the market is categorised into hardware, software, and services. On the basis of system, the market is divided into engine health monitoring, structural health monitoring, and component health monitoring. Based on platform, the market is bifurcated into civil and military. The aircraft health monitoring market segmentation, on the basis of operation mode, includes real-time and non-real-time.

Based on technology, the market is divided into diagnostic, prognostic, adaptive control, and prescriptive. On the basis of installation, the market is segmented into on board and on ground. Based on end user, the market is categorised into OEM, MRO, and airlines. The major regional markets of aircraft health monitoring are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the aircraft health monitoring market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Honeywell International Inc.  

• RTX Corporation  

• The Boeing Company  

• Airbus SAS  

• General Electric Company

• Teledyne Technologies Incorporated  

• Meggitt PLC 

• Rolls-Royce PLC  

• Safran  

• FLYHT Aerospace Solutions Ltd.  

• Others

Market Share by Technology

Prognostic occupies a significant portion of the aircraft health monitoring market share owing to the usage of predictive analytics and algorithms in this technology to detect any upcoming faults in components. It monitors potential issues in circuits, devices, equipment, and systems of aircraft and suggests required maintenance and optimisation to reduce the risk of system failure during flight. Furthermore, its ability to anticipate failures and issues before their actual occurrence saves maintenance and repair costs, resources, and flight delays and disruptions.

Market Share by Region

As per the aircraft health monitoring market analysis, the Asia Pacific accounts for a substantial share of the global market due to a rise in passenger traffic, leading to an increased manufacturing of aircraft. Furthermore, research and development efforts by regional players to enhance the performance of aircraft  monitoring systems propel the market demand.

The expansion of maintenance and repair facilities in the region to reduce inspection time and facilitate the smooth functioning of aircraft also supports the market growth. Further, regulatory measures introduced by governments to ensure passenger safety during flights provide lucrative aircraft health monitoring market growth opportunities.

Competitive Landscape

Honeywell International Inc. is a technology company, founded in 1906, and headquartered in North Carolina, the United States. The company provides aerospace, automation and productivity, advanced sensing technology, and safety products, among others.

RTX Corporation, established in 1920, is an aerospace and defence company, with its headquarters in Virginia, the United States. The company manufactures commercial and military aircraft engines, distribution systems, and flight systems, among others.

The Boeing Company, incorporated in 1916 and based in Virginia, the United States, is an aerospace company. It provides aeroplanes, rockets, satellites, telecommunications, and defence products, among others.

Other aircraft health monitoring market players include Airbus SAS, General Electric Company, Teledyne Technologies Incorporated, Meggitt PLC, Rolls-Royce PLC, Safran, and FLYHT Aerospace Solutions Ltd., among others.

Key Highlights of the Report