According to MarketsandMarkets’ research report, "Aircraft Health Monitoring Market”, the market is projected to grow from $3.74 Billion in 2018 to $5.43 billion by 2023, at a CAGR of 7.77% from 2018 to 2023. Availability of real-time information for better decision-making, rise in the number of aviation accidents, increase in adoption of connected aircraft solutions, and availability of massive amount of data generated from sensors are major factors driving the aircraft health monitoring market.
- Based on installation, the onboard segment is the higher rate during the forecast period.
- Based on installation, the onboard segment of the aircraft health monitoring market is projected to grow at a higher CAGR during the forecast period as compared to the on-ground segment. The growth of the onboard segment can be attributed to the increase in demand for highly connected aircraft systems.
- Based on solution, the hardware segment is estimated to lead the AHM market in 2018.
- Based on solution, the hardware segment is estimated to lead the aircraft health monitoring market in 2018. The growth of this segment can be attributed to the rise in the application of sensors in engines, aero-structures, and other parts of the aircraft. Installation of ACARS and flight data management systems in aircraft have also increased the adoption of hardware solutions.
- The Asia Pacific market is expected to witness the highest growth during the forecast period.
- Companies profiled in the aircraft health monitoring market report are Boeing (US), Airbus (Netherlands), United Technologies Corporation (US), General Electric (US), Honeywell (US), and Rockwell Collins (US), among others. Other major players include Rolls Royce (UK), Safran (France), FLYHT (Canada), Curtiss-Wright (US), Esterline (US), Meggitt (UK), GoGo (US), Inmarsat (UK), and SITA (Switzerland) among others.
Know more by browsing the “Aircraft Health Monitoring Market” report.