According to a study published by Insure Insights, the Aircraft Health Monitoring System Market is anticipated to grow at a CAGR of 8.3% during the forecast period. The aircraft health monitoring system (AHMS) consists of a complete scope of tools, solutions, practices, and methods interrelated near an arrangement of equipment and programming. It aids in performing remote observing of plane information to interpret its present or future performance and serviceability. This framework uses essential plane information to convey enhanced explanatory yield while upgrading security for shifted aircraft. The usage of AHMS eliminates upkeep and operational expenses and improves the safety of an aircraft.
Top Driver: Technological Development and Expanded Requirement for Custom Alarming
Technological development in aerospace in developing countries and mechanical progressions for work process optimization is expected to boost the aircraft health monitoring system market. The market is also driven by ascend sought after for fault management on a real-time basis, intense interest for execution checking, and expanded requirement for custom alarming and examination arrangements. Nonetheless, a shortage of prepared experts is anticipated to limit the AHMS market development amid the conjecture time frame.
Hardware to Make Crucial Contribution to Growth of Global Aircraft Health Monitoring Market
On the basis of solution, the market is segmented into Hardware, Software, Services. The hardware segment is expected to be the fastest growing segment in the market. The increasing demand for sensors and connected aircraft solutions could be some major factors driving the growth of the segment. On the basis of aircraft type the market is segmented into Commercial, Business Jets, Rotary Wing, Military, Others. The commercial is segment is expected to contribute for the growth of the market in the forecast period.
Rising Number of Support Systems to Benefit Asia Pacific Market
Asia-Pacific (APAC) countries is anticipated to gain higher shares in the Aircraft Health Monitoring System Market growth. The increase in the number of support systems, so as to help real-time and post-flight data management, diagnostic reporting, and false notifications would propel the market growth. The increase in the development of the technologies such as innovative cloud computing, internet of things (IoT) & big data technologies, which perform deep analytics related to the aircraft health status is anticipated to help the industry grow in the coming years.
Players to Focus on Aircraft Health Monitoring System Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Boeing, Airbus, United Technologies Corporation, General Electric, Honeywell, Rockwell Collins, Rolls Royce, Safran, FLYHT, Curtiss-Wright, Esterline, Meggitt, GoGo, and Inmarsat among others could be at the forefront of the competition in the global market.
Airbus: In December 2019, Airbus had acquired industrial automation company, MTM Robotics, for an undisclosed sum. The move deepens Airbus’ commitment to expanding advanced robotics capabilities within its manufacturing processes. The MTM business will retain its current leadership and 40-person staff, as well as its facility in Mukilteo, Washington, near Seattle.
United Technologies (UTC): In November 2018, United Technologies (UTC) had received final regulatory approval to buy Rockwell Collins in one of the largest acquisitions in the history of the aerospace manufacturing industry. Under the new acquisition, Rockwell Collins will become Collins Aerospace in a combined re-structuring with UTC Aerospace Systems.
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