Market Trends of Aircraft Health Monitoring Systems Industry
This section covers the major market trends shaping the Aircraft Health Monitoring Systems Market according to our research experts:
By End User, The Commercial Segment is Expected to Witness Significant Growth During the Forecast Period
By end user, the commercial segment is expected to witness significant growth during the forecast period. The increasing number of aircraft deliveries owing to the increasing air passenger traffic is one of the main reasons for the growth of the market during the forecast period. With the growing aircraft fleet and destinations of the airlines, airlines are now proportionally making investments in a real-time health monitoring system that will help them reduce maintenance repair and overhaul costs, by reducing the time required for inspecting the airline to determine the airworthiness of the aircraft.
Approximately 30% of the total delay times that the aviation industry currently faces are due to the incurrence of unplanned maintenance. To avoid these delays, the airlines, in partnership with MRO providers, are replacing the traditional inspection procedures, such as general and detailed visual inspections, as well as non-destructive inspections, such as x-rays. Continuous monitoring of parts may result in eliminating time-consuming steps, like the dismantling process to gain access to the inspection areas. For instance, the Skywise Health Monitoring device which has been developed by Airbus provides constant support by ensuring that airline companies are able to carry out health monitoring of the airlines efficiently. Moreover, the constant R&D in the development of new health monitoring systems with advanced technology and sensors is anticipated to support the growth of the segment during the forecast period.
The Asia-Pacific Segment is Expected to Witness Significant Growth During the Forecast Period
The region of Asia-Pacific is expected to witness significant growth during the forecast period. The Asia-Pacific region witnessed an increase in the number of aircraft owing to the growth in air passenger traffic and this will be the main reason for the growth of the market during the forecast period. Moreover, the presence of various manufacturers in the region who are engaged in developing advanced aircraft health monitoring systems is the other factor for the growth of the market. In the present times, China and India are the two major nations that have witnessed an increase in terms of air passenger traffic as well as aircraft deliveries. As of October 2022, Air India announced that they are in plan to procure five large-body Boeing aircraft and 25 narrow-body Airbus aircraft in order to cater to the growing air passenger traffic and expand its fleet. In addition, the growing number of maintenance, repair and overhaul facilities in the Asia-Pacific region will lead to a reduction in the inspection time of the aircraft thus enabling the aviation industry to function smoothly. Thus, such developments will propel the growth of the market during the forecast period.
