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.
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.
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