The Aircraft Health Monitoring (AHM) market was valued at USD 3.62 billion in 2017 and is projected to reach USD 5.43 billion by 2023, at a CAGR of 7.77% from 2018 to 2023.
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Based on installation, the AHM market has been segmented into onboard and on ground. The onboard segment in AHM 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 increasing installation of various health monitoring systems in aircraft such as sensors, flight data management systems, and communication systems.
Based on solution, the AHM market has been segmented into hardware, software, and services. The hardware segment estimated to lead the market in terms of market size and is expected to continue its dominance over the next five years. Increased adoption of sensors, avionics systems and connected aircraft solution in an aircraft is expected to drive the hardware segment
Based on aircraft type, the AHM market has been segmented into commercial, business jets, military, and rotary wing. The commercial segment in the AHM market is projected to grow at the highest CAGR during the forecast period due to the growth of the tourism industry and rise in aircraft deliveries.
Based on fit, the AHM market has been segmented into linefit and retrofit. The retrofit segment in the AHM market is projected to grow at a higher CAGR during the forecast period as compared to the retrofit segment. This growth can be attributed to increase in retrofit by airlines in their current fleet of aircraft.
Based on operation time, the AHM market has been segmented into real-time and non-real-time. The real-time operation is projected to grow at a higher CAGR during the forecast period as compared to the non-real-time segment. The growth can be attributed to the increasing demand for e-enabled connected aircraft.
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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.