Commercial Aircraft Health Monitoring Systems Market

Increasing use of electric aircraft and the need for next-generation aircraft carriers market growth

The demand for next-generation aircraft carriers, such as the 787, 777X, A320 neo, A350, and A350, is expected to rise throughout the forecast period, driving the Commercial Aircraft Health Monitoring Systems market. Because many customers choose shorter flights, the domestic aviation industry has the strongest market share. The worldwide passenger traffic is anticipated to increase by an average of 4% year up to 2040, according to Boeing's Market Outlook 2020. The aviation sector is expanding due to the rising air passenger traffic on local and international lines caused by the availability of cheap flights worldwide.

Government agencies and airline firms place the utmost importance on passenger safety and security. Several airlines and MRO businesses are widely using integrated real-time monitoring systems for different aircraft components, such as engine parts, hydraulics, landing gears, and other flight systems.

The size of the worldwide commercial fleet is predicted to reach 48,400 units by 2039, according to Boeing's Market Outlook 2020. Single-aisle aircraft, like the 737MAX, are anticipated to make up a sizable portion of the commercial fleet. It is anticipated that technological advancements will significantly influence the implementation of Commercial Aircraft Health Monitoring Systems. Due to growing fuel prices and significant carbon emissions from airplanes, the aviation industry is moving towards deploying more electric aircraft carriers. There is intense demand for aircraft manufacturers, system suppliers, and OEM firms to lower the overall weight of aviation systems, components, and parts.

Long-distance flights need less fuel because of the lighter aircraft. Due to the use of electric circuits, more electric aviation systems are lighter than conventional systems, such as hydraulic and pneumatic systems. Also, they lighten the system, contributing significantly to their high demand because carriers worldwide can operate and maintain them for less money. To extend the lifespan of these electric-based systems, precise real-time serviceability monitoring through AHM systems is required. Thus, driving the Commercial Aircraft, Windows and Windshield market revenue.

• Commercial Aircraft Health Monitoring Systems Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Commercial Aircraft Health Monitoring Systems market area will dominate this market. Due to the growing demand for commercial aircraft in this area, particularly in the U.S. and Canada, the North American market held the major revenue share in the worldwide Commercial Aircraft Health Monitoring Systems market in 2022. The Region's expanding aerospace and aviation industries also fuel the market's revenue growth. In 2022, commercial aviation will contribute almost 1.25 trillion USD, or 5%, of the country's GDP.

Around 80 countries were served by 28,000 daily flights operated by American Airlines, connecting 2.5 million people and moving more than 58,000 tonnes of cargo. Moreover, rising commercial aircraft development is anticipated to fuel Commercial Aircraft Health Monitoring Systems market revenue growth in the United States. Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  COMMERCIAL AIRCRAFT HEALTH MONITORING SYSTEMS MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Commercial Aircraft Health Monitoring Systems market share the second highest growth during the forecast period. This is because more nations in this area, particularly the UK, Germany, Italy, and France, are adopting aircraft health monitoring in the commercial aviation industry. According to Eurostat, the number of flights in the European Union transporting people, goods, and mail grew by 25% between August 2021 and August 2022. There were over 597,000 commercial flights in August 2022.

In response to Russia's invasion of Ukraine, the German government announced in March 2022 that it would purchase up to 35 F-35 fighter jets made in the United States and 15 Eurofighter jets. This announcement is anticipated to increase demand for aircraft health monitoring and propel market revenue growth.

Further, the Germany Commercial Aircraft Health Monitoring Systems market and the U.K. held the largest market share. The Commercial Aircraft Health Monitoring Systems market was the fastest-growing market in the European Region. The Asia Pacific Commercial Aircraft Health Monitoring Systems market is anticipated to have a considerably rapid revenue growth rate throughout the projected period. This results from the aviation sector's expanding expansion and the Region's growing awareness of airplane safety, particularly in China, Japan, and India. China's aviation sector has expanded significantly in recent years.

Chinese businesses like COMAC and AVIC have achieved considerable advancements in manufacturing commercial and military aircraft thanks to the government of China's significant investments in the industry's growth. At the end of 2020, China's civilian fleet comprised 6,795 aircraft, and its licensed pilot population stood at close to 69,500. The number of domestic flight routes in China will increase to 4,686 in 2020 due to the government's use of the home market to revitalize the country's civil aviation sector. In recent times, some Indian airlines have also used health monitoring systems.

For instance, the Indian airline IndiGo began utilizing Skywise Health Monitoring (SHM) in March 2022 to enhance its upcoming fleet's efficiency. Moreover, the China Commercial Aircraft Health Monitoring Systems market held the largest market share. The India Commercial Aircraft Health Monitoring Systems market was the fastest-growing market in the Asia-Pacific region.

Leading industry companies are making significant investments in R&D to broaden their product offerings, which will spur further expansion of the market for Commercial Aircraft Health Monitoring Systems products. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The Commercial Aircraft Health Monitoring Systems industry must offer products at reasonable prices to grow and thrive in a more cutthroat and competitive environment.

One of the primary business strategies manufacturers employ in the worldwide Commercial Aircraft Health Monitoring Systems industry to benefit customers and expand the market sector is local manufacturing to reduce operating costs. Some of the biggest medical benefits in recent years have come from the Commercial Aircraft Health Monitoring Systems industry.

Major Commercial Aircraft Health Monitoring Systems market players, including General Mills Inc., Amway, Conagra Brands Inc., Cargill Incorporated, Abbott Laboratories, Kraft Foods Group Inc., and others, are attempting to increase market demand by investing in research and development operations. A Canadian maker of commercial aircraft is Bombardier Inc. Joseph-Armand Bombardier established the business in 1942 to promote his snowmobiles. The business expanded into commercial manufacturing aircraft and public vehicles in the 1970s and 1980s, becoming an international conglomerate.

To facilitate a more streamlined procedure for obtaining and sharing flight data between aircraft systems and maintenance technicians, Bombardier announced that its authorized service centers are prepared to begin free modifications of Challenger 300s and 350s already in operation in May 2021. These modifications will include the installation of a health monitoring unit. General Electric subsidiary G.E. Aviation has its corporate headquarters in Evendale, Ohio, just outside Cincinnati. Most commercial aircraft may use engines from G.E. Aviation, one of the main manufacturers of aviation engines. Bell Textron Inc., a division of Textron Inc., selected G.E.

Aviation, a division of General Electric, in June 2020 to supply the Aircraft Health Awareness System that will be installed in the Bell 360 Invictus prototype, a part of the Future Attack Reconnaissance Aircraft (FARA) program of the U.S. Army.