Aircraft Health Monitoring Systems Market Worth 4.71 Billion USD by 2021
PUNE, India, August 3, 2016 /PRNewswire/ --
The report "Aircraft Health Monitoring System Market by IVHM Technology (Prognostic, Diagnostic, CBM & Adaptive Control), Sub-System (Aero-Propulsion, Aircraft Structure, Avionics And Ancillary System), Fit, Type & Region - Global Forecast to 2021", published by MarketsandMarkets, the global market is projected to reach USD 4.71 Billion by 2021, at a CAGR of 6.53% from 2016 to 2021.
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Browse 95 market data Tables and 95 Figures spread through 167 Pages and in-depth TOC on "Aircraft Health Monitoring System Market"
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Increased need for short mission cycle time, reduced unscheduled maintenance, and increasing asset utilization along with cost effective maintenance and increasing volume of data generated to analyze the aviation aircraft are expected to drive the aircraft health monitoring systems market.
The diagnostics segment led the aircraft health monitoring system market in 2015
In terms of IVHM technology, the global aircraft health monitoring systems market has been segmented into diagnostics, prognostics, and condition-based maintenance & adaptive control. The diagnostics segment led the overall market, and is estimated to exhibit a similar trend during the next five years, due to the increase in maintenance, repair and operations for an aircraft.
The avionics segment is estimated to grow at the highest CAGR during the forecast period
The global Aircraft Health Monitoring Systems Market, by sub-system, has been segmented into aero-propulsion, aircraft structures, avionics, and ancillary systems. The avionics segment of the aircraft health monitoring systems market is estimated to grow at the highest CAGR during the forecast period, among all sub-systems. The growth is attributed to the increasing demand for advanced avionics from the airline industries.
The aircraft health monitoring system market Europe region to grow at the highest CAGR during the forecast period
The aircraft health monitoring system market in the Europe region is expected to grow at the highest CAGR between 2016 and 2021. Factors such as passenger traffic growth and increasing aircraft deliveries are fueling the aircraft health monitoring systems market growth in this region.
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Airbus Group (Netherlands): One of the key players in the aircraft health monitoring systems market
The other major players in the aircraft health monitoring systems market are the Boeing Company (U.S.), United Technologies Corporation (U.S.), Honeywell International, Inc. (U.S.), and General Electric Company (U.S.).
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