An Aircraft Health Monitoring System monitors the health of the various systems of an aircraft by collecting data from components such as engines, structures, and avionics. This data is analyzed to diagnose and predict the probable failure of components, which helps reduce maintenance cost. The aircraft health monitoring market size is projected to grow from an estimated USD 3.3 billion in 2020 to USD 5.5 billion by 2025, at a CAGR of 10.8% during the forecast period. The growth of the Aircraft Health Monitoring System market is majorly attributed to the increasing aircraft operational and flight safety activities.
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Agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships are among some of the key strategies adopted by the leading market players to strengthen and sustain their position in the aircraft health monitoring market. January 2020, Safran S.A. announced the launch of a new service for aircraft health monitoring, enabling customers to track the health indicator of the aircraft engine. The service also features daily health indicators, monthly recommendations, full automation of engine performance with trend follow-up, and a new user-friendly online interface.
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Major players operating in the aircraft health monitoring market include Safran S.A.(France), Airbus S.A.S (Netherlands), Raytheon Technologies Corporation (US), Honeywell international Inc (US), Teledyne Technologies Inc (US), among others. These key players offer aircraft health monitoring across different industries, and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, Middle East, African, and Latin American regions.
SAFRAN S.A. (France)
Safran S.A. secures the first position in the aircraft health monitoring market. It is a holding company manufacturing, marketing, and selling aerospace, defense, and communication equipment and technologies. It is one of the world’s leading providers of engines for aircraft and helicopters, landing & braking systems, launch vehicles, and onboard electrical systems. The company has launched various products along with other industry players to supply AHM products and services. For instance, in February 2018, Safran S.A. signed a contract with Airbus S.A.S, under which it was expected to enable Airbus S.A.S to equip its helicopters with off-the-shelf data monitoring systems. The digital system is expected to collect data to understand and meet the operational needs of customers.
RAYTHEON TECHNOLOGIES CORPORATION (U.S.)
Raytheon Technologies Corporation is ranked second in the market. This US-based company is a key supplier of aircraft health monitoring systems to commercial airlines in the US. The aircraft health monitoring systems offered by the company cater to defense as well as commercial applications. The company launches various products to offer customers an enhanced portfolio and increase its customer base for aircraft health monitoring products. For instance, in April 2018, Raytheon Technologies Corporation (then called UTC Aerospace Systems) launched FlightSense, which provides health monitoring data and analytics. These services are expected to enhance the operational efficiency of the aircraft, further supporting AHM market growth.
Airbus S.A.S (FRANCE)
Airbus S.A.S ranks third in the aircraft health monitoring market. It is among the key aircraft manufacturers offering products, services, and solutions for the aerospace & defense sector across the globe. The company undertakes new product launches and also focuses on increasing its market share in aircraft heath monitoring. For instance, in April 2019, Airbus S.A.S launched the Skywise health monitoring service for its first operation with Allegiant Air to enable real-time management of aircraft flights and troubleshooting. This service is expected to enhance the company’s revenue generation.
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