Aircraft Health Monitoring Market worth $5.5 billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, March 8, 2021 /PRNewswire/ -- According to the new market research report "Aircraft Health Monitoring Market by Platform (Commercial, Business & General, Military Aviation), Installation (Onboard, On Ground), Fit (Linefit, Retrofit), End User, Solution, System, Operation Mode and Region - Global Forecast to 2025", published by MarketsandMarkets, the 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. This growth can be attributed to the increasing aircraft operational and flight safety activities.

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The MRO segment accounts for the largest market size during the forecast period

Based on end user, the aircraft health monitoring market has been segmented into MRO, OEMs and Airlines are considered in the aircraft health monitoring market. The MRO is estimated to be account for the largest share in the aircraft health monitoring market. Increase in aircraft modernization programs is one of the most significant factors driving the MRO segment in the aircraft health monitoring market.

The commercial aviation segment is projected to grow at the highest CAGR during the forecast period

Based on the platform, the aircraft health monitoring market has been segmented into commercial aviation, business and general aviation and military aviation. Commercial aviation will register the fastest growth in the aircraft health monitoring market owing to the high demand for health monitoring systems, solutions, and services. Airlines in the commercial sector are focused on implementing these solutions to reduce the operating costs of their air fleets, which will support the market growth over the projected timeframe.

Browse in-depth TOC on "Aircraft Health Monitoring Market"

400 – Tables
58 – Figures
331 – Pages

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The hardware segment accounts for the largest market size during the forecast period

Based on solution, the aircraft health monitoring market is segmented into hardware, software and services. the aircraft health monitoring market is estimated to be dominated by the hardware segment with a market share of highest market share in 2020. This growth can be attributed to increasing use of sensors in engines to analyze real-time condition data for preemptive detection of failures will drive aircraft health monitoring demand over the projected period.