The global ''aircraft health monitoring system market size'' is projected to reach USD 4,987.9 million by
2027, exhibiting a CAGR of 11.56% during the forecast period. Fortune Business Insights shares this
information in its report, titled “Aircraft Health Monitoring System Market, 2020-2027”. In 2019,
according to the report, the value of the market stood at USD 4,202.4 million.
Booming Demand for Air Travel to Stimulate Market Growth
The demand for air travel has increased at a prolific pace over the past few years, driven by expanding
middle-class populations, rising disposable incomes, and improving living standards. For example, data
released by the International Civil Aviation Organization (ICAO) show that the total number of air
passengers rose by 6.4% from 2017 levels, reaching 4.3 billion in 2018. Low-cost carriers transported
approximately 1.3 billion passengers, accounting for 31% of world air travelers. Aircraft health monitoring
systems (AHM) have gained enormous importance in the aviation industry as these systems are critical in
ensuring the optimal flying conditions of airplanes. Any sloppiness in maintenance operations can put the
lives of hundreds of passengers at risk, which makes it necessary for airline operators to adopt AHM
solutions.
COVID-19 Impact
The outbreak of the COVID-19 pandemic has proven catastrophic for the aviation industry, with social
distancing, travel bans, and lockdowns causing the demand for air travel to decline steeply. For example,
according to the ICAO, there was a 60% decrease in passenger traffic, leading to an approximate revenue
loss of USD 370 billion for airline companies worldwide. The economic fallout of the pandemic on the
aviation industry has stymied airline companies’ investment plans and is likely to hinder the adoption of
advanced maintenance systems, such as AHM. In 2020, the market contracted by -44.8% and registered a
value of USD 2,319.7 million.
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
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