Global Aircraft Engine Condition Monitoring System Market Size Analysis by Latest Trends 2020 | Global Industry Growth Factors, CAGR Status, Leading Key Players Update, Business Share by Regions and Forecast to 2024 | Technavio
The global aircraft engine condition monitoring system market size is poised to grow by USD 218.33 million during 2020-2024, progressing at a CAGR of almost 5% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The aircraft engine condition monitoring system market is driven by the efforts to optimize engine repair and maintenance costs. Competent cost management is very important to achieve success in any industry. It is particularly critical in the airline business, considering its low-profit margins and unstable economic performance. Although the aircraft maintenance cost is not the highest direct operating cost, it accounts for a significant portion of the controllable costs. An aircraft engine is a major airplane component in terms of investment, operating costs, and complexity. However, its overhaul schedule is mostly independent of the regular maintenance check events of the aircraft. Modern engine maintenance is condition based and incurs a high cost. In addition, it is coupled with the risk of unexpected expenses.
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The major aircraft engine condition monitoring system market growth came from the turbo fan segment in 2019, and is expected to witness the fastest growth during the next five years.
North America was the largest aircraft engine condition monitoring system market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the rise in new aircraft procurement.
The global aircraft engine condition monitoring system market is fragmented. AFI KLM E&M, AMETEK Inc., CAMP Systems Inc., Condition Monitoring Group Ltd., IHI Corp., Latitude Technologies Corp., Meggitt Plc, MTU Aero Engines AG, Raytheon Technologies Corp., and Safran SA are some of the major market participants. To help clients improve their market position, this aircraft engine condition monitoring system market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the aircraft engine condition monitoring system market 2020-2024 is expected to have negative growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Growing Influence of IoT will be a Key Market Trend
The growing influence of IoT is one of the critical aircraft health monitoring system market trends that will drive the market growth in the coming years. The consistent increase in air travel is encouraging OEMs to focus on providing the latest aircraft models. The adoption of IoT strategies in commercial aviation will enable detailed health monitoring operations in real-time, which will drive improvement in aircraft performance and cost savings.
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Aircraft Engine Condition Monitoring System Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist aircraft engine condition monitoring system market growth during the next five years
Estimation of the aircraft engine condition monitoring system market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the aircraft engine condition monitoring system market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of aircraft engine condition monitoring system market vendors
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North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market drivers
Market challenges
Market trends
Vendor Landscape
Vendor landscape
Landscape disruption
Vendor Analysis
Vendors covered
Market positioning of vendors
AFI KLM E&M
AMETEK Inc.
CAMP Systems Inc.
Condition Monitoring Group Ltd.
IHI Corp.
Latitude Technologies Corp.
Meggitt Plc
MTU Aero Engines AG
Raytheon Technologies Corp.
Safran SA
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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