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.
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Technavio has announced its latest market research report titled Global Aircraft Engine Condition Monitoring System Market 2020-2024 (Graphic: Business Wire)
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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Report Highlights:
- 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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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Turbofan – Market size and forecast 2019-2024
- Turboprop – Market size and forecast 2019-2024
- Market opportunity by Type
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- 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
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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