Aerospace And Defense Condition Monitoring System Market Report
Aerospace & Defense Condition Monitoring System Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Aerospace & Defense Condition Monitoring System Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Aerospace & Defense Condition Monitoring System Market is segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, UAV, and Spacecraft), by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), by Product Type (Router-based System, Portable System, and Sensor-based System), by Deployment Type (Cloud and On-premises), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Aerospace & Defense Condition Monitoring System Market is segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, UAV, and Spacecraft), by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), by Product Type ...
A condition monitoring system is a predictive maintenance tool, made up of data acquisition units and sensors that sample, monitor, and store data from major systems and components. The condition monitoring system is the process of periodically measuring or continuously monitoring aircraft systems in one or more parameters in order to detect significant changes that are usually symptomatic of a failure in progress. This enables the system operator to devise predictive maintenance strategies aimed at avoiding failures and their repercussions. Several parts especially rotating machinery, such as fans, compressors, pumps, and combustion engines, are frequently subjected to continuous condition monitoring.
The COVID-19 pandemic proved to be breathtaking for the aerospace & defense industry. Revenue passenger kilometers (RPKs) the biggest industry indicator registered a colossal decline of over 65% in the year 2020, completely distressing the industry growth trajectory. However, this is not the first time when industry stakeholders are under immense pressure. They have experienced pressure during The Great Recession and many other downturns caused by the pandemic. But the prolonged impact of the pandemic paired with new variants is denting its anticipated recovery path. OEMs and tier players are determined and hopeful about the speedy recovery and are projecting huge aircraft deliveries in the near future. Overall, the condition monitoring market in the A&D industry declined by over 25% in the year 2020. In the long run. The market is projected to grow at a healthy CAGR of 5.8% over the next five years to reach an estimated value of US$ 460 Million in 2027.
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, general aviation, helicopter, military aircraft, UAV, and spacecraft. Among these aircraft types, commercial aircraft is expected to remain the dominant as well as the fastest-growing aircraft type in the market during the forecast period. The Pandemic proved to be devastating for the commercial aerospace industry with a significant drop in air passenger traffic, a key indicator, that directs the industry growth path. All the leading OEMs have reduced the production rates of their key aircraft programs amid the pandemic. However, the market conditions are gradually improving with an increased demand for narrow-body aircraft programs. Furthermore, upcoming aircraft programs, such as B77x, C919, and MC-21, may give an additional impetus to the demand for condition monitoring systems in the coming years. Also, both aerospace giants, Boeing and Airbus, are optimistic about the long-term market outlook, forecasting the deliveries of over 40,000 commercial and regional aircraft in the next twenty years, assuring a sustainable demand for condition monitoring systems in the coming years.
Based on the monitoring technique type, the market is classified as vibration analysis, thermography, oil analysis, and others. Among these techniques, vibration analysis is likely to maintain its dominance in the market during the forecast period. Vibration analysis performs a critical role, measuring the vibration characteristics of spinning critical components during the flight. These systems are capable of detecting changes that influence the safe operation of an aircraft. It is anticipated that there will be greater adoption of vibration monitoring systems in the A&D industry in the coming years.
Based on the product type, the market is segmented as router-based systems, portable systems, and sensor-based condition monitoring systems. Sensor-based condition monitoring devices are dominant in the market as they aid in the provision of real-time data to aircraft operators, resulting in a higher adoption rate as compared to the other products. As a result, the condition monitoring systems help in avoiding the unnecessary complete overhaul of aircraft and significant repair costs.
In terms of regions, North America is expected to remain the largest market for aerospace & defense condition monitoring systems during the forecast period in the wake of its supremacy in the production of commercial and military aircraft. Also, the region is home to Boeing, the aerospace giant, along with several key market players. Furthermore, the growing presence of Airbus in the region creates new revenue pockets for the market stakeholders in the coming years.
Asia-Pacific remains the hot spot of the industry stakeholders. China, Japan, and India are catching significant attention, propelled by significant demand for commercial aerospace paired with rising military expenditure. All the leading OEMs and tier players have either rolled out their plants in the region or are in the processing of setting up plants. Furthermore, local conglomerates are increasingly participating to tap the growing potential.
The competitive landscape of the A&D condition monitoring market is different than other end-use markets. The A&D industry demands an extraordinary track record in order to develop and serve it, a key reason not all companies manufacturing condition monitoring systems are not serving the A&D industry. The following are some of the key players in the aerospace & defense condition monitoring system market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace and defense condition monitoring system market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aerospace & defense condition monitoring system market is segmented into the following categories:
Aerospace & Defense Condition Monitoring System Market, by Aircraft Type
Aerospace & Defense Condition Monitoring System Market, by Monitoring Technique Type
Aerospace & Defense Condition Monitoring System Market, by Product Type
Aerospace & Defense Condition Monitoring System Market, by Deployment Type
Aerospace & Defense Condition Monitoring System Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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Aerospace and defense condition monitoring system market is estimated to grow at a CAGR of 5.8%, over the next five years to reach a value of US$ 460 Million in 2027.
Meggitt PLC, Siemens, Baker Hughes Company, Eaton, SKF, Emerson Electric Co., and PARKER HANNIFIN CORP are some of the key players in the market.
North America is estimated to be dominant in the aerospace and defense condition monitoring system market in the upcoming years.
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