Aerospace and Defense Condition Monitoring System Market Analysis | 2022-2027

Aerospace and Defense Condition Monitoring System Market Analysis | 2022-2027

Aerospace and Defense Condition Monitoring System Market Analysis | 2022-2027
Report code - SR1724 Published On : Feb,2022 No. of Pages: 130
Aerospace and Defense Condition Monitoring System Market Size, Share, Trend, Forecast, Com See more...

“The Aerospace and Defense Condition Monitoring System Market is likely to grow at a significant CAGR of 5.8%, in the long run, to reach US$ 460 million in 2027”.

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Market Dynamics

Introduction

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 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.

COVID-19 Impact

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 that 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 soon. Overall, the condition monitoring market in the A&D industry declined by over 25% in the year 2020.

Segments Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Aircraft-Type Analysis

Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, UAV, and Spacecraft

The commercial aircraft segment is projected to continue leading the market and experience the fastest growth throughout the forecast period.

 

Monitoring Technique-Type Analysis

 

Vibration Analysis, Thermography, Oil Analysis, and Others

Vibration analysis is expected to continue dominating the market throughout the forecast period.

Product-Type Analysis

Router-based System, Portable System, and Sensor-based System

Sensor-based condition monitoring devices are expected to maintain their market dominance during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

North America is projected to retain its position as the largest market for aerospace and defense condition monitoring systems throughout the forecast period.

By Aircraft Type

“The commercial aircraft segment is projected to continue leading the market and experience the fastest growth throughout the forecast period”.

The market is segmented into 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's 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 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.

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By Monitoring Technique Type

“Vibration analysis is expected to continue dominating the market throughout the forecast period”.

The market is segmented into 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.

By Product Type

“Sensor-based condition monitoring devices are expected to maintain their market dominance during the forecast period”.

The market is segmented into 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.

Regional Analysis

“North America is projected to retain its position as the largest market throughout the forecast period”.

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 hotspot of 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 process of setting up plants. Furthermore, local conglomerates are increasingly participating to tap the growing potential. 

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Key Players

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 the key players in the Aerospace and Defense Condition Monitoring System Market (arranged alphabetically)

  • Baker Hughes Company
  • Eaton
  • Emerson Electric Co.
  • Meggitt PLC
  • PARKER HANNIFIN CORP
  • SKF
  • Siemens

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Aerospace and Defense Condition Monitoring System Market

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market segment analysis and Forecast

Which are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirement?

10% free customization

Research Methodology

  • 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.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Anti-tank portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQs)

The aerospace and defense condition monitoring system market is estimated to grow at a CAGR of 5.8%, over the next five years.

The aerospace and defense condition monitoring system market is likely to reach US$ 460 million in 2028.

North America is estimated to be dominant in the aerospace and defense condition monitoring system market in the upcoming years.

The commercial aircraft is expected to remain the dominant as well as the fastest-growing aircraft type in the market during the forecast period.

Sensor-based condition monitoring devices are expected to maintain their market dominance during the forecast period.

Meggitt PLC, Siemens, Baker Hughes Company, Eaton, SKF, Emerson Electric Co., and PARKER HANNIFIN CORP are some of the key players in the market.

The market is studied from 2016-2027.

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