The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Health Monitoring System Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Health Monitoring System Market was likely to witness an impressive CAGR of 7.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The aircraft health monitoring system market is one of the fastest-growing systems in the aircraft industry and is likely to grow at an above average growth rate of the overall aircraft industry (7.3% vs 3.5%) over the next five years.
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Aircraft Health Monitoring System Market Segment Insights:
By Aircraft Type:
Narrow- and wide-body aircraft dominate the market and are estimated to remain the leading aircraft segments over the next five years as well.
By Installation Type:
It is estimated that the onboard segment is likely to depict a higher growth during the forecast period, propelled by the installation of different health monitoring system components, such as sensors, communication systems, and flight data management systems, with an aim to provide an increased passenger safety and reduce MRO cost.
North America is expected to remain the largest market for aircraft health monitoring systems in the coming five years, whereas Asia-Pacific is likely to witness the highest growth during the same period. The USA is the growth engine of the North American market. Similarly, China, Japan, and India are the key sources of growth in the Asia-Pacific’s aircraft health monitoring system market. Substantial growth in air passenger and freight traffic in China and India are compelling aircraft manufacturers and tier players to open their manufacturing plants in the region. This, in turn, will create a healthy demand for aircraft health monitoring systems in Asia-Pacific during the forecast period.
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