Aerospace and Defense Condition Monitoring System Market is Forecasted to Reach US$ 460 Million in 2027, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global aerospace and defense condition monitoring system market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2021: US$ 304.2 million

Market Size in 2027: US$ 460 million

Growth (CAGR): 5.8% during 2022-2027

Cumulative Sales Opportunity 2022 to 2027: US$ 2.47 billion

Leading Aircraft Type: Commercial Aircraft

Leading Monitoring Technique Type: Vibration Analysis

Leading Product Type: Sensor-based System

Leading Region: North America

Forecast Period: 2022-2027

Trend Period: 2016-2020

Base Year: 2021

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Aerospace and Defense Condition Monitoring System Market:

The global aerospace and defense condition monitoring system market is segmented based on aircraft type, monitoring technique type, product type, deployment type, and region.

Based on aircraft type –

·        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.

Based on monitoring technique type –

·        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.

Based on product type –

·        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.

To know the most attractive segments, click here for a free sample of the report:

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Which region shows the most promising growth forecast and opportunity?

The analysis suggests that North America is expected to remain the largest market for aerospace & defense condition monitoring systems during the forecast period. This growth outlook is mainly attributed to the following:

-      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.

Aerospace and Defense Condition Monitoring System Market Drivers:

Some of the key drivers listed in the report are given below.

-      Growing demand for aircraft safety and predictive maintenance.

-      Rising defense modernization programs.

-      Increased focus on reducing operational downtime.

-      Expanding global defense budgets.

Competitive Landscape: Top Companies in the Aerospace and Defense Condition Monitoring System Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

-         Baker Hughes Company

-        Eaton

-        Emerson Electric Co.

-        Meggitt PLC

-        PARKER HANNIFIN CORP

-        SKF

-        Siemens.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the aerospace and defense condition monitoring system market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-      Condition Monitoring System Market

-      Military Aircraft Market

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About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to make convincing business decisions.

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