Aviation Predictive Maintenance Market By Component (Engines, Landing Gear & Brakes, Spare Parts & Components, and Airframes), By Application (Aircraft, Ground Equipment, and Engineering Resources), By Type (Data acquisition & Transfer, Big Data infrastructure, and Analytics) – Global Analysis & Forecast 2020-2030.
Report ID : 400 | Published Date : Sep 2020 | Pages : 180 | Region : Global | Report Code : AD-6
Aviation Predictive Maintenance Market Overview and Introduction
Aviation predictive maintenance is a concept or an approach that is utilized by the aircraft carriers and enterprises that help to monitor the circumstance of an aircraft or asset and predict the future failure points in real-time. Besides passive monitoring, the predictive maintenance method controls the assists of Machine Learning (ML) algorithms that assume critical historical data such as pressure, temperature, and vibration. These factors are utilized to predict the conditions of an aircraft in real-time. Predictive maintenance solutions are installed to monitor and detect failures in equipment and are engaged during the possibility of critical failure. These solutions help in deploying limited resources, maximizing the component uptime, and enhancing supply chain processes & quality. These factors improve the overall satisfaction of stakeholders.
Aviation predictive maintenance is anticipated to propel the revenue share owing to several factors. A respective aircraft type has its exceptional operating characteristics and certain components that drive frequent and costly delays. Among factors related to aircraft messages and maintenance activities, the airlines need to act on and identify pertinent signals that are extremely suggestive of cancellations and potential delays. The prediction enables the aircraft carriers to decide whether any particular asset needs maintenance and considerably decrease unplanned machine downtimes. Predictive maintenance similarly ensures that machines are taken for maintenance to lessen production losses.
Aviation predictive maintenance has given an edge to organizations as they can anticipate conditions of in-service equipment. Organizations can also foresee the estimated time for maintenance. Growing industrialization, the increasing utilization of technologically-advanced machines, and equipment, rising focus on reducing operational costs, and a surging competition have paved the way for predictive maintenance across the globe.
Aviation Predictive Maintenance, By Component
Based on the component, the aviation predictive maintenance market can be segmented into engines, landing gear & brakes, spare parts & components, and airframes. In 2019, the engine segment held the highest share in the aviation predictive maintenance market. The spare & component segment is projected to grow at a moderate CAGR due to the increasing demand for inventory management of rotatable components across the globe. For instance, in January 2016, Braathens Regional Airways AB selected Sabena Technics to provide support to rotatable components. Under this strategic contract, the company provides support for the ATR 72 fleet. It also provides complete service from equipment warranty management to component pool along with logistic services. The contract will help airlines to reduce their maintenance costs and increase their operational efficiency.
Aviation Predictive Maintenance, By Application
Based on the application, the aviation predictive maintenance market can be segmented into aircraft, ground equipment, and engineering resources. The aircraft segment is expected to hold a major share and the ground equipment segment is anticipated to foresee high growth potential over the forecasted timeframe. The growth can be attributed to the increased focus on minimizing the operational cost by airlines.
Aviation Predictive Maintenance, By Type
Based on the type, the aviation predictive maintenance market can be segmented into data acquisition & transfer, big data infrastructure, and analytics. The big data infrastructure segment is anticipated to showcase moderate growth over the coming years. The data analytics segment is projected to show the highest growth potential due to the need for efficient predictive maintenance of aircraft.
Aviation Predictive Maintenance, By Region
Based on the region, the global aviation predictive maintenance market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America holds a major market share in the aviation predictive maintenance market due to the presence of major airlines, engines, components, and aircraft manufacturers in the region. For instance, in June 2019, VivaAerobus signed a contract with Pratt & Whitney to provide a GTF engine for 41 A321 Neo aircraft. Under this contract, the company will also provide engine maintenance services for 12 years as per the EngineWise service agreement. The company, under EngineWise, provides comprehensive coverage of engine maintenance, which is payable upon the rate agreed by the customer per flying hour. This program will help airlines to reduce maintenance costs and increase the wing time for the engine.
Aviation Predictive Maintenance Prominent Players
Some of the key players operating in the Aviation Predictive Maintenance Market include A J Walter Aviation Limited, AIR FRANCE-KLM Engineering & Maintenance, Evergreen Aviation Technologies (EGAT), General Electric Aviation, Exodus Aviation, Honeywell International Inc., Lufthansa Technik, MTU Aero Engines AG, Rolls-Royce plc, JSSI, Lufthansa Technik, Textron Inc., Turkish Technic Inc., and United Technologies. These players are implementing different types of growth strategies such as product enhancements, new product launches, mergers, partnerships, and acquisitions.