LONDON--(BUSINESS WIRE)--Technavio research analysts have forecasted the global aircraft engine condition monitoring system (ECM) market to grow at a CAGR of nearly 6% during the period 2018-2022, in their latest report. One of the key trends being witnessed in the market is the use of conditional analytics for predictive maintenance.
The significance of predictive maintenance is well acknowledged by the major players in the industry. Condition analytics is an independent tool that serves as a manufacturer-independent platform for condition monitoring and predictive maintenance. With the condition analytics platform, a major vendor offers software that is developed specifically for condition monitoring and predictive maintenance. This system is implemented universally for presenting the actual condition of the fleet and predicts outages. This helps in implementing definite measures to prevent outages. The system also uses data and flight parameters from the quick access recorder (QAR) and/or direct access recorder (DAR).
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
In this report, Technavio analysts highlight the efforts to optimize engine repair and maintenance costs as a key factor contributing to the growth of the global aircraft engine condition monitoring system market:
Efforts to optimize engine repair and maintenance costs
Competent cost management is very important to achieve success in any industry. It is particularly critical in the airline business, considering its low-profit margins and unstable economic performance. Although the aircraft maintenance cost is not the highest direct operating cost, it accounts for a significant portion of the controllable costs. An aircraft engine is a major airplane component in terms of investment, operating costs, and complexity. However, its overhaul schedule is mostly independent of the regular maintenance check events of the aircraft. Modern engine maintenance is condition based and incurs a high cost. In addition, it is coupled with the risk of unexpected expenses.
According to a senior analyst at Technavio for automotive electronics, “Engine maintenance requires the engine to be removed from service for a shop visit and involves repair, performance restoration, or a full overhaul, depending on the engine model and design characteristics, thrust power, technical condition, and defined scope of work. As such maintenance procedures may range from less than one million to more than 10 million dollars. Thus, management of engine maintenance cost becomes highly imperative for airlines.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Global aircraft engine condition monitoring system market - segmentation analysis
This market research report segments the global aircraft engine condition monitoring system market by engine type (turbofan and turboprop) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held a share of more than 47% of the global market. The increase in the demand for newer generation aircraft and reduced maintenance cost has led to an increase in the procurement of aircraft ECM systems. The global aircraft ECM system market will witness a significant growth rate during the forecast period.
|
Save big with Technavio this May! |
|
Find out what companies are venturing in to beat the heat this summer! Technavio indulges you with a massive 20% OFF on all non-alcoholic beverages reports for the entire month. |
|
OR |
|
Technavio honors the achievements and efforts of Motherhood this Mother's Day by offering a whopping 30% OFF on all cosmetics and toiletry reports. Offer valid from 7th May for a limited period. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
