Aircraft Landing Gear and Brakes market will grow at a CAGR of 6.20% from 2023-2030: Cognitive Market Research
Introduction of Aircraft Landing Gear and Brakes Market
Key players in the aircraft landing gear and brakes market employ various strategies to maintain and enhance their market presence. The structure that supports the aircraft during take-off and landing is referred to as the landing gear. Contrarily, the aircraft's brakes are mechanical components that aid in stopping and slowing it down. For landing?operations to remain under control and to ensure safety, such mechanisms are significant. The regulations focused on enhancing fuel economy and reducing emissions are driving the development of lightweight and energy-efficient landing gear and brakes. Furthermore, the demand for durable and successful landing gear and brakes rises as the number of flights and passengers grows.?
For instance, in June 2023, TISICS, the UK-based organization launched Light Land, a commercial airplane?landing gear solution that?is lightweight. It is expected that this innovation will improve fuel efficiency and contribute to reducing carbon dioxide emissions by 2030. It is in line?with the aerospace sector's 2050 goal of net zero emissions.?
Key Insights from Aircraft Landing Gear And Brakes Market Report
The Global Aircraft Landing Gear and Brakes market will grow at a CAGR of 6.20% from 2023 to 2030
Key Drivers of Aircraft Landing Gear and Brakes Market
Adoption of Strong and Lightweight Landing Gear Drives Market Growth
Since more lightweight and robust landing gear technologies are being adopted, the market for?aircraft landing gear is expected to grow. It is projected that market demand will get a boost and shift towards lighter and more durable landing gear. The market is experiencing an?increase in demand for landing gear that is lightweight and?supports?heavy loads, as airlines and aircraft manufacturers strive to reduce operating costs and increase fuel efficiency.
For instance, in June 2023, the actuation products & services division of Triumph Group, Inc. (TRIUMPH) (NYSE: TGI) received an award from Innovate UK for promoting the Landing for A New Decade One (LANDOne) initiative. This program focuses on key technologies for commercial aircraft landing gear applications.
The market for aircraft landing gears and brakes is driven?by government investments in aircraft development. Substantial funding encourages innovation and ensures safety compliance while developing aviation technology. Demand for robust landing gear and braking systems is rising as governments concentrate on?modernizing?aircraft fleets. This development indicates how significant government measures are for promoting growth and regulating the path of the airline landing gear and brakes industry.
For instance, in February 2020, Collins Aerospace Systems, a subsidiary of United Technologies Corp., announced that it was planning to expand?its carbon brake production factory in Spokane, Washington, and a new Landing Systems facility in Fort Worth, Texas. In Pueblo, Colorado, they are additionally beginning to develop?their carbon brake manufacturing plant.
Restraint Factors Of?Aircraft Landing Gear and Brakes Market
Due to regulatory restrictions, the market for aircraft landing gear and brakes has significant challenges to access. New entrants seeking to enter into this highly specialized?industry face difficulties due to strict laws and certification requirements. It is challenging for new players to make an impact due to?the complicated safety and performance requirements, as well as the difficult testing and certification procedures. Such obstacles discourage competition and prevent access to markets eventually reduces innovation and might raise customer costs. It is crucial to eliminate these legal hurdles to?promote a more dynamic and competitive market for aircraft landing gear and brakes.
Impact of COVID–19 on the Aircraft Landing Gear and Brakes Market
The COVID-19 has significantly influenced the market for brakes and landing gear for aircraft. The airline industry experienced a substantial decrease in business owing to travel restrictions, delayed airplanes, and reduced passenger demand. This has led to a decline in new aircraft orders, slowing down the landing gear and brakes market. Airlines are also having economic challenges, which might cause maintenance and replacement of the projects to be postponed or canceled. Landing gear and brake sales, however, could gradually improve as the sector starts to recover and demand for air travel rises
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Competitive Landscape of the Aircraft Landing Gear and Brakes Market
The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major aircraft landing gear and brakes market participants emphasize expanding creative offerings to serve a large consumer base and gain a competitive benefit.
In September 2022, Boeing selected Collins Aerospace to supply boltless wheels and carbon brakes for lots one through three of the F-15EX aircraft that?the U.S. Air Force is manufacturing. On the Boeing production line, Collins' automation replaces the platform's obsolete wheels and brakes.
Top Companies Market Share in Aircraft Landing Gear and Brakes Industry:
Aircraft Landing Gear and Brakes Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, the line maintenance segment holds the largest share of the market for aircraft landing gear and brakes. Line maintenance, comprising regular inspections, repairs, and maintenance obligations, is crucial for maintaining an aircraft's operating health daily. The growth in demand has been attributed to the fact that these services are immediate and essential for sustaining the stability and security of aircraft during regular flight operations. The industry's pervasive participation highlights how important it is to maintain?the general efficiency and security of aircraft fleets.
The heavy maintenance segment is expected to be the fastest-growing segment in the aircraft landing gear and brakes market. Heavy maintenance is in demand since military and commercial aircraft run longer and demand advanced and consistent repairs for their landing gear and brakes.
Application Segment Analysis:
According to Cognitive Market Research, the commercial aviation segment holds the major market share. These kinds of aircraft include airplanes?used for freight and passenger travel by commercial airlines. Its leading share?is a result of the combination of heavy aircraft and high passenger and freight demand, requiring heavier landing gear and brakes.
Business Jet is the fastest-growing segment over the forecast period. This sector is growing significantly due to the increasing demand for business travel, which is indicative of a global trend towards the preference for private and corporate aviation solutions.
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Regional Analysis of Aircraft Landing Gear and Brakes Market
Which Region will dominate the?BPO Services Devices?Market in 2024?
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, due to the region's growing airline business and constant technological advances. Several?reasons, such as?rising air traffic, fleet modernization programs, and the presence of significant aerospace manufacturers, contribute to the region's dominant market position. The growing demand for robust and efficient landing gear and braking systems in North America demonstrates their crucial function in creating the market and act as an essential driver for advancement and growth in the aerospace industry
Which Region is Expanding at the Fastest CAGR?
Europe is the fastest-growing segment due to robust technological innovation and strategic investments. A key factor driving Region's significant market expansion is its commitment to modernizing airline fleets and maintaining strict safety and environmental standards. The aerospace sector is influenced by Europe's focus on advanced landing gear and brake systems, allowing it to?satisfy the growing demand for secure and effective aviation solutions while additionally serving a major part in innovation and growth.
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