Aircraft Landing Gear Repair and Overhaul market will grow at a CAGR of 6.30% from 2023-2030: Cognitive Market Research
Introduction of The?Aircraft Landing Gear Repair and Overhaul Market
Aircraft landing gear repair and overhaul include complete maintenance procedures to inspect, renew, and ensure the optimum performance and security of an aircraft's landing gear components. Repair and overhaul services for aircraft landing gear have been in demand due to the increasing volume of air traffic. The rise in the number of aircraft highlights the significance of regular servicing to ensure the landing gear components' safety and optimal performance, fulfilling the aviation industry's growing operating demands.
For instance, in April 2023, Aerospace Rotables and its partner company SEMAN Peru expanded their portfolio of landing gear repair capabilities which included Boeing 777 and 747 aircraft, driven by growing demand from customers operating the aircraft types. The capability included complete in-house processing of landing gear overhaul.
Key Insights from Aircraft Landing Gear Repair and Overhaul Market Report
The Global Aircraft Landing Gear Repair and Overhaul market will grow at a CAGR of 6.30% from 2023 to 2030.
Increase in Air Passenger Traffic is Boosting Market Growth?
The market has been growing due to an increase in air passenger traffic. The demand for aviation services increases as more people take to the sky, which has a positive impact on market dynamics. This growth indicates the industry's resilience of shifting transport patterns as it shows a strong association between the growing market and larger air travel. As a result, companies operating in the aviation industry have the opportunity to take advantage from the increased demand generated by a growing number of air passengers.
For instance, January 2023, Revima is a leader in landing gear services for Airbus and Boeing, and in 2022 it started?supporting the Boeing 787. Certified in 2021, their Chonburi facility had increased activity in 2022 as passenger traffic across Southeast Asia increased.
The market for landing gear maintenance and overhaul has been significantly impacted by rising demand in commercial aviation. Increased air travel has led to increased aircraft consumption by airlines, which has resulted in increased wear and tear on landing gear components and the need for more regular maintenance. The increased level of operation implies that landing gear systems need to be regularly maintained, repaired, and upgraded in order to remain safe and reliable. The demand for landing gear services has a significant connection to the operating mechanics and fleet expansion in the commercial aviation industry, reflecting the market's response to broader trends.
For instance, in September 2022, Triumph Group's Chonburi, Thailand-based Product Support business (TASA) has extended its partnership with Airbus. The agreement certifies constant repair station services for Airbus Proprietary Parts managed by Satair, reinforcing Triumph's assurance to supporting the aerospace aftermarket.
Market Dynamics of the?Aircraft Landing Gear Repair and Overhaul
The lack of qualified workers is projected to hinder growth in the market. A competent staff is required by the aviation industry, which is dependent on skilled individuals for services like aircraft maintenance and repair. A scarcity of qualified workers might result in delays in services, which may impact operational effectiveness and hamper the market's overall growth. It becomes important to address the labour force shortage through recruitment and training?programs?in order to get over this potential barrier and sustain the aircraft maintenance and repair industry's growth trend.
Impact of COVID-19 on the?Aircraft Landing Gear Repair and Overhaul Market
The COVID-19 pandemic?posed significant obstacles for the landing gear repair and overhaul sector of the aviation industry. Reduced global air travel put airlines under economic strain, which caused budget cuts and delayed maintenance, which had a significant impact on landing gear repair services. Additionally, supply chain interruptions made it more challenging to get the components needed for maintenance operations. Landing gear repair and overhaul services are expected to experience an increase in demand as the aerospace sector gradually recovers due to increased vaccinations campaigns. Airlines might allocate more resources to maintenance in an attempt to get back to regular operations, which might cause additional demand in following years of the pandemic.
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Competitive Landscape of the Aircraft Landing Gear Repair and Overhaul Market
The major players rapidly evolve with new strategies to attain a competitive edge and capture significant market share. The major aircraft landing gear repair and overhaul market participants emphasize on expanding creative offerings to serve a large consumer base and gain a competitive benefit.
Aircraft Landing Gear Repair and Overhaul Industry News
Top Companies Market Share in Aircraft Landing Gear Repair and Overhaul Industry:
Aircraft Landing Gear Repair and Overhaul Market Analysis
Type Segment Analysis
According to Cognitive Market Research, the fixed-wing segment holds the major share in the aircraft landing gear repair and overhaul market. This sector has a substantial presence, and proved to be critical element for determining the direction of the market. This dominance indicates the significance of landing gear systems on fixed-wing aircraft, which in turn influences the functioning of maintenance and overhaul services in the aviation sector?entirety.
The rotary-wing is the fastest growing segment in the?aircraft landing gear repair and overhaul market. The rapid increase indicates changing trends and preferences in the aviation sector and shows the rising demand for rotary-wing aircraft?maintenance and repair services.
Application Segment Analysis
According to Cognitive Market Research, the commercial segment holds a significant share in the aircraft landing gear repair and overhaul market. The dominance can be attributed to the growing?demand for maintenance services, which is driven by the increasing number of commercial?airplanes. With a rising number of?airplanes?in operation, the commercial segment constantly generates a significant market share, indicating its key role in determining the structure of landing gear maintenance and overhaul services.
The military segment is the fastest-growing sector in the aircraft landing gear repair and overhaul market. Its rapid growth has been driven by a rise in demand for maintenance services as a result of military aircraft's?operational requirements. Due to the crucial nature of military operations, specific repair and overhaul services are required, contributing to the military segment's market growth?as it fulfils the specific requirements of military aviation.
Component Segment Analysis
According to Cognitive Market Research, the landing gear steering system segment holds the major share, in the global aircraft landing gear repair and overhaul market. The market dominance?of landing gears is due to various factors, including load-bearing components, structural design, complexity, and overall performance. The landing gear system gets priority over the steering component alone. The main landing gear's significant function, which can be determined by its structural design, load-bearing components, and weight distribution, serves as the market's key driver.
The actuation system is the fastest-growing segment in the aircraft landing gear repair and overhaul market. Innovations in technology are driving its rapid growth, emphasizing?its essential role in enhancing landing gear performance while promoting the market's constant growth.
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Gear Position Segment Analysis
According to Cognitive Market Research, the main landing gear is an essential component of landing systems, and it accounts for the?significant market share in the aircraft landing gear repair and overhaul?market. Its impact for operating efficiency and safety drives its dominance. The main landing gear?is a significant component that requires professional maintenance, which contributes to its growing significance and market share in the overall landing gear repair and?overhaul?market.
The nose landing gear is the fastest-growing segment over the forecast period. Advances in aircraft technology have resulted in the growth of advanced versions that have improved landing gear systems, particularly in the nose landing gear. Upgraded nose landing gears have improved performance, life expectancy, and reliability, which increases the overall security and efficiency of the aircraft.
In terms of revenue, the North America?Aircraft Landing Gear Repair and Overhaul Market share was 40% of the total market
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue, owing to the its's strong aviation sector and extensive fleet operations. The region's prominence is driven by a high number of commercial and military aircraft, demanding constant maintenance. Additionally, the presence of existing aerospace facilities and developments in technology, enhances North America's significant position?in providing landing gear repair and overhaul market.
Europe is the fastest-growing category region’s surge in aviation activities and upgrading efforts. The region's strategic attention towards aviation safety and the existence of leading aerospace companies contribute to growing demand for repair services. Technological advances and a growing number of both commercial and military aircraft drive Europe's rapid growth in fulfilling the evolving requirements of the landing gear repair and overhaul market.
Frequently Asked Questions (FAQs)
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