The market is expected to cross US$ 11.59 billion in 2022 and is projected to hit US$ 17.67 billion by 2030, recording a CAGR of 5.4% during the forecast period.
Development of Innovative Braking Systems to Drive the Market Growth.
The development of advanced braking systems across the aviation industry by different market vendors is expected to drive the market for aircraft braking systems globally. The vendors are majorly focusing on the innovation of carbon fibre brake technologies to cater to growing market demands and remain competitive in the market. This is mainly due to demand for weight reduction of aircraft braking systems and higher strength capabilities compared to traditional steel made brake drums. For instance, in October 2019, Meggitt PLC won a contract from Gulfstream to supply main and nose wheels, carbon brakes, brake control system, brake temperature monitoring systems, and full autobrake capability via touchscreen controls for integration into its Gulfstream G700 business jets. Such developments are pushing the market vendors to develop more advanced braking system technologies which is likely to generate new market opportunities for market vendors during the forecast period.
Commercial segment is likely to dominate the aircraft braking system market in 2022. This is owing to the rising deliveries of commercial aircraft models across different regions which is propelled by increasing passenger traffic across different regions. Moreover, the increasing demand from retrofit segment for commercial aircraft models is another major factor pushing the market growth.
Within the report, the aircraft braking system market is segmented into component, aircraft type, fit type, actuation, and geography. By component, the aircraft braking system market is segmented into brake discs, brake housings, actuators, and others. Based on aircraft type, the aircraft braking system market is segmented into commercial aircraft, military aircraft, general aviation, and UAVs. Based on fit type, the aircraft braking system market is segmented into line fit and retrofit. Based on actuation, the aircraft braking system market is segmented into power brake, boosted brake, and independent brake. Geographically, the aircraft braking system market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Aircraft Production is Likely to Provide Future Opportunities for Market Vendors During the Forecast Period.
The growing aircraft production across general aviation and commercial aircraft category is likely to generate huge opportunities for market vendors during the forecast period specially for the line fit segment’s integration of aircraft braking systems. For instance, according to the Boeing Commercial Outlook 2022, it is expected that around 41,170 units of aircraft deliveries will be made by 2041 worldwide. Moreover, in 2022, Airbus also predicted around 39,490 aircraft deliveries will be made by 2041. Such aircraft production is likely to generate huge market opportunities for aircraft braking system market vendors during the forecast period.
Retrofitting is Likely to Drive the Aircraft Braking System Market Growth.
The aircraft brakes have different lifecycles depending upon their integration on different aircraft models. For instance, the traditional steel brakes require to be replaced every 1,000 landings whereas the carbon fiber brakes have a service life of around 2,000 landing operations. The large existing fleet of commercial aircraft worldwide and the rising commercial aircraft fleet owing to increasing aircraft deliveries is driving the demand for aircraft braking systems during the forecast period.
Recent Strategic Developments in Aircraft Braking System Market
The aircraft braking system market has undergone several significant developments, and a few of these have been mentioned below:
The aircraft braking system market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Safran, Meggitt PLC, Collins Aerospace, Lufthansa Technik AG, PARKER HANNIFIN CORP, Honeywell International Inc., Crane Aerospace and Electronics, Beringer Aero, AAR Corp, and Carlyle Johnson Machine Company are among the prominent players operating in the aircraft braking system market.
Target audience for the report:
Scope of the report:
In this report, the aircraft braking system market has been segmented on the basis of:
Companies profiled
- Safran
- Meggitt PLC
- Collins Aerospace
- Lufthansa Technik AG
- Honeywell International Inc.