Dec 13, 2022, 07:30 ET
CHICAGO, Dec. 13, 2022 /PRNewswire/ -- The Aircraft Braking System Market is projected to grow from USD 6.4 billion in 2022 to USD 7.6 billion by 2027, at a CAGR of 3.3% during the forecast period according to a new report by MarketsandMarkets™. The need for advanced braking system technologies to meet the demanding requirements of customers and future platforms is driving the demand for the market.
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The Independent Brake System is estimated to lead the aircraft braking system market in forecast period
Based actuation system, the independent brake system segment is witnessing highest CAGR growth. Independent brakes are predominantly used in general aviation and regional transport aircraft. General Aviation and Regional Transport are witnessing larger growth across the globe. This is because the general aviation aircraft are being used for varying applications like civilian transport, agriculture etc., while the regional transport are being across countries for intracity travel.
UAV segment is expected to have highest growth during the forecast period
Based on aircraft type, UAV market is witnessing highest CAGR growth during the forecast period. Fixed wing UAVs are being developed and adopted by varying countries for various ISR missions. This is because border tensions have been rising across various regions and countries are adopting long endurance UAVs for ISR missions.
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Asia Pacific Region is expected to witness the largest growth in the forecast period
Asia Pacific Region is witnessing the highest growth among all the regions. Asia Pacific countries like China, India, Japan among other countries, are developing new commercial and military aircraft and are developing new technologies for the sub systems. These increasing developments are driving the demand for braking system in the region.
Key players operating in the aircraft braking system market include Safran (France), Collins Aerospace (US), Parker-Hannifin Corporation (US), Crane Co. (US), and Honeywell International Inc. (US) among other solution, service, and equipment providers. These players offer comprehensive solution to key stakeholders in the market.
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Browse Adjacent Market: Aerospace and Defence Market Research Reports &Consulting
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Aircraft Landing Gears Market by Type (Main Landing Gear, Nose Landing Gear), Sub-System (Steering, Actuation, Braking), End User, Platform (Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles, Advanced Air Mobility) and Region - Global Forecast to 2027
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