Aircraft Landing Gear Systems Market - Growth, Trends, and Forecast (2019 - 2024)
Market Overview
The airport landing gear systems market is estimated to grow at a CAGR of 3.52% during the forecast period 2019-2024.
NEW YORK, Nov. 20, 2019 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05778218/?utm_source=PRN
- The increasing procurement of military aircraft coupled with airlines procuring newer aircraft for fleet expansion as well as the growing demand for aircraft landing gear systems shall propel the growth of the market in the near future.
- Additionally, various new upcoming aircraft programs shall drive the demand for advanced, lightweight landing gears. Aircraft OEMs and landing gear manufacturers are heavily investing in R&D of innovative technologies and this is expected to lead to improved performance of landing gear system. Advancement in material technology shall provide various opportunities for manufacturers of aircraft landing gear systems in the market.
Scope of the Report
An aircraft landing gear is a crucial system in an aircraft which allows the aircraft to perform various operations of landing as well as take-off. An aircraft landing gear supports the weight of the entire aircraft during landing and ground operations. Analysis of aircraft type as well as gear position has also been covered in the report.
Key Market Trends
Combat Jet Aircraft Segment is Expected to Achieve the Highest CAGR During the Forecast Period
Currently, combat jet aircraft has the highest share out of all the segments. There is an increasing demand for combat jet aircraft worldwide. F-35 is one of the most acquired fighter jets by military personnel globally. For instance, in November 2018, Lockheed Martin Corporation received a contract from the US Department of Defense (DOD), worth USD 22.7 billion to deliver 255 of its F-35 fifth-generation combat aircraft. Under this contract, the company shall deliver 64 F-35As Air Force, 26 F-35Bs Marine Corps, 16 F-35Cs Navy, 71 F-35As, and 18 F-35Bs to non-Department of Defense (DoD) participants, and 60 F-35As for Foreign Military Sales customers. With the rising sales of the F-35 fighter aircraft worldwide, many countries have expressed various issues regarding the landing gear of the F-35 aircraft, particularly the F-35C model. These issues shall lead to the manufacturers implementing innovative changes to the design of the landing gear systems for combat jet aircraft. Therefore, the ongoing procurements, as well as developments, shall increase the focus on this segment, and this shall be the reason for its expected high CAGR.
Asia-Pacific is Expected to Register the Highest Growth During the Forecast Period
In the aircraft landing gear systems market, Asia-Pacific is generating the highest revenue at present. The region of Asia-Pacific is one of the most densely traveled air routes in the world. According to the IATA, China is expected to become the world's largest aviation market by 2022, due to an increasing middle-class population and the government's support for the sector and this is generating demand for new flights and the development and construction of airports. Likewise, India is one of the fastest growing aviation markets in the Asia-Pacific region. IndiGo, Jet Airways, and SpiceJet are some of the major airlines operating in the country. The international and domestic passenger traffic in India was 79 million in 2010 and doubled to 158 million by 2017. This increasing rate of passenger traffic has forced various airlines to procure new aircraft. In addition, various factors such as the significant increase in the number of airports in the region to cater to the growing aviation industry coupled with an increasing number of aircraft procurements happening in the region for fleet expansion shall lead to the growth of aircraft landing gear systems in the region. Thus, various ongoing developments shall lead to a growth in the aircraft landing gear systems market in the Asia-Pacific region in the near future.
Competitive Landscape
Companies such as Safran S.A., Liebherr Group, Collins Aerospace (United Technologies Corporation), Honeywell International Inc., and Héroux-Devtek Inc. are among the major players which are occupying significant market share during the forecast period in the aircraft landing gear systems market. Safran S.A., Liebherr Group and Héroux-Devtek Inc. hold significant market share in the aircraft landing gear systems market. Various initiatives, as well as product innovations, are done by companies, have led them to strengthen their presence in the market. In 2019, Collins Aerospace was selected by Boeing and SAAB to provide two key systems for the TX-trainer. The company shall be providing landing gear and ACES5 pilot escape system. The landing gear system comprises the structure, actuators, dressings, hydraulics, and wheel/brake assemblies.
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