CHICAGO, July 23, 2021 /PRNewswire/ -- According to the new market research report "Aircraft Landing Gear Market by Type (Main Landing Gear, Nose Landing Gear), Sub-system(Actuation System, Steering System, Brake System), End Use (OEM, Aftermarket), Aircraft Type(Fixed Wing, Rotary Wing), and Region - Forecast to 2026", published by MarketsandMarkets, the market is estimated to be USD 6.9 billion in 2021 and is projected to reach USD 9.6 billion by 2026, at a CAGR of 6.7%. The growth of this market is mainly driven by the increasing aircraft deliveries due to growing passenger traffic and upgrades in existing aircraft. Advancements in existing types of aircraft as well as new technological developments for enhancements in aircraft performance and efficiency are expected to drive the market for aircraft landing gear across the globe.
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The aircraft pumps market includes major players Collins Aerospace (US), Safran (France), Liebherr (Switzerland), Heroux-Devtek(Canada) and Triumph Group(US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.
The COVID-19 pandemic has impacted the end-use industries adversely, resulting in a sudden dip in 2020 aircraft orders and deliveries. This is expected to negatively impact the aircraft market in the short term, with slow recovery expected in Q1 of 2021.
Increasing aircraft deliveries and technological advancements will drive the demand for main landing gear segment
The main landing gear segment is expected to grow the largest, based on type of landing gears. Increasing aircraft deliveries and technological advancements such as the need for minimum weight, minimum volume, high performance, and improved life of landing gear systems is expected to drive the market for aircraft landing gear.
The actuation system segment is projected to witness a higher CAGR during the forecast period.
Based on sub-system, the actuation system segment is projected to be the highest CAGR rate for the aircraft landing gear market during the forecast period. The growth of the actuation system segment can be attributed to various technological advancements for the incorporation of high-efficiency, high-tolerance, and durability in landing gear systems is expected to boost the market for sub-systems. Aircraft modernization programs such as UAVs, hybrid VTOLs, and AAMs are also expected to boost the market.
The Fixed Wing Segment is projected to witness the highest CAGR during the forecast period.
Based on the aircraft type, the fixed wing segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. The fixed wing segment is projected to have the largest growth due to the rising number of commercial aircraft deliveries and a boost in the orders of business jet and general aviation aircraft. Military fixed wing aircraft are also seeing a rise due to the rise in orders for fighter aircraft and UAVs owing to the rise in tension across borders, especially in the Middle East and Asia Pacific Regions.
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The Aftermarket segment is projected to witness the highest CAGR during the forecast period
Based on the end user, the aftermarket segment is projected to grow at the highest CAGR rate for the aircraft landing gear market during the forecast period. The need for timely maintenance, repair, and overhaul (MRO) services especially replacements of parts and systems, and also the fact that new MRO facilities are opening are some of the reasons the aftermarket segment is seeing the growth.
The North American market is projected to contribute the largest share from 2021 to 2026
Aircraft landing gear market in North America is projected to hold the highest market share during the forecast period. In North America, the rise in aircraft orders and supplies is encouraging manufacturers of aircraft landing gears to increase their sales year on year. The increasing demand for commercial aircraft and the presence of some of the leading players operating in the market, such as Collins Aerospace (US), Triumph group (US), Parker Hannifin (US) and Crane Co. (US) are expected to drive the aircraft landing gear market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing aircraft landing gears.
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