Driven by the increasing aircraft deliveries, upgrades in existing aircraft, advancements in existing types of aircraft and technological developments for enhancements in aircraft performance, push the aircraft landing gear market to reach $ 9.6 billion by 2026.
According to the recent report by 'Aircraft Landing Gear Market by Type - Main Landing Gear, Nose Landing Gear, Sub-system, End Us, Aircraft Type and Region - Forecast to 2026', published by MarketsandMarkets, the market is estimated to be $ 6.9 billion in 2021 and expected to grow at a CAGR of 6.7% in the next five years.
The major players in the aircraft pumps market include Collins Aerospace, Safran, Liebherr, Heroux-Devtek and Triumph Group. These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
The COVID factor
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 a slow recovery anticipated in Q1 of 2021.
The report stated that increasing aircraft deliveries and technological advancements will drive the demand for the main landing gear segment.
The main landing gear segment is expected to grow the largest, based on the type of landing gear. 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 be the highest CAGR rate for the aircraft landing gear market during the forecast period based on the sub-system.
The growth is due to various technological advancements for incorporating high-efficiency, high-tolerance, and durability in landing gear systems, which is expected to boost the market for sub-systems. In addition, aircraft modernisation programmes such as UAVs, hybrid VTOLs, and AAMs are also likely to increase the demand.
MarketsandMarkets stated that the fixed-wing segment is expected to witness the highest CAGR during the forecast period for the aircraft landing gear market due to the rising number of commercial aircraft deliveries and a boost in the business jet and general aviation aircraft orders.
Military fixed-wing aircraft are also seeing a rise due to an increase in orders for fighter aircraft and UAVs on account of the increase in tension across borders, especially in the Middle East and Asia Pacific Regions.
Based on the end-user, the aftermarket segment will grow at the highest CAGR rate for the aircraft landing gear market during the period, driven by the need for timely maintenance, repair, and overhaul (MRO) services, especially replacements of parts and systems. In addition, the opening of new MRO facilities will increase the aftermarket growth.
The North American market is projected to contribute the largest share
According to the research firm, the aircraft landing gear market in North America is projected to hold the highest market share during the forecast period. In this region, the rise in aircraft orders and supplies encourages manufacturers of aircraft landing gears to increase their sales year on year. The increasing demand for commercial aircraft and some of the leading players operating in the market, such as Collins Aerospace, Triumph Group, Parker Hannifin and Crane, are expected to drive the aircraft landing gear market in North America. These players focus on R&D to increase their product lines and use technologically advanced systems, subsystems, and other components for manufacturing aircraft landing gears.
Courtesy: MarketsandMarkets. NB: Photo is representational. Courtesy: Airbus.