The Worldwide Aircraft Landing Gear Industry is Expected to Reach $9.6 Billion by 2026 at a CAGR of 6.7% from 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global 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" report has been added to ResearchAndMarkets.com's offering.

The global market for aircraft landing gear 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 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.

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 America 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.

Market Dynamics

Drivers

• Increase in Aircraft Renewals and Deliveries
• Need for More Intelligent and Light Aircraft with Improved Light-Weighted Systems

Restraints

• Regulatory Barriers Leading to Restrictions in Entry into Landing Gears Market
• Low Aftermarket due to the Longer Lifespan of Landing Gears

Opportunities

• New Materials and Technologies Used to Increase Efficiency
• AAM Industry is Expected to See Adoption During the Coming Decade

Challenges

• Manufacturing Challenges Faced by OEMs and MRO Organizations
• Impact of COVID-19 and Decrease in Aircraft Deliveries and Backlogs

Companies Mentioned

• Aequs, Inc.
• Aero Fluid Products
• APPH Group
• Beaver Aerospace & Defense, Inc.
• Circor Aerospace Products Group
• Collins Aerospace
• Crane Co.
• Eaton Corporation plc
• GKN Aerospace Services Limited
• Honeywell International Inc.
• Heroux-Devtek
• Integral Aerospace
• Liebherr
• Magellan Aerospace Corporation
• Mecaer Aviation Group
• Moog Inc.
• NMG Aerospace
• Parker-Hannifin Corporation
• Safran
• Sumitomo Precision Products Co. Ltd.
• Tactair
• Tamagawa Seiki Co. Ltd.
• Triumph Group, Inc.
• Umbria Aerospace Systems
• Whippany Actuation Systems

For more information about this report visit https://www.researchandmarkets.com/r/h9egif.