The rising demand from OEM and an increasing number of commercial flights fuelled up the market growth during the forecast period from 2021 to 2026. Therefore, the global aircraft braking system market is subjected to a CAGR of 3.6% and is projected to reach USD 10.9 billion in 2021 to USD 13.1 billion by 2026. Furthermore, according to experts, In 2020, the Covid-19 pandemic has affected aircraft braking system services and production by 7 to 10 % globally.
Actuators segment of the Aircraft Braking System to witness growth during the forecast period
Brake actuators are utilized to shift the piston to apply pressure to the discs together. It also generators friction to stop the aircraft. Furthermore, the actuators in braking systems are utilized for the conversion of the hydraulic fluid pressure into motion. Most of the actuators brakes used in commercial aircraft are hydraulic, besides the electrically powered electromechanical actuators are also present in the market.
Major Players of the Aircraft Braking System
The prominent players of the aircraft braking system market are Parker-Hannifin Corporation (US), (UK), Safran, Crane Co. (US), Honeywell International Inc. (US), and Meggit PLC(UK). These players operate in different regions, including Asia Pacific, North America, Europe, and Latin America.
Independent Brake is the fastest-growing segment.
The rise in the independent brake segment of the global aircraft braking system market attributes to the rising demand for regional aircraft and general aviation. Therefore, the independent brake segment is estimated to reach the highest CAGR value for the aircraft braking system market during the projected period.
OEM is a vigorously growing segment
OEMs are in charge of installing the braking system in an aircraft at the assembly stage and are made available for delivery to the aircraft manufacturers. Over the years, there has been significant increase in the demand for different aircraft types across regions. For example, in 2019, airbus has delivered 863 commercial aircraft to 99 customers. Therefore, the OEM segment is estimated to grow at the highest CAGR value during the forecast period 2021 to 2026.
Unmanned Aerial Vehicles segment witness highest CAGR.
UAVs (Unmanned Aerial Vehicles) are commonly termed drones and are used in various military missions like border surveillance. They are also utilized for surveying, mapping, and determining the weather conditions of a particular area. In addition, specific remotely piloted UAVs are created to operate as loitering munition for defense forces. Hence, the unmanned aerial vehicles segment will boost the CAGR rate for the aircraft braking system market during the estimated period.
North America is the leading aircraft braking system market due to the rapid growth of the technologically advanced braking system in the area. The increase in aircraft supplies and orders boosts manufacturers of the aircraft braking system market to raise their sales revenues every year. The rising demand for commercial aircraft and the top leading players in the market are subjected to drive the global aircraft braking system in North America. These key players concentrate on increasing their product lines and utilizing technologically advanced systems, subsystems, and other components for manufacturing aircraft braking systems.