According to a report published by Grand View Research, Inc.; the commercial aircraft landing gear market is likely to reach a valuation of around USD 9.63 billion by 2025. The growth in the fleet size of major airlines and the growth in the commercial aviation sector, which has increased the demand for new airplanes can propel the market over the forecast period (2014 to 2025). In addition, the replacement of old landing gear components in current aircraft fleet with advanced systems is expected to support the market growth.
Factors such as environmental concerns, modernization of airspace, and new regulatory guidelines regarding airplane component specification have played a major role in retiring legacy fleets. The new systems involve low maintenance as compared to their traditional counterparts. Rise in airline traffic has increased the demand for retrofitting of landing gear systems or components. Aircraft manufacturers are making high investments to deploy advanced systems in modern aircraft for avoiding accidents and service failure, and for increasing longevity.
Technological innovations in the systems which can respond to different landing situations are also gaining traction in the market. The controllable fluid devices like Electrorheological (ER) and Magnetorheological (MR) shock absorbers are being used as novel landing gear equipment. Additionally, research and development activities for developing new materials for aerospace applications is also increasing. These innovative materials are mainly intended for weight reduction, robustness, longevity, environmental responsibility, and cost economics. Moreover, growing need for fuel efficient and eco-friendly aircrafts is also expected to replace the older ones. This is also expected to boost the market in coming years. However, challenges including high raw material cost, rising cost of energy, and inflation of the U.S dollar can pose a challenge to market growth to an extent.
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The worldwide commercial aircraft landing gear market can be segmented on the basis of gear position, component, aircraft type, arrangement type, and region. Based on gear position, the market can be classified into main landing gear and nose landing gear. As per component, the market can be categorized into landing gear steering system, wheel and brake system, actuation system, and others. On the basis of aircraft type, the market can be fragmented into narrow-body, wide-body, regional jet, and others. Based on arrangement type, the market can be divided into tricycle, tandem, and tailwheel.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is likely to show substantial growth in the coming years. The demand for air travel is growing in the region due to increasing middle-class families and improving economic conditions in the region. In 2016, global air travelers increased by 6.3%, according to International Air Transport Association (IATA). The worldwide airplane connectivity has significantly increased with the development of more than 700 new routes. The demand for air travel is increasing rapidly in several developing countries including China, Malaysia, India, and Thailand. This is also expected to increase the product demand in the region.
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Leading companies operating in the market include Heroux-Devtek Inc.; Honeywell International, Inc.; UTC Aerospace Systems; CIRCOR Aerospace, Inc.; and Safran Landing Systems. The market is dynamic in nature and participants are transforming their products and solutions for providing cost-effective systems to airplane manufacturers. Major manufacturers are forming long-term contracts with suppliers to achieve their profit margin and inventory efficiently.
The manufacturers are increasingly using electronic technologies, lightweight materials, and cutting-edge solutions to optimize the aircraft performance during landing and cutting aircraft downtime. For instance, in March 2018, Honeywell International Inc. declared that Comair has chosen its set of advanced cockpit technologies for its forthcoming fleet of Boeing 737 MAX aircraft to enhance passenger comfort and safety and adhere to future flight safety regulations. The new aircraft will include the Honeywell’s IntuVue RDR-4000 3D Weather Radar system and Integrated Multi-Mode Receiver. These new technologies work in tandem for assisting pilots to respond to dangerous weather conditions and new runway approaches.
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