Global aircraft braking system market projected to grow to $8.5 billion by 2033
From GlobeNewswire: 2024-07-22 09:00:00
The Global Aircraft Braking System Market is projected to grow from $7.3 billion in 2023 to $8.5 billion by 2033, with a CAGR of 1.53%. Increasing air traffic, technological advancements, and demand for effective braking solutions are driving market growth. Electric and carbon brake systems are gaining popularity for their improved performance. Major players are focusing on R&D to enhance safety and reliability.
The value chain for aircraft braking systems involves raw material suppliers, manufacturers, OEMs, and the aftermarket segment. Components like wheels, brakes, and control systems play a crucial role in ensuring safe aircraft operations. Suppliers, manufacturers, and service providers work together to deliver high-quality braking systems to end customers. Collaboration is essential for meeting performance requirements throughout the value chain.
The aircraft braking system market presents significant opportunities for growth due to the expanding global aviation sector. Lighter, more fuel-efficient aircraft are driving demand for innovative braking systems like carbon and electronic brakes. Emerging markets in Asia-Pacific and the Middle East offer promising opportunities. Technological advancements, such as autonomous braking systems, provide room for further innovation in the industry.
Technological advances in the aircraft braking system industry are improving brake components’ performance, safety, and efficiency. Carbon composite brakes and electric brake systems offer benefits like heat dissipation, longevity, weight reduction, and precise control. Integration of smart sensors allows for real-time monitoring and predictive maintenance to enhance dependability. Ongoing R&D and innovation are key to meeting changing market demands.
In the aircraft braking system market, the actuators segment is expected to dominate due to electric actuators’ advantages over hydraulic ones. OEMs are driving market growth by adopting advanced braking systems to enhance performance and efficiency. North America is projected to lead the market from 2023 to 2033, benefiting from investments in aviation infrastructure and R&D efforts. Asia Pacific is witnessing rapid market growth, driven by investments in aviation infrastructure and technological breakthroughs.
Key players in the market include AAR Corp, Collins Aerospace, Honeywell International Inc., Meggitt PLC, Safran, and others. Recent developments include RUAG Australia becoming an Authorised Service Centre for Honeywell International Inc.’s F-35 Joint Strike Fighter Wheels and Brakes programme in Asia Pacific. Market segmentation covers components like wheels and actuators, along with end-use segments. Regional analysis includes North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Read more at GlobeNewswire: Global Aircraft Braking System Market Size To Worth USD 8.5