Aircraft Braking System Market Size is expected to exhibit tremendous growth owing to the growing travelling frequency. The aircraft braking systems aids in better reliability and safety in aircraft systems. The aircraft braking system can be segmented depending on the end user types like OEM’s and Aftermarket. As the domestic and international travels are rising the demand for aircraft are also seen to increase in the recent years.
Aircraft braking systems aids in the reduction of area required for landing. Considering the short length required to stop an aircraft has been added advantage. In the past the as the braking systems were not that effective the time and length of road or runway was long but now this remaining runway can be used to take off other aircrafts.
The introduction of the carbon brakes has acted as a major boon to aircraft. The reliability and the safety have been increased after the invention of the carbon brakes technology. Carbon braking gives the smoother take offs and landings. These brakes can cool down much faster as compared to the steel brakes. Moreover, the maintenance time has reduced substantially.
OEM’s are growing on larger extent. According to the data provided by the airbus, Airbus had an order of 20376 aircrafts out of which they have delivered 13192 aircrafts for the year 2020. The orders also indicate a rise in their customers. Furthermore, presently they have an order of 20414. Pending (the figures are worldwide).
The aircraft braking system market widely demanded into cargo and commercial aircrafts attributed to the increasing cross border traded across the globe. In the recent times, unmanned aerial vehicles are another segment which is generating huge demand. These are often used in the area surveillance and gives major contribution to the defense.
In terms of regions, APAC aircraft braking system market is in a growing phase and can be a great boom for aircrafts braking system in the coming years. According to the IBEF portal India will be the largest aviation market for the passenger aircrafts by 2024 this data was shared by IATA. Also, the custom duty has been reduced to 0% from 2.5% on components or parts including engines used for manufacturing of aircrafts by public sector or defense sector. In addition, according to the CRISIL the investment in airport infrastructure is Rs. 420-450 billion between 2018 -2023 in India. This trend in the Indian aviation industry is projected to created new avenue in the aircraft braking system in the coming years.
US being one of the most aircraft manufacturing country the amount of aircraft braking systems are high, since can have a good aftermarket area for the braking systems. Other regions like Europe, Latin America, Middle east and Africa are also developing.
Maintenance, repair and overhaul is segment which has got a good expenditure after the fuel. As the Breaking system falls under the MRO this will give a great impact on the sales and repair of the braking systems.
The aircraft braking system market is governed by the key manufactures like Honeywell International Inc., Parker- Hannifin corporation, Meggit PLC, Safran, Crane Co. Honeywell International Acquired Ballard Unmanned system in 2020. Ballard unmanned systems headquartered at Southborough, US is one of the leaders in unmanned systems.
The aircraft braking system market has seen various mergers and acquisitions strategies in the recent times. For instance, Honeywell also acquired Trutak Flight systems, headquartered at springdale in 2019. Major focus of Trutak Flight system is to focus on autopilot, where braking systems play an important role and has a great scope of expanding in aircraft braking systems.
Parker- Hannifin acquired Lord Corporation in 2019. Lord corporation headquartered at North Carolina, USA, is into technologies for automotive and aerospace and few other. The intention behind the acquisition was to diversify the aerospace product offerings.
Market, by End Users
Market, by Components
Market, by Region