Global Aircraft Braking Systems Market 2019-2023
Global Aircraft Braking Systems Market: About this market
Aircraft braking systems are used to bring an aircraft to a halt during landing. Technavio’s aircraft brake system market analysis considers the application of brake systems in commercial aviation, military aviation, and general aviation. Our analysis also considers the adoption of aircraft brake systems in APAC, Europe, MEA, North America, and South America. In 2018, the commercial aviation segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing consumer preference for air-travel will play a significant role in the commercial aviation segment to maintain its market position. Also, our global aircraft brake system market looks at factors such as the growth of commercial and general aviation, increasing demand for brakes for new and existing aircraft, rising spending on air defense capabilities, and innovative product offering by vendors. However, grounding of aircraft fleets, the growing popularity of alternate braking systems onboard an aircraft, and increase of useful life of aircraft braking systems by service providers may hamper the growth of the aircraft brake system industry over the forecast period.
Global Aircraft Braking Systems Market: Overview
Innovative product offerings by vendors
Vendors in the aircraft brake system market are consistently developing new materials to produce components, including brake systems that offer the same functionality with reduced weight. For instance, aircraft operators are replacing traditional steel brakes with carbon brakes. Carbon brakes allow higher braking forces and reduce braking distance on runways. Adopting carbon brakes is helping aircraft operators in reducing their overall operational and maintenance costs. Many such technological advancements in braking systems are expected to accelerate the growth of the global aircraft brake system market size at a CAGR of around 7% during the forecast period.
Leading aircraft equipment manufacturers engaging in mergers and acquisitions (M&As)
Aircraft component manufacturers are adopting inorganic strategies such as M&As to strengthen their position in the global aircraft manufacturing industry. For instance, Safran recently acquired Zodiac Aerospace to become one of the world’s largest aerospace equipment manufacturing companies. Many such M&A activities among vendors will have a positive impact on the growth of the global aircraft brake system market size.
For the detailed list of factors that will drive the global aircraft brake system market size during the forecast period 2019-2023, click here.
With the presence of a few players, the global aircraft brake system market is fairly concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several aircraft brake system manufacturers, that include Honeywell International Inc., Meggitt PLC, Parker Hannifin Corp., Safran SA, and United Technologies Corp.
Also, the aircraft brake system market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook