Chicago, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Aircraft Braking System Market size is projected to grow from USD 6.4 billion in 2022 to USD 7.6 billion by 2027, at a CAGR of 3.3% during the forecast period. The need for advanced braking system technologies to meet the demanding requirements of customers and future platforms is driving the demand for the market. Increasing commercial aircraft operations are most likely to drive the growth of aircraft engines in the future.
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The Independent Brake System is estimated to lead the aircraft braking system market in forecast period
Based actuation system, the independent brake system segment is witnessing highest CAGR growth. Independent brakes are predominantly used in general aviation and regional transport aircraft. General Aviation and Regional Transport are witnessing larger growth across the globe. This is because the general aviation aircraft are being used for varying applications like civilian transport, agriculture etc., while the regional transport are being across countries for intracity travel.
The OEM is estimated to lead the aircraft braking system market in forecast period
Based on end user, the aircraft braking system market has been segmented into OEM & Aftermarket. The OEM segment in the Aircraft Braking System market is anticipated to exhibit a higher compound annual growth rate (CAGR) primarily due to increasing demand for new aircraft, continual technological advancements in braking systems, stringent regulatory compliance necessitating updated systems, regular replacement and upgrade requirements to ensure operational efficiency, and the global expansion of airline fleets driving the need for new aircraft and their associated braking systems.
UAV segment is expected to have highest growth during the forecast period
Based on aircraft type, UAV market is witnessing highest CAGR growth during the forecast period. Fixed wing UAVs are being developed and adopted by varying countries for various ISR missions. This is because border tensions have been rising across various regions and countries are adopting long endurance UAVs for ISR missions.
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Asia Pacific Region is expected to witness the largest growth in the forecast period
Asia Pacific Region is witnessing the highest growth among all the regions. Asia Pacific countries like China, India, Japan among other countries, are developing new commercial and military aircraft and are developing new technologies for the sub systems. These increasing developments are driving the demand for braking system in the region.
Key players operating in the aircraft braking system market include Safran (France), Collins Aerospace (US), Parker-Hannifin Corporation (US), Crane Co. (US), and Honeywell International Inc. (US) among other solution, service, and equipment providers. These players offer comprehensive solution to key stakeholders in the market.
