Selbyville, Delaware, May 22, 2024 (GLOBE NEWSWIRE) -- Aircraft Braking System Market is estimated to be valued at USD 10 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The growing demand for air travel driven by global economic growth and rising disposable incomes has led to the increase in the production of commercial aircraft. Modernization of military aircraft and expansion of global defense budgets are helping in the growth of braking systems. Military aircraft also require robust and highly controllable systems for many complex missions, further adding to the demand for aircraft braking systems.
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Safety standards set by aviation authorities worldwide will also influence the market growth. Regulatory agencies, such as the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) require safety standards for aircraft components. For instance, in February 2022, the FAA unveiled a new initiative aimed at phasing out leaded aviation fuel by the end of 2030 while ensuring that the current piston-engine fleet remains unaffected. Compliance with these regulations is making way for continuous innovations, further encouraging manufacturers to develop advanced solutions.
Rising preference for UAVs
The unmanned aircraft vehicle (UAVs) aircraft type segment in the aircraft braking system market is likely to accelerate at a robust pace between 2023 and 2032, owing to its rising adoption across various industries, such as such as military, commercial, and civil applications. UAVs require high reliability and maneuverability during landing and on the ground, especially in harsh environments and high-risk missions. The growing use of UAVs for monitoring, surveillance and agricultural purposes is also driving the demand for special braking solutions to improve safety and performance.
Growing adoption by OEMs
Aircraft braking system market from the OEM end-use segment is expected to witness lucrative expansion from 2024 to 2032. OEMs are striving to integrate new and more reliable technologies into their aircraft to improve safety, performance, and compliance with strict aviation regulations. As airlines expand their fleets to meet the growing passenger and cargo demand, OEMs help in equipping each new aircraft with state-of-the-art braking systems. OEMs are further enhancing braking technologies to meet industry demands for lighter, more efficient, and durable systems through R&D, aided by collaboration with brake system manufacturers.
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Asia Pacific to emerge as a lucrative market
Asia Pacific aircraft braking system market is estimated to attain substantial valuation by 2032. Demand for air travel has increased due to rapid economic development and rising disposable incomes in countries, such as China and India, prompting airlines to expand their fleets and routes. Government investments in airport infrastructure are also boosting the demand for anti-aircraft solutions, while driving growth in the aircraft manufacturing sector through local companies and joint ventures.
Aircraft Braking System Market Participants
Some of the prominent aircraft braking system industry players include Safran, Beringer Aero, Collins Aerospace, Parker-Hannifin Corporation, Crane Co., Meggitt PLC, and Honeywell International Inc. These firms are focusing on mergers & acquisitions, new product development & launches, collaborations, and customer retention to gain competitive perks. To illustrate, in April 2024, Honeywell launched Honeywell Forge Performance, a cloud-based platform utilizing AI and ML for transitioning the aerospace manufacturing and MRO operations by streamlining processes and lowering costs.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
