Aircraft Landing Gear Repair and Overhaul Market estimated to witness CAGR of 6% | Current Industry Status & Business Growth Opportunities
Aug 2, 2018
Aircraft Landing Gear Repair & Overhaul Market by Aircraft Type (Fixed, Rotary-Wing), Application (Commercial, Military), Component (Landing Gear Steering System, Actuation System, Others), Gear Position (Main, Nose Landing), & by Region-Forecast Till 2023
Pune, India - August 2, 2018 /MarketersMedia/ —
Market Highlights:
An undercarriage of the aircraft that is entitled to sustain the entire weight related to the aircraft during take-off and landing is known as landing gear. The landing gear undergo heavy stresses and loads during take-off and landing of the aircraft. This results in wear and tear of the landing gears, and thus, need repair and overhaul in fixed time intervals. If the aircraft landing gears maintenance is not carried out regularly, it can affect the working of the landing gears and indirectly hamper the overall efficiency of the aircraft. Presently, technologically advanced landing gears are equipped in aircraft to achieve optimum fuel efficiency.
The landing gear on most aircraft consists of wheels, brakes, and struts. It allows an aircraft to take off, land, and taxi. It also comprises shock absorbers that enable smooth aircraft landing and takeoff. The main landing gear is equipped with brakes for stopping the aircraft and assisting the pilot in steering the aircraft on ground. Thus, the breakdown of landing gear can result in the collapse of the airplane, which makes it essential for regular maintenance, repair and overhaul check-ups.
With the continuous growth in air travel over the past few years, the demand for aircraft and need for technological advancements have increased simultaneously. For example, in the recent years, aircraft manufacturers are focusing on the development of next-generation electric-powered aircraft. Therefore, the growing development of next-generation planes would hinder the growth of the market.
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Major Key Players
The key players in the aircraft landing gear repair and overhaul market are Lufthansa Technik (Germany), Safran (France), Delta TechOps (U.S.), AAR (U.S.), ATI Aviation Services (U.S.), Sunvair (U.S.), Aeropol Aviation Services Corp. (Canada), SUN-AIR Technic (U.S.), Aero Precision Repair & Overhaul Co., Inc. (U.S.), Czech Airlines Technics, a.s. (Czech Republic), Landing Gear Technologies, LLC (U.S.), Liebherr (Germany), American Equipment Company (U.S.), and RUAG Group (Switzerland).
According to MRFR, The aircraft landing gear repair and overhaul market is estimated to witness a CAGR of more than 6% during the forecast period from 2018 to 2023.
Based on aircraft type, the aircraft landing gear repair and overhaul market has been segmented into fixed-wing and rotary-wing aircraft. The rotary-wing segment is projected to grow at the fastest rate in this market during the forecast period. The growth of the rotary-wing segment can be attributed to the increasing demand for helicopters from the military sector. Due to this increasing demand, the need for landing gear repair and overhaul will be rising during the forecast period.
The aviation sector is expected to witness substantial growth due to the increased manufacturing of next-generation aircraft. Improvements in the global economic conditions have led to a rise in the global air passenger traffic. In the past few years, there has been a sudden rise in the number of commercial aircraft to fulfill the increasing air traffic. This growth in the number of commercial aircraft is expected to drive the aircraft landing gear repair and overhaul market.
Nearly 80% of main landing gear overhauls will be performed on Boeing and Airbus jets, roughly 60% of these will be in Boeing models, and about 20% in Airbus jets. However, the market for landing gear repair and overhaul is changing as older aircraft services is replaced with newer advanced services. As a result, the major challenge for these service providers is to equip the technologically advanced service systems.
There is an increased number of air travel across short routes among countries, such as the U.S. and Canada in North America. In addition, regions such as Europe and the Middle East & Africa show prominent growth rate due to the fast-paced growth in the airline industry. As a result, the market growth for repair and overhaul of aircraft landing gear will rise during the forecast period.
Europe is expected to grow substantially in the global aircraft landing gear repair and overhaul market during the forecast period. Since, Europe has a presence of major companies, such as Airbus, Air Safran and Lufthansa Technik. These companies offers major repair and overhaul services for the planes. The rise in the number of aircraft, it is expected that there would be larger participation of the regional companies, in providing maintenance, repair, and overhaul services for the aircraft landing gear.
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The report for Global Aircraft Landing Gear Repair and Overhaul Market by Market Research Future covers extensive primary research. This is accompanied with a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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Source: MarketersMedia
Release ID: 386041
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