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BERLIN, May 11, 2023 (GLOBE NEWSWIRE) — The Global Aircraft Braking Systems Market Size accounted for USD 11.6 Billion in 2022 and is estimated to achieve a market size of USD 17.7 Billion by 2032 growing at a CAGR of 4.4% from 2023 to 2032.
Aircraft Braking Systems Market Highlights and Stats:
In 2022, the worldwide Aircraft Braking Systems market was valued at USD 11,600 million, and it is projected to expand to USD 17,700 million by 2032. The market is expected to experience a Compound Annual Growth Rate (CAGR) of 4.4% during this period.The Aircraft Braking Systems Market in North America was valued at over USD 4.3 billion in 2022.Meanwhile, the Asia-Pacific market for aircraft braking systems is expected to grow at a CAGR of more than 5% from 2023 to 2032.Within the market, the power brake systems sub-segment saw significant growth, generating over US$ 5.2 billion in revenue in 2022.In terms of distribution channel, the OEM sub-segment had the largest market share, accounting for 74% of the market in 2022.
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Aircraft Braking Systems Market Report Coverage:
MarketAircraft Braking Systems MarketAircraft Braking Systems Market Size 2022USD 11.6 BillionAircraft Braking Systems Market Forecast 2032USD 17.7 BillionAircraft Braking Systems Market CAGR During 2023 – 20324.4% Aircraft Braking Systems Market Analysis Period2020 – 2032Aircraft Braking Systems Market Base Year2022 Aircraft Braking Systems Market Forecast Data2023 – 2032Segments CoveredBy Component, By Aircraft Type, By Actuation, By Fit Type, By Distribution Channel, And By GeographyAircraft Braking Systems Market Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & AfricaKey Companies ProfiledHoneywell International Inc., Meggitt PLC, Safran Landing Systems, Parker Hannifin Corporation, Beringer Aero, Collins Aerospace, Lufthansa Technik AG, Crane Aerospace & Electronics, Goodrich Corporation, Mersen SA, and UTC Aerospace Systems.Report Coverage
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Aircraft Braking Systems Market Analysis:
The Aircraft Braking Systems Market is expected to grow due to the increasing demand for air travel and the rising number of aircraft in operation globally. Aircraft braking systems play a crucial role in ensuring the safe landing and takeoff of aircraft, and advancements in technology have led to the development of more efficient and reliable braking systems. The market is also being driven by regulatory requirements for improved safety standards and the need for lightweight and energy-efficient systems. However, challenges in the market include the high cost of development and maintenance, as well as the complexity of integrating braking systems with other aircraft systems. Additionally, the COVID-19 pandemic has had a significant impact on the aviation industry and could impact the growth of the aircraft braking systems market in the short term. Nevertheless, the increasing demand for air travel and the need for modernization of aging aircraft fleets are expected to drive the growth of the aircraft braking systems market in the long run.
Aircraft Braking Systems Market Trends:
Electric Braking Systems: The aviation industry is transitioning towards more energy-efficient aircraft braking systems, with electric braking systems gaining traction due to their reduced weight and improved performance.Carbon Brakes: Carbon brakes are becoming increasingly popular due to their ability to withstand high temperatures, reduce weight, and increase efficiency compared to traditional steel brakes.Anti-Skid Systems: Anti-skid systems are being integrated into aircraft braking systems to prevent skidding on wet or slippery runways, improving safety and reliability.Autonomous Braking Systems: Autonomous braking systems are being developed to assist pilots during landing and takeoff, reducing the risk of accidents and increasing efficiency.Intelligent Braking Systems: Intelligent braking systems are being designed to optimize braking performance by monitoring factors such as runway conditions, aircraft weight, and speed.Regenerative Braking: Regenerative braking systems are being developed to capture energy during braking and store it for later use, reducing fuel consumption and increasing efficiency.Brake-by-Wire Systems: Brake-by-wire systems are being developed to improve the responsiveness and accuracy of braking systems, reducing the risk of accidents.Landing Gear Systems: Landing gear systems are being designed to integrate with braking systems, improving overall landing and takeoff performance.Emergency Braking Systems: Emergency braking systems are being developed to provide a failsafe mechanism in case of system failures or emergencies.Thrust Reversers: Thrust reversers are being integrated with aircraft braking systems to reduce landing distances and improve efficiency.Green Braking Systems: Green braking systems are being developed to reduce carbon emissions and improve the environmental sustainability of aviation.
Growth Dynamics in the Aircraft Braking Systems Market:
Increasing Air Traffic: The growth of the aviation industry and increasing air traffic has driven the demand for more advanced and efficient aircraft braking systems.Safety and Reliability: The importance of safety and reliability in aviation has led to increased investment in advanced braking systems that can withstand extreme conditions and reduce the risk of accidents.Increasing Awareness: Increasing awareness among airlines and aircraft manufacturers about the importance of advanced braking systems in improving safety and reducing costs has also contributed to market growth.New Product Launches: The launch of new and innovative products by key market players has also driven the growth of the aircraft braking systems market.Growing Defense Budgets: Increased defense spending in various countries has driven the demand for advanced braking systems in military aircraft.Globalization: The globalization of the aviation industry has driven the demand for more standardized and efficient aircraft braking systems.Increasing Demand for Cargo Transportation: The growth of e-commerce and online shopping has driven the demand for more efficient cargo transportation, driving the demand for advanced aircraft braking systems.Mergers and Acquisitions: Mergers and acquisitions among key market players have also contributed to market growth, by enabling the consolidation of resources and expertise.Focus on Cost Reduction: The need for cost reduction in the aviation industry has driven the demand for more efficient and cost-effective aircraft braking systems.
Aircraft Braking Systems Market: Reasons for Slowdown:
Economic Recession: Economic downturns and recessions can significantly reduce air travel, leading to a decline in demand for aircraft braking systems.High Development Costs: The high cost of developing new and innovative aircraft braking systems can be a significant barrier to entry for new market players.Limited Innovation: A lack of innovation in the market could reduce the demand for aircraft braking systems and limit market growth.Competition from hydraulic or pneumatic braking systems could reduce demand for aircraft braking systems.Limited Adoption of Electric Aircraft: Limited adoption of electric aircraft, which require electric braking systems, could slow down the growth of the aircraft braking systems market.Fluctuating Raw Material Prices: Fluctuating prices of raw materials used in manufacturing aircraft braking systems can lead to increased costs and reduced profitability.Dependency on Aircraft Manufacturing Industry: The aircraft braking systems market is highly dependent on the aircraft manufacturing industry, which can be volatile and subject to economic downturns.Safety Concerns: Safety concerns related to the use of aircraft braking systems can lead to increased regulation and reduced demand for the systems.
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Segmentation of the Aircraft Braking Systems Market:
Based on Component
WheelsBrake DiscsBrake HousingElectronicsOther
Based fit type
Based on Aircraft Type
General AviationRegional JetMilitaryHelicopterCommercial
Aircraft Braking Systems Actuations
Independent Brake SystemsBoosted Brake SystemsPower Brake Systems
Based on Distribution Channel
Aircraft Braking Systems Market Regional Analysis:
Aircraft Braking Systems market share for the North American region is the largest worldwide in revenue terms, due to the presence of leading aircraft manufacturers, including Boeing and Airbus, in this region. The demand for commercial aircraft is expected to increase in the region due to the rise in air travel, which will drive the market growth. Moreover, the presence of major market players, such as Honeywell Aerospace, Meggitt, and UTC Aerospace Systems, in the region, further boosts market growth.
Aircraft Braking Systems Market share for the Asia-Pacific region is experiencing the fastest growth, due to the increasing demand for air travel in the region. The rise in passenger traffic is driving the demand for new aircraft in the region, which will drive the market growth. Moreover, the increasing defense spending in countries such as China and India is expected to boost the growth of the military aircraft segment in the region.
Europe is an important market for Aircraft Braking Systems, due to the presence of established aviation infrastructure and several aircraft manufacturing companies in the region. The demand for advanced braking systems is increasing due to the rising demand for fuel-efficient aircraft and the adoption of new technologies in aircraft manufacturing. Moreover, the growth in air traffic in the region is driving the demand for new aircraft, which is expected to further boost market growth.
The MEA and South American regional markets have a smaller Aircraft Braking Systems market share, due to the increase in air travel in the region. The demand for new aircraft is increasing due to the growth in the tourism industry in countries like the UAE and Saudi Arabia etc, which is driving the market growth. The region also has a significant military aircraft market, which is expected to further boost the demand for aircraft braking systems.
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Key Players in the Aircraft Braking Systems Market:
Honeywell International Inc., Safran S.A., Crane Aerospace & Electronics, Meggitt PLC, United Technologies Corporation, Beringer Aero USA, Carlisle Companies Inc., Collins Aerospace, Grove Aircraft Landing Gear Systems Inc., GKN Aerospace Services Limited, Lufthansa Technik AG, MAT Holdings Inc., Parker Hannifin Corporation, UTC Aerospace Systems, SGL Carbon SE, Turbomeca (Safran), Weststar Aviation Services Sdn Bhd, Allied Motion Technologies Inc., Aviation Industry Corporation of China (AVIC), Brembo S.p.A., Goodyear Tire & Rubber Company, Héroux-Devtek Inc., Messier-Bugatti-Dowty (Safran), Nissin Kogyo Co. Ltd. and Snecma (Safran).
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