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Landing Gear Services Market Growth Opportunities, Comprehensive Analysis, Competitive Landscape, Future Prospects, Trends by Forecast to 2023

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Landing Gear Services Market Growth Opportunities, Comprehensive Analysis, Competitive Landscape, Future Prospects, Trends by Forecast to 2023

April 19
22:59 2020
Landing Gear Services Market Growth Opportunities, Comprehensive Analysis, Competitive Landscape, Future Prospects, Trends by Forecast to 2023

Landing Gear Services Market
Global Aircraft Landing Gear Repair and Overhaul Market: Information by Aircraft Type (Fixed-Wing, Rotary-Wing), Application (Commercial, Military), Component (Landing Gear Steering, Actuation), Gear Position (Main, Nose Landing), Region—Forecast till 2023

Overview:

The global aircraft landing gear repair and overhaul market is expected to reach USD 2,153.8 million by 2023 at a CAGR of 4.62% during the forecast period  of 2018 to 2023. In recent years, the aviation industry has been focusing on investing in aircraft landing gear maintenance fueled by advancements in MRO equipment and machines. Concurrently, favorable government policies such as exemption from customs and duties are expected to drive investments in aircraft MRO services.

However, due to a gradual changeover to newer aircraft, airlines are expected to retire older, less fuel-efficient models, which can adversely impact market growth.

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Segmental Analysis:

The global aircraft landing gear repair and overhaul market has been segmented based on aircraft type, component, gear position, and application.

Based on aircraft type, the aircraft landing gear repair and overhaul market has been segmented into fixed-wing and rotary-wing. The fixed-wing segment is expected to dominate the market with a valuation of USD 1,064.8 million in 2018 and reach USD 1,410.3 million by 2023. This is due to the various advantages of fixed-wing configuration such as endurance, broad area coverage, and faster flight speed than rotary-wing aircraft. The rotary-wing segment is expected to register the higher CAGR of 4.12% during the forecast period.

On the basis of component, the global aircraft landing gear repair and overhaul market has been classified as landing gear steering system, actuation system, and others. The landing gear steering system segment is expected to lead with a value of USD 674.6 million in 2018 and reach USD 833.6 million by 2023. This is due to the frequent failures in the landing gear steering systems. The actuation system segment is expected to exhibit the highest CAGR of 4.94% during the forecast period.

By gear position, the global aircraft landing gear repair and overhaul market has been divided into main landing gear and nose landing gear. The main landing gear segment is expected to be larger with a value of USD 1,031.2 million in 2018 and reach a projected USD 1,263.2 million by 2023. This can be attributed to the majority of stress applied on the main landing gear during landing. The nose landing gear segment is expected to register the higher CAGR of 5.32% during the forecast period.

The application-based segments of the global aircraft landing gear repair and overhaul market are commercial and military. The commercial segment is expected to be larger with a valuation of USD 1,010.5 million in 2018; it is projected to reach USD 1,284.5 million by 2023. The larger number of commercial aircraft in operation as compared to military aircraft is contributing to the growth of the segment. The segment is also expected to register the higher CAGR of 4.82% during the forecast period.

Regional Analysis:

The geographic analysis of the global aircraft landing gear repair and overhaul market covers North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.

North America is expected to lead the market with a valuation of USD 565.1 million in 2018 and the regional market is expected to reach USD 695.6 million by 2023 at a CAGR of 4.24% during the forecast period. This can be attributed to the presence of several airlines, MRO centers, and aircraft manufacturers in the region.

Europe is expected to be the second-largest market with a valuation of USD 434.8 million in 2018; the European market is projected to exceed USD 537.0 million by 2023 at a 4.31% CAGR during the forecast period. Market growth in the region is driven by large-scale investments by aircraft manufacturers in improving aircraft operations and enhancing the overall passenger experience.

Competitive Analysis:

The key players in the global aircraft landing gear repair and overhaul market are AAR Corporation (US), Air France Industries KLM Engineering & Maintenance (France), Delta TechOps (US), FL Technics (Lithuania), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik AG (Germany), RUAG Group (Switzerland), Safran (France), ST Aerospace (Singapore), and Turkish Technic Inc. (Turkey).

Key Developments:

In December 2018, FL Technics expanded its presence in Asia by opening a new warehouse in Singapore.

In July 2017, Delta TechOps signed a contract with Air Transport Services Group (ATSG) to provide MRO services to the Boeing 767 freighter aircraft fleet.

In July 2017, Lufthansa Technik Philippines (LTP) expanded operations by building a second MRO base at a major airport in the country.

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