Market Overview —
Global Aircraft Landing Gear Repair and Overhaul Market has emerged as a continually growing space worldwide. The market is projected to witness substantial growth during the forecast period. An aircraft undergoes heavy stress & load during operations such as take-off, flying, landing, and other various functions, which result in the wear & tear of the gears. These factors cumulatively call for timely repair & overhaul services to avoid the efficiency of the aircraft getting affected.
Over recent years, the demand for aircraft landing gears & MRO services has increased dramatically, mainly due to the increasing numbers of aircraft. Moreover, technological advances used during aircraft landing gear repair and overhaul services escalate the market growth to furthered height. Besides, the rising focus of various airline companies on improving aircraft performance fosters market growth.
Market Research Future (MRFR), in its Covid-19 Analysis on the global aircraft landing gear repair and overhaul market, asserts that the market is estimated to rise at 4.76% CAGR during the forecast period (2020 to 2025). In its Covid-19 aircraft landing gear repair and overhaul market analysis, MRFR has mentioned that the market had garnered colossal traction in 2020. An increase in the global economy is undoubtedly a major driving force behind the growth. Furthermore, factors such as advancements in automation are predicted to bring about innovations and improvements in related technologies used in aircraft MRO services.
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Highly competitive, the aircraft landing gear repair and overhaul market appears fragmented due to the presence of several well-established players. They incorporate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share in the market.
Industry players focus on the development of in-house manufacturing capabilities and newer technologies. To meet these goals, they increase their R&D investments. Market players compete based on reputation reliability, cost, product quality, and aftermarket services. Governmental support, market conditions, and industrial development are the three core factors impacting the growth of these vendors.
Players active in the Global Aircraft Landing Gear Repair and Overhaul Market include Air France Industries KLM Engineering & Maintenance (France), Delta TechOps (US), AAR Corporation (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Lufthansa Technik AG (Germany), FL Technics (Lithuania), Safran (France), Turkish Technic Inc. (Turkey), RUAG Group (Switzerland), and Singapore Technologies Engineering Ltd (Singapore), among others.
Industry/ Innovation/ Related News
May 05, 2020 - Héroux-Devtek Inc., a leading global manufacturer of aerospace products and landing gears in Canada, announced restructuring initiatives driven by lower production rates in the commercial aerospace market due to the recent COVID 19 pandemic. These initiatives will result in a 10% reduction in the Company's total workforce. Héroux-Devtek Inc. specialized in the design, development, manufacture, repair, and overhaul of landing gear, actuation systems, and components for the Aerospace market.
April 28, 2020 - GA Telesis LLC announced that its MRO Services Group has received the Civil Aviation Administration of China (CAAC) approval for its landing gear operation based in Miami. GA Telesis is a UK-based leading provider of integrated solutions to the aviation & aerospace industries worldwide. This new rating allows GA Telesis MRO Services to repair and overhaul CRJ900 landing gears for China Express Airlines. In 2020, the Company entered into a long-term agreement to overhaul landing gears for the China Express' entire fleet of CRJ900 aircraft.
The report is segmented into five dynamics.
By Aircraft Type: Fixed-Wing, Rotary-Wing, and others.
By Component: Steering System, Landing Gear, Actuation System, and others.
By Gear Position: Nose Landing Gear, Main Landing Gear, and others.
By Application: Commercial, Military, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
North America dominates the global Aircraft Landing Gear Repair and Overhaul Market. The largest market share attributes to the rising demand for aircraft MRO services due to the presence of many airline companies in the region. Also, the growing numbers of private jet owners and industry players impact the regional market growth positively. Increasing numbers of aircraft would create additional opportunities for market players.
Besides, collaborations between companies in the field of aircraft MRO are boosting the market growth. Moreover, the introduction of favorable government policies regarding the repair & maintenance works in this region foster market growth. Heading with the major contribution from the US & Canada, the North American aircraft landing gear repair and overhaul market is assumed to register a CAGR of 4.24% over the anticipated period.
Europe stands second in the global aircraft landing gear repair and overhaul market. This market is driven by the presence of many notable aircraft MRO services providers and large aviation & aeronautics industries in the region. Additionally, the rising economy, alongside the increasing repair & maintenance works in the region due to the proliferating numbers of aircraft, air travels, and aircraft, fosters market growth. The European aircraft landing gear repair and overhaul market is estimated to create a substantial revenue pocket over the assessment period.
The aircraft landing gear repair and overhaul market in the Asia Pacific region is growing rapidly. This market is vibrating with rapid economic growth, especially in countries such as India and China. Additionally, factors such as the availability of advanced technologies and the cost-competitive workforce required for aircraft repair & maintenance services propel the regional market growth. The APAC aircraft landing gear repair and overhaul market is expected to witness impressive growth during the forecast period.
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