The adoption of ultra-low-cost carrier business model expedites the global commercial aircraft landing gear system industry, says Frost & Sullivan
SAN ANTONIO, Oct. 6, 2022 /CNW/ -- A landing gear system comprises a comprehensive mechanism that executes safe take-off and landing operations. Frost & Sullivan's recent analysis, Global Commercial Aircraft Landing Gear System Market, finds that a surge in regional connectivity and the adoption of an ultra-low-cost carrier business model will expedite the commercial aircraft landing gear system industry growth. The market is estimated to reach $8.55 billion by 2032 from $4.57 billion in 2021, an uptick at a compound annual growth rate of 5.9%.
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"COVID-19 vaccine rollouts and adherence to safety standards have boosted regional air travel, inflating the demand for aircraft landing gear systems," said Vedhas Sabnis, Aerospace & Defense Research Analyst at Frost & Sullivan. "Further, the recovery of the aviation sector is expected to benefit all the revenue streams of the landing gear system market—linefit, retrofit, and aftermarket."
Sabnis added: "Manufacturers are investing in new technologies and solutions to achieve sustainable goals or improve efficiency. Additionally, the successful and widespread adoption of knowledge-based engineering tools, such as augmented reality (AR), will lead to the adoption of other nascent technologies in the landing gear industry."
The expansion of the aircraft landing gear system market unlocks growth opportunities in:
AR applications: Incorporating AR solutions in all processes, but especially in the sub-assembly stage as it involves significant manual labor, can play a vital role in manufacturing entities' adoption of Industry 4.0 best practices.
Additive manufacturing: Suppliers operating in the landing gear ecosystem should increase investments in additive manufacturing solutions to tap into their long-term benefits.
Blockchain: Companies involved in the aftermarket segment of the landing gear business should partner with blockchain service integrators to understand its advantages in terms of long-term reliability, transparency, and security.
Global Commercial Aircraft Landing Gear System Growth Opportunities is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Commercial Aircraft Landing Gear System Growth Opportunities
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