The global aircraft gearbox market size is set to gain momentum from extended deliveries of commercial aircraft coupled with rising demand for Pure-Power Geared Turbofan (GTF) engines gearbox technology advancements and the introduction of lightweight gearboxes. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Aircraft Gearbox Market, 2023-2030.”
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Based on aircraft type, the aircraft gearbox sector is split into commercial aircraft, general aviation aircraft, and military aircraft.
Depending on the application, the market is classified as types of engines such as turbofan, turboshaft, turboprop, turbojet, and piston engine.
By relying on end-user, the market segment is separated into Original Equipment Manufacturers and aftermarket sectors such as the MRO industry and airline operators.
Going by Component, the market has been divided into Gears, Housing, bearings, and others.
By reason of the gearbox type, the market is segmented by the accessory gearbox, actuator gearbox, reduction gearbox, auxiliary power unit (APU) gearbox, tail rotor gearbox, and others.
By region, the market is differentiated into various regions such as North America, Europe, Asia Pacific, and the Rest of the world.
Drivers & Restraints-
Excess Demand for New Generation Engines to Propel Market Growth
The major drivers of the market are extended deliveries of commercial aircraft coupled with rising demand for Pure-Power Geared Turbofan (GTF) engines, gearbox technology advancements, and the introduction of lightweight gearboxes. These factors are expected to propel the global aircraft gearbox market growth. Additionally, the rise in demand for new generation engines and transmission units will also surge growth in the market.
However, the initial development of global aircraft gearboxes is high and may turn out as a reason to restrict the market growth.
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North America to Hold Maximum Market Share Due to Presence of Key Players
The global market is fragmented into various-sized industries such as small-sized industries, medium-sized industries, and large-sized industries. North America witnessed maximum growth in 2020 and is expected to hold the maximum share in the forecast period. The North American region is growing rapidly, creating significant growth in the market. The presence of significant players such as GE Aerospace and Rexnord Corporation in the region is the cause of North America’s growth.
Additionally, Asia Pacific is also expected to witness good growth due to the highest CAGR in the forecast period. India and Japan are the major players in the region, which will lead the Asia Pacific region towards global market growth. The potential buyers such as Emirates, Etihad, Qatar, and others present in the Middle East to surge growth in the region.
Major Competitors Are Merging with Companies to Expand Their Growth Rate
The market for aircraft gearbox is fragmented and consists of various-sized companies across developing and developed countries. Major market players in the aircraft gearbox industry focus on gaining market acquisition and partnerships to augment the market share. The major players are consistently investing in research and development for the production of lightweight gearboxes for aircraft to make them more fuel-efficient and create less noise.
- February 2021- Motion segment and Rexnord Corporation combined with Regal Beloit Corporation. This combination helped companies in making them the provider of world-class power transmission in the gearbox market of aircraft.
- March 2021- The world’s largest aero-engine, UltraFan, is being built by Rolls-Royce. The 4th generation engine of UltraFan is expected to give a boost to the aircraft gearbox market share in the European region.
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List of Key Players Present in the Market:
- GE Aerospace (U.S.)
- Safran (France)
- Liebherr (Switzerland)
- Rolls-Royce plc (U.K.)
- Raytheon Technologies Corporation (U.S.)
- Aero Gearbox International (U.K.)
- Rexnord Corporation (U.S.)
- The Boeing Company (U.S.)
- Triumph Group (U.S)
- Avion Group (Netherlands)
- CEF Industries (U.S.)
- Collins Aerospace (U.S.)
- SKF (Sweden)
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