New York, United States , Aug. 14, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Gearbox Market Size to Grow from USD 3.6 Billion in 2023 to USD 5.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.94% during the forecast period.
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The aircraft gearbox market is expanding rapidly, driven by rising demand for new-generation aircraft and increased worldwide air traffic. Gearboxes serve a crucial role in power transmission and propulsion systems, allowing aircraft engines to be more efficient and perform better. Technological improvements, such as the creation of lighter and more durable materials, are improving gearbox performance and reliability. Key industry companies are spending in R&D to innovate and meet strict regulatory requirements. The industry is also driven by the increasing use of unmanned aerial vehicles (UAVs) and technological breakthroughs in aeronautical engineering. Furthermore, the requirement for fuel-efficient and low-noise aircraft is driving demand for sophisticated gearbox systems, ensuring a bright future for the industry.
Browse key industry insights spread across 214 pages with 105 Market data tables and figures & charts from the report on the "Global Aircraft Gearbox Market Size, Share, and COVID-19 Impact Analysis, By Component (Gear, Housing, Bearings), By Platform (Military, Civil), By End Use (OEM, Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Component
The gear segment accounted for the largest market share over the forecast period 2023 to 2033. The gear segment of the aircraft gearbox market is rapidly expanding, driven by rising demand for innovative and efficient power transmission systems in modern aircraft. Material developments, such as high-strength alloys and composites, are increasing gear durability and performance. The growing popularity of lightweight and fuel-efficient aircraft fuels this industry, since efficient gears contribute to total weight reduction and fuel savings. Furthermore, the growth of the commercial and military aviation sectors, as well as the increased usage of unmanned aerial vehicles (UAVs), drives demand for high-performance equipment.
Insights by End Use
The OEM segment accounted for the largest market share over the forecast period 2023 to 2033. Original Equipment Manufacturers (OEMs) are incorporating innovative gearbox systems to improve aircraft performance, fuel efficiency, and dependability. Technological developments and the development of lightweight materials are significant drivers of this expansion, since they allow for the creation of more efficient and durable gearboxes. Furthermore, strategic alliances and collaborations between OEMs and gearbox manufacturers promote innovation and accelerate product development. The expanding need for both commercial and military aircraft, as well as the increased emphasis on unmanned aerial vehicles (UAVs), bolsters the OEM industry.
Insights by Platform
The civil aircraft segment accounted for the largest market share over the forecast period 2023 to 2033. The desire for new, more fuel-efficient, and technologically advanced civil aircraft creates a need for complex gearbox systems that improve performance and dependability. Material and design innovations are resulting in lighter and more durable gearboxes, which match with the industry's focus on lowering running costs and improving fuel efficiency. Furthermore, the emergence of low-cost carriers and regional airlines aids in the expansion of the civil aircraft industry. As airlines modernise their fleets and invest in next-generation aircraft, the demand for innovative gearbox solutions increases, resulting in significant development in this market segment.
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Insights by Region
North America is anticipated to dominate the Aircraft Gearbox Market from 2023 to 2033. The region's thriving aviation industry, which includes commercial, military, and general aviation, increases the demand for efficient and dependable gearing systems. Strong investment in R&D by leading companies, combined with technical developments, is driving market expansion. Furthermore, North America's strong regulatory framework maintains high performance and safety requirements, which encourages innovation. The increase in air travel and the expansion of airline fleets drive demand even higher. However, obstacles like as high production costs and supply chain interruptions might stifle expansion.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Investments in aviation infrastructure and the formation of new carriers are driving market growth. The region's emphasis on creating indigenous aerospace capabilities, as well as relationships with global aerospace companies, help to drive technological improvements in gearbox systems. Furthermore, the burgeoning defence sector and the increased usage of unmanned aerial vehicles (UAVs) drive up fuel demand. Challenges include expensive development costs, regulatory compliance, and supply chain difficulties. Despite these challenges, the Asia-Pacific market remains highly appealing, with several prospects for expansion as the area modernises its aviation industry and improves its manufacturing skills.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aircraft Gearbox Market are Safran (France), Liebherr (Germany), Raytheon Technologies Corporation (US), Rexnord Corporation (US), Triumph Group (US), Rolls-Royce plc (UK), PBS Group, a. s. (Czech Republic), CEF Industries, LLC (US), AERO GEAR (US), and ZF Luftfahrttechnik GmbH (Germany), and Other Key Vendors.
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Recent Market Developments
- In September 2023, Skanda Aerospace Technology (SATPL), a joint venture between India's Raghu Vamsi Machine Tools and Rave Gears LLC in Texas, USA, has completed its first advanced gear and gear box manufacturing plant.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Gearbox Market, Component Analysis
- Gear
- Housing
- Bearings
Aircraft Gearbox Market, Platform Analysis
- Military
- Civil
Aircraft Gearbox Market, End Use Analysis
- OEM
- Aftermarket
Aircraft Gearbox Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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