The global aircraft gearbox market size is expected to be worth USD 3.84 Billion in 2023. It is expected to grow at a CAGR of 4.8% during the forecast period and reach a value of USD 4.85 Billion by 2028.
Aircraft Gearbox defines a component that is responsible for the transmission system and helps to manipulate the rotational speed. In addition, planes have a gearbox for the special function of reducing the output speed of the engine before the propeller starts. The airplane gearbox can be of different types depending on the size of the airplane. Most jet engines are equipped with accessory transmission gearboxes that drive AC generators, hydraulic pumps, oil pumps, and other necessary accessories. If the engine has more than one compressor segment, the gearbox is driven by one of the compressor drive shafts. The gearbox uses a reduction gear to decrease the speed of the shaft between the two motors. Therefore, the gearbox works to connect the shafts and reduces the engine speed.
MARKET DRIVERS:
The global market for airplane gearboxes is experiencing substantial growth due to the increase in air passenger travel in all regions. In addition, increased research and development investments for emerging advanced gearboxes create growth opportunities for the global aircraft gearboxes market. The turbofan engine contains a gearbox between the fan and the low-pressure shaft. In addition, the geared turbojet engine improves propulsion efficiency. Additionally, in 2016, Pratt & Whitney invested in geared turbofan technology that reduces fuel consumption, emissions, and noise. These investments are expected to provide opportunities for the growth of the global aircraft gearbox market in the future.
Increased use of aircraft gearboxes in the defense sector of developing countries, increased demand for geared turbofan aircraft engines with fan gearboxes such as Pratt & Whitney PW1000G, and the introduction of lightweight gearboxes are some of the factors driving growth in the global market for aircraft gearboxes. Investments in the R&D of open rotor motors and geared turbofans and the trend for fuel-efficient and environmentally friendly vehicles are supposed to provide lucrative opportunities for market expansion.
MARKET RESTRAINTS:
However, the limitations of high-altitude engines and the need for a high initial investment are hampering the market growth. The rising cost of the equipment is a crucial parameter that can restrain the growth of the global market.
Impact of COVID-19 on the aircraft gearbox market:
COVID-19 has forced governments to suspend all assembly and manufacturing operations, including the aviation industry. The total lockdown situation in several countries due to this pandemic directly impacted advocacy organizations to delay the purchase of aircraft gearboxes from aircraft gearbox suppliers. The coronavirus pandemic places enormous financial stress on aircraft gearbox companies by increasing the cost of maintaining inventory. The aviation industry has witnessed a colossal drop in in-flight hours, with large numbers of domestic and international flights canceled around the world to curb the transmission of COVID-19.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
4.8% |
Segments Covered |
By Aircraft Type, Gearbox Type, Application, & Region |
Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global aircraft gearbox market has been segmented and sub-segmented based on aircraft type, gearbox type, application, & region.
Aircraft Gearbox Market – By Aircraft Type:
Commercial aircraft are likely to remain the growth engines of the aircraft gearbox market for the next five years, driven by increased aircraft deliveries to support increased passenger and freight traffic, the next variants of existing programs, and the growing size of the commercial aircraft fleet.
Aircraft Gearbox Market – By Gearbox Type:
The accessory gearbox segment is foreseen to experience the highest growth during the forecast period, driven by advances in technology and increased commercial aircraft deliveries.
Aircraft Gearbox Market – By Application:
The engine segment is expected to see further growth over the outlook period, as gearboxes are an integral part of an aircraft engine and provide the thrust required for take-off and landing. Among the engine segments, turbofan will likely remain the largest and fastest-growing segment for the next five years due to the greater dominance of commercial and regional aircraft.
Aircraft Gearbox Market – By Region:
In terms of regions, North America is foreseen to dominate the global aircraft gearbox market for the next five years as the region is the manufacturing capital of the aerospace industry with the presence of numerous OEMs, gearbox suppliers, engine makers, distributors, and component providers. The United States will continue to drive demand for aircraft transmissions in the region for the next five years. Boeing, Bombardier, Lockheed Martin, and Gulfstream are the main aircraft manufacturers, generating strong demand for gearboxes for their locally assembled aircraft. The opening of assembly plants for the Airbus A320 aircraft program in the United States is further ensuring healthy demand for aircraft gearboxes in the region.
KEY MARKET PLAYERS:
Some of the major players in the global aircraft gearbox market are AB SKF, BMT Aerospace, GE AVIO Srl (Avio Aero), Kawasaki Heavy Industries Ltd., Northstar Aerospace, Inc., Safran Transmission Systems, The Liebherr Group, The Timken Company, and United Technologies Corporation.
RECENT HAPPENINGS IN THE MARKET:
Frequently Asked Questions
The use of innovative materials and technologies in aircraft gearbox manufacturing and their impact on performance and reliability.
The latest trends shaping the market, including innovations in gearbox technology, materials, and manufacturing processes.
The obstacles or challenges that the market is currently facing, such as regulatory issues, high manufacturing costs, or supply chain disruptions.
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