The Aircraft Gearbox Market: Highlights
The Aircraft Gearbox Market is likely to witness an impressive CAGR of 5.9% during the forecast period. Increasing commercial aircraft deliveries along with a growing demand for Pure-Power Geared Turbofan (GTF) engines, rising aircraft fleet size, advancements in the gearbox technology, and introduction of lightweight gearboxes are some of the factors proliferating the growth of the aircraft gearbox market.
Aircraft Gearbox Market - Insights by Application Type:
The market is segmented as engine (turbofan, turboshaft, turboprop, and piston engine), and airframe. The engine segment is estimated to register a higher growth during the forecast period as gearboxes are an integral part of an aircraft and deliver the necessary thrust required during takeoff and landing. Among engine segments, turbofan is likely to remain the largest as well as fastest-growing segment over the next five years, driven by a higher dominance in commercial and regional aircraft.
Aircraft Gearbox Market - Insights by Gearbox Type:
The market is segmented as accessory gearbox, reduction gearbox, actuation gearbox, tail rotor gearbox, auxiliary power unit gearbox, and others. The accessory gearbox segment is expected to witness the highest growth during the forecast period, propelled by an advancement in the technology and increasing commercial aircraft deliveries.
Aircraft Gearbox Market - Insights by Fit Type:
The market is segmented as linefit and retrofit. The linefit segment is projected to depict a higher growth in the coming five years. Increasing air passenger traffic has led to the growth in the demand for new aircraft, which, in turn, is driving the linefit segment of the aircraft gearbox market.
Aircraft Gearbox Market - Insights by Aircraft Type:
The market is segmented as narrow-body aircraft, wide-body aircraft, very large body aircraft, general aviation, regional aircraft, and military aircraft. Wide- and narrow-body aircraft are likely to remain the growth engines of the aircraft gearbox market over the next five years, propelled by increasing aircraft deliveries to support rising passenger and cargo traffic, upcoming variant of existing programs, and rising commercial aircraft fleet size.
Aircraft Gearbox Market - Insights by Region:
North America is expected to lead the aircraft gearbox market in the coming five years as the region is the manufacturing capital of the aerospace industry with the presence of several OEMs, tier players, gearbox suppliers, distributors, and raw material suppliers. The USA will continue to propel the demand for aircraft gearboxes in the region over the next five years. Boeing, Bombardier, Lockheed Martin, and Gulfstream are the major aircraft makers, generating a high demand for gearboxes for their aircraft assembled in the region. The recent opening of assembly plants of the A320 aircraft program by Airbus in the USA further assures a healthy demand for aircraft gearboxes in the region.
Asia-Pacific is likely to witness the highest growth over the next five years, primarily propelled by China, Japan, and India. China and Japan are likely to remain the major markets in the region, whereas India is going to be the fastest-growing market. Boeing anticipated in its commercial aerospace outlook 2018-2037 that approximately 16,930 commercial and regional aircraft are going to be delivered in the Asia-Pacific region in the next twenty years.
Some of the major players in aircraft gearbox market are Aero Gearbox International, Aero Gear, Inc. , CEF Industries, LLC, The Liebherr Group, Northstar Aerospace, Inc. , Safran S. A. , AB SKF, and United Technologies Corporation. The development of advanced gearboxes and the formation of long-term contracts are some of the major strategies adopted by key players in order to gain a competitive edge over others.