Increasing new technologies and the growing demand for aircraft boost the market for aircraft gearbox to grow at a CAGR of 6.9% in value terms in the next five years.
According to a research report - Aircraft Gearbox Market by application, type, end-user, platform, component and region - Global Forecast to 2026, published by MarketsandMarkets, the market is projected to grow from an estimated $ 2.6 billion in 2021 to $ 3.6 billion by 2026.
According to the research firm, the North American region will dominate the market due to the growing air traffic and replacing the existing air fleet with the new ones. The growth is primarily driven by increasing focus on increasing investments in R&D of aircraft gearbox by countries in this region. In addition, factors including rising demand for lightweight and fuel-efficient turboprop and piston engine aircraft are expected to drive the demand for the aircraft gearbox in the region.
Some of the leading players operating in the market include Liebherr, Safran, Rexnord Aerospace, Triumph Group, Timken and United Technologies Corporation.
Based on end-user, the OEM segment is projected to grow at the highest CAGR during the forecast period, the report said. The OEM segment is expected to lead the aircraft gearbox market in North America during the forecast period due to the presence of leading aircraft manufacturers such as Boeing. In addition, an increase in aircraft orders and deliveries and an increase in passenger traffic are driving the OEM segment's growth.
The engine segment is projected to grow at the highest CAGR during the forecast period based on application.
The requirement of high powered engines and their components are also driving the growth of the aircraft gearbox market.
The gear component segment is projected to witness the highest growth rate due to the increasing usage of a variety of gears for different platforms such as commercial aircraft, helicopters, fighters, and military transport aircraft during the forecast period, the research firm added.
Courtesy: MarketsandMarkets. NB: Photo is representational; courtesy: Safran.