Aircraft Gearbox Market by Type (Accessory Gearbox, Reduction Gearbox, Actuation Gearbox, Auxiliary Power Unit Gearbox, and Others), Application [Commercial Aircraft (Narrow Body and Wide Body), Military Aircraft, and General Aviation], Fit Type (Line Fit and Retrofit): Global Market Size Estimates and Forecast (2019–2030)
The market is expected to cross US$ 2.95 billion in 2022 and is projected to hit US$ 4.9 billion by 2030, recording a CAGR of 6.6% during the forecast period.
Rise in Aircraft Production Volumes is Propelling the Deployment for Gearbox Components and Boosting the Aircraft Gearbox Market Growth.
The rising aircraft fleet worldwide is one of the major factors driving the demand for aircraft gearbox systems. The rise in aircraft deliveries worldwide by various aircraft manufacturers such as Airbus, Boeing, Lockheed Martin Corporation, Textron Aviation Inc., Dassault Aviation, and Bombardier Inc. is another major factor supporting the growing adoption of aircraft gearboxes across the commercial aviation, military aviation, and general aviation sectors. The rise in aircraft fleet is mainly attributed to the growing passenger traffic across all the regions wherein the airlines are demanding a greater number of aircraft to cater to the rising passenger traffic. This is mainly due to growth in number of low-cost carrier (LCC) services provided by domestic airlines across different countries. Such instances are propelling the adoption of new aircraft and thereby driving the demand for aircraft gearbox market.
Commercial end use segment is expected to account for a larger share in 2021, This is owing to rise in aircraft deliveries across commercial airlines and large backlogs of two major aircraft giants i.e Airbus and Boeing which is expected to retain the demand for aircraft gearbox during the forecast period. The rise in aircraft deliveries is owing to the constantly rising passenger traffic across different regions that is pushing the aircraft carriers and airlines to increase their existing aircraft fleet. Further, the retirement of old generation of commercial aircraft is also expected to be replaced by next generation new commercial aircraft models which is another major factor expected to drive the demand for aircraft gearbox for line fit segment during the forecast period.
Within the report, the market is segmented into type, application, fit type, and geography. By type, the market is segmented into accessory gearbox, reduction gearbox, actuation gearbox, auxiliary power unit gearbox, and others. By application, the market is segmented into commercial aircraft, military aircraft, and general aviation. Further the commercial aircraft segment is bifurcated into narrow body and wide body. Based on fit type, the market is bifurcated into line fit and retrofit. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Development of Electric Aircraft to Provide Future Opportunities for Market Vendors During the Forecast Period.
The development of electric aircraft has been witnessing tremendous growth since past few years. As several aircraft OEMs are taking sheer interest to enter the electric aircraft market, the investments have been significantly rising in the market over the years. For instance, In 2021, Rolls-Royce announced the completion of its maiden flight for an intense flight testing phase of its fully electric aircraft. Eventually, the company wants the aircraft’s speed to exceed 300 miles per hour, which will be tested in another phase in the UK. Also, in January 2022, Lockheed Martin funded a company named Electra in its series A funding round for the development of its eSTOL concept of aircraft. Thus, the rising investments in the development of electric aircraft is expected to propel demand for gearboxes for electric aircraft production during the forecast period.
Rising Military Aircraft Procurement and Increasing Demand For Gearbox MRO Services is Another Major Factor Accelerating the Market Growth.
The rising military expenditure across various countries is catalyzing the procurement of next generation military aircraft models. The procurement of military aircraft is one of the major factors propelling the production of gearboxes for military aircraft applications. The advancements in the next generation military aircraft models pushing the aircraft gearbox manufacturers to develop solutions based on the military needs and aircraft specification requirements which is further leading to innovation in aircraft gearbox technologies. For instance, in 2021, the Indian Ministry of Defense (MoD) and Airbus signed a contract for 56 units of C-295 aircraft that will propel the gearbox implementation across those models. Under the contract, Airbus will deliver the first 16 aircraft from its final assembly line in Spain. The remaining fleet of 40 aircraft will be manufactured in India. Such instances are propelling the demand for aircraft gearboxes for military aircraft segment.
The majority of the aircraft gearboxes have a service life of around 7-8 years and has the lifecycle of around 25 years of life. The need for upgrading the old generation fleet is on the rise wherein several airlines are undertaking initiatives to upgrade their old existing fleet with new technologies. Several defense forces are also awarding different contracts to vendors for the repair of gearboxes of their respective aircraft models. For instance, in August 2021, Boeing won a contract worth US$ 49 million to provide transmission systems (including gearboxes) overhauling for CH-47 helicopters of the US Air Force. Such instances are likely to catalyze the market growth during the forecast period.
Recent Strategic Developments in Aircraft Gearbox Market
The aircraft gearbox market has undergone several significant developments, and a few of these have been mentioned below:
- In February 2021, the US Defense Logistics Agency (DLA) awarded a contract worth US$ 34 million to Raytheon Technologies’ subsidiary Collins Aerospace to provide support the US Air Force’s (USAF) F-16 and B-2 fleets. The support also includes provision of gearbox repair materiel.
- In July 2022, the US Navy awarded a five-year contract to Triumph Group to provide gearbox MRO services for their F/A-18 fleet.
- In 2022, Safran announced to open up a new mega facility near Hyderabad Airport India that will have a capability to service 300 aircraft engines annually.
The aircraft gearbox market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Arrow Gear, GE Avio Srl, Collins Aerospace, BMT Aerospace, Northstar Aerospace, Safran, Leibherr Group, Regal Rexnord Corporation, The Timken Company, and CEF Industries LLC are among the prominent players operating in the market.
Target audience for the report:
- Component providers
- Commercial aircraft gearbox manufacturers
- Military aircraft gearbox manufacturers
- General aviation gearbox manufacturers
- Gearbox component manufacturers
- MRO Service Providers
- Commercial and military aviation related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Accessory Gearbox
- Reduction Gearbox
- Actuation Gearbox
- Auxiliary Power Unit Gearbox
- Others
- Application
- Commercial Aircraft
- Narrow Body
- Wide Body
- Military Aircraft
- General Aviation
- Commercial Aircraft
- Fit Type
- Line Fit
- Retrofit
- Region
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
- North America
- Companies profiled
- Collins Aerospace
- BMT Aerospace
- Northstar Aerospace
- Safran
- Leibherr Group
- Collins Aerospace
- BMT Aerospace
- Northstar Aerospace
- Safran
- Leibherr Group