Aircraft Gearbox Market Size will witness considerable growth from 2022 to 2028 driven by the emergence of novel technologies and the rise in air traffic. The surging preference for going aircraft has steered the increasing need for replacing the existing air fleet with new ones, notably in North America. The proliferating demand for lightweight gearboxes has made way for the mounting number of R&D investments. The presence of severe government regulations along with the higher progressions in gearbox technology are some other trends driving the market expansion.
Based on aircraft type, the demand for commercial aircraft gearboxes will grow with the emerging variants of existing programs. The expanding size of the commercial aircraft fleet is another impact rendering factor for the segment growth. According to Forecast International’s Aerospace Portal, the U.S. commercial aircraft inventory constituted 7,381 aircraft in 2019, rising from 7,356 aircraft in 2018. The surging count of aircraft deliveries to cater to the booming passenger and cargo traffic, are expected to boost the aircraft gearbox market growth.
With respect to gearbox type, the market share of the accessory gearbox segment will expand with the increasing technological advancements. Apart from providing power for hydraulic, pneumatic as well as electrical systems in aircraft, an accessory gearbox is deployed to drive fuel & oil pumps, tacho-generators, and several other devices that are required for efficient engine operation. The growing number of commercial aircraft deliveries will impact the industry development.
In terms of application, the demand for gearbox aircraft engines is poised to rise with the higher application scope in residential and commercial aircraft. Spur gears are extensively utilized in various popular aircraft engines which can operate on uncountable hours. In addition, gearboxes can be considered an integral part of aircraft engines to deliver the necessary thrust that is needed during takeoff and landing. Growing adoption in piston engine applications along with multiple propeller reduction units of turboprop engines is another parameter influencing the market progression.
North America is anticipated to emerge as a profit-generating source for the aircraft gearbox market due to the growing need for lightweight as well as fuel-efficient piston and turboprop engine aircraft. On account of the higher availability of numerous OEMs, gearbox and component suppliers, distributors, and engine manufacturers, the U.S. registers optimum manufacturing capital in the aerospace industry. The mounting number of R&D investments in aircraft gearbox is a major factor fostering the regional market space. The robust presence and rising initiatives undertaken by some well-known aircraft makers, including Lockheed Martin will add an edge to the product demand spurt.
The aircraft gearbox market is consolidated by the presence of some renowned players, such as The Liebherr Group, CEF Industries, LLC, Aero Gearbox International, Safran S.A., North Star Aerospace, and The Boeing Group.
These firms are adopting strategic measures, including acquisitions, investments, mergers, and partnerships, to reinforce their footprint and are also constantly turning to new product launches and capacity expansions, to cater to the growing consumer and industrial requirements.
For instance, in March 2020, Safran Landing Systems entered a long-term contract with Lufthansa Technik AG for A380 landing gear services. The partnership helped in delivering optimized solutions that cover all aspects of the superjumbo jet’s landing gear.
The COVID-19 outbreak paved the path for multiple roadblocks across the business landscape and substantially disrupted the global economy. It also brought unprecedented challenges on the incursion of gearbox in aircraft considering the slumps in air travel amidst the crisis. The imposition of stringent travel restrictions resulted in collapsed passenger requirements. However, with the lifting of these barriers in the current time, the market forecast is likely to catch pace over the coming years.