Aircraft Gearbox Market: Fuel Efficiency and Carbon Emissions Driving Growth – Explore the Latest Trends and Insights
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The global aircraft gearbox market size reached USD 2.65 Billion in 2021 and is expected to register a revenue CAGR of 8.1% during the forecast period to the latest analysis by Emergen Research. Rising demand for lightweight aircraft components is a key factor driving revenue growth of the market.
The increasing demand for aircraft around the world has created a highly competitive sector for aircraft gearboxes. Critical parts of aircraft engines, aircraft gearboxes assist in transferring power from the engine to the propeller. Due to rising airline travel demand, expanding aircraft fleet size, and desire for fuel-efficient aircraft, the industry is anticipated to expand at a rapid rate.
The rising need for aeroplanes that use less fuel is one of the main factors driving the aircraft gearbox market. Airlines are looking for ways to lower their operating expenses as fuel costs increase more. By lowering engine speed and raising propeller efficiency, aeroplane gearboxes are essential for enhancing fuel efficiency. Airlines all around the world are now demanding more aeroplane gearboxes as a result.
The expanding size of the aircraft fleet is another factor driving the market for aircraft gearboxes. The need for aeroplane gearboxes is anticipated to grow along with the number of operating aircraft. This is due to the fact that each aircraft needs a number of gearboxes to operate, and as the fleet size increases, so does the need for these parts.
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But there are also certain limitations in the market for aircraft gearboxes. The high price of aeroplane gearboxes is one of the main constraints. The production of aircraft gearboxes is a difficult operation that calls for a substantial investment in machinery and technology. High production costs are the outcome, and these costs are eventually borne by the end customers. Smaller airlines and businesses may find it difficult to afford aircraft gears as a result, which may restrict market expansion.
The growing trend of airlines leasing aeroplanes rather than buying them is another market limitation. As leasing companies are less likely to engage in improvements or modifications to the aircraft, which may include replacing gearboxes, this can reduce the market for aircraft gearboxes.
The market for aeroplane gearboxes has a number of development drivers notwithstanding these obstacles. The rising demand for regional planes is one of the key drivers of growth. Regional jets are smaller, more affordable aircraft that are used for short-haul flights. They are growing in popularity. The need for aircraft gearboxes is rising along with the demand for regional jets. The growing demand for military aircraft is another driving force behind market expansion. Military aircraft need high-performance gearboxes that can function in various situations and survive harsh conditions. The market for aircraft gearboxes is anticipated to increase as governments continue to make investments in their militaries.
Aircraft Gearbox Market Segmentation:
The Aircraft Gearbox Market is segmented based on type, platform, and application outlook. The type outlook includes actuation, reduction, tail rotor, accessory, auxiliary power unit, and others. The platform outlook includes civil and military, while the application outlook includes engine and airframe.
The accessory segment is expected to register a significant revenue growth rate during the forecast period due to the increasing demand for aircraft accessories such as power generation systems, air management systems, and hydraulic systems. The civil segment is expected to register a substantial revenue growth rate over the forecast period due to the increasing demand for commercial aircraft. The engine segment is expected to register a moderate revenue growth rate over the forecast period due to the increasing demand for fuel-efficient aircraft engines.
The market in North America is expected to register a considerable revenue growth rate during the forecast period due to the presence of major aircraft manufacturers and suppliers in the region. On March 29, 2021, Rolls-Royce has officially started building the world’s largest aero engine, UltraFan due to the increasing demand for fuel-efficient engines and the need to reduce carbon emissions. The UltraFan engine is expected to offer a 25% improvement in fuel efficiency compared to the first generation of Rolls-Royce Trent engines, which were introduced in the early 1990s.
The demand for more fuel-efficient aircraft, the expansion of the aircraft fleet, and the increased popularity of airline travel all contribute to the growth of the aircraft gearbox market, a crucial sector of the aviation industry. While the market is constrained by factors like high production costs and the trend of leasing aircraft, it is also anticipated to increase as a result of factors like demand for regional jets and military aircraft.
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Some Key Highlights From the Report
The accessory segment is expected to register a significant revenue growth rate during the forecast period due to the increasing demand for aircraft accessories such as power generation systems, air management systems, and hydraulic systems. These components are critical to the overall functioning of an aircraft and play an essential role in ensuring the safety and comfort of passengers.
The civil segment is expected to register a substantial revenue growth rate over the forecast period due to the increasing demand for commercial aircraft. The civil segment includes aircraft used for passenger and cargo transportation, as well as general aviation aircraft. One of the primary drivers of the growth of the civil segment is the increasing demand for air travel. With the growing global population and rising disposable incomes, more people are traveling by air for both business and leisure purposes.
The engine segment is expected to register a moderate revenue growth rate over the forecast period due to the increasing demand for fuel-efficient aircraft engines. The engine segment includes components such as turbofans, turboprops, and turbojets, which are critical to the overall functioning of an aircraft.
Market in North America is expected to register a considerable revenue growth rate during the forecast period due to the presence of major aircraft manufacturers and suppliers in the region. North America is home to some of the world’s largest aircraft manufacturers, including Boeing and Airbus, and is a major hub for aircraft component suppliers.
On March 29, 2021, Rolls-Royce has officially started building the world’s largest aero engine, UltraFan due to the increasing demand for fuel-efficient engines and the need to reduce carbon emissions. The UltraFan engine is expected to offer a 25% improvement in fuel efficiency compared to the first generation of Rolls-Royce Trent engines, which were introduced in the early 1990s.
Some major companies in the global aircraft gearbox market report include The Timken Company, Triumph Group, CEF Industries, United Technologies Corporation, Liebherr, Rexnord Aerospace, Northstar Aerospace, Safran, Avion, and Aero Gear.
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About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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