DUBLIN--(BUSINESS WIRE )--The "Global Aircraft Gearbox Market by Application (Engine, Airframe), Type (Reduction, Accessory, Actuation, Tail Rotor, APU), End User (OEM, Aftermarket), Platform (Civil, Military), Component (Gears, Housing, Bearing), Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Aircraft gearbox market is projected to grow from an estimated USD 2.6 billion in 2021 to USD 3.6 billion by 2026, at a CAGR of 6.9% in terms of value during the forecasted period. The major growth drivers for this market include an increase in demand for lightweight aircraft components and the demand for new aircraft.
The aircraft gearbox market includes major players such as Liebherr (Switzerland), Safran (France), Rexnord Aerospace (US), Triumph Group (US), The Timken Company (US), and United Technologies Corporation (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and the Rest of the world
Based on End User, the OEM segment is projected to grow at the highest CAGR during the forecast period
The OEM segment is expected to lead the aircraft gearbox market in North America during the forecast period, owing to the presence of leading aircraft manufacturers such as Boeing. An increase in aircraft orders, as well as deliveries and an increase in passenger traffic, are the factors driving the growth of the OEM segment.
Based on component, the gears segment is projected to grow at the highest CAGR during the forecast period
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.
Based on application, the engine segment is projected to grow at the highest CAGR during the forecast period.
Based on application, the engine segment is projected to grow at the highest CAGR during the forecast period. The requirement of high powered engines and its components are also driving the growth of the aircraft gearbox market.
The North America region is estimated to lead the aircraft gearbox market in 2021
The North American region is estimated to lead the aircraft gearbox market in the forecast period. The growth of the North America aircraft gearbox market 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 market in the region.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900