Portland, OR, Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aircraft gearbox market generated $2.8 billion in 2021, and is projected to reach $5.1 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Aircraft Gearbox Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.8 billion |
| Market Size in 2031 | $5.1 billion |
| CAGR | 6.5% |
| No. of Pages in Report | 397 |
| Segments Covered | Application, component, end-use, sales channel, and region. |
| Drivers | Increase in the standard of living |
| Increase in passenger traffic and rise in investment in aircraft infrastructure | |
| Opportunities | Prevalence of extensive research and development efforts by prominent players to improve operational efficiency of an Aircraft Gearbox |
| Rise in need to reduce overall carbon footprint |
COVID-19 Scenario:
- The outbreak of COVID-19 has had a devastating impact on the growth of the global aircraft gearbox market, owing to the presence of lockdowns in numerous countries around the world.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of aircraft gearbox and other aircraft components, which adversely impacted the growth of the market.
- In addition, cancellation and temporary ban of both domestic and international flights further aggravated the impact on the market.
- These stringent social distancing were imposed by the government to curb the spread of the virus during the pandemic.
However, the market is expected to recoup with decreased restrictions and increase in investment in the sector.
The report offers detailed segmentation of the global aircraft gearbox market based on application, component, end-use, sales channel, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on application, the engine segment held the largest market share in 2021, holding three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The airframe segment, on the other hand, is expected to cite the fastest CAGR of 7.8% during the forecast period.
Based on component, the gear segment held the largest market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The bearing segment, on the other hand, is expected to cite the fastest CAGR of 7.3% during the forecast period.
Based on end-use, the commercial aircraft segment held the dominating market share in 2021, holding more than three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The military aircraft segment, on the other hand, is expected to cite the fastest CAGR of 6.9% during the forecast period.
Based on sales channel, the OEM segment held the largest market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The aftermarket segment, on the other hand, is expected to cite the fastest CAGR of 6.9% during the forecast period.
Based on region, the market across Asia-Pacific region held the largest market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.7% during the forecast period. The report also covers other regions such as LAMEA, Europe, and North America.
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The key players analyzed in the global aircraft gearbox market report include Aero Gear, PBS Group, Northstar Aerospace, General Electric, Triumph Group, AVION Technologies INC, Safran, Rolls-Royce plc, Regal Rexnord, and Boeing.
The report analyzes these key players in the global aircraft gearbox market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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