The Global Aircraft Gearbox Market is expecting around 5.5% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The rapidly increasing air traffic due to improving living standards & financial conditions and growing preference for air travel worldwide are escalating the number of aircraft and driving the demand for more aircraft components like gearboxes.
Besides, the mounting focus of aircraft manufacturers on making lightweight aircraft is compelling the leading market players to produce lightweight components, i.e., augmenting the production & procurement of lightweight composite-made gearbox for aircraft and, in turn, driving the market.
Moreover, the surging need for technologically advanced gearboxes like next-generation Pure-Power Geared Turbofan (GTF) engines is another crucial aspect projected to boost the market in the coming years, further states the research report, “Global Aircraft Gearbox Market Analysis, 2022.”
With Combined Benefits of Jet Thrust & Propeller, Turboprop Engines to Create Profitable Prospects for the Aircraft Gearbox Industry
Turboprop engines comprise the jet engine thrust along with the efficiency of a propeller, i.e., driven by the turbine that these engines have. As a result, they enhance aircraft efficiency and offer numerous other advantages compared to traditional jet engines, such as low-cost & easy operation & maintenance, flexibility in take-offs & landings, fuel efficiency, etc. Hence, the rapidly growing inclination of aircraft manufacturers toward procuring these engines projects a consequently increasing demand for their gearboxes, which, in turn, would fuel the expansion of the Global Aircraft Gearbox Market in the years to come.
Massive Investment in Aircraft Gearbox across North America to Boost the Market Growth
With massive budgets & increasing investments toward developing & procuring technologically advanced aircraft gearboxes to strengthen the aviation industry, North America is expected to dominate the Aircraft Gearbox Market with the largest share during the forecast period.
The extensive presence of leading market players in the US & Canada conducting rigorous research & development in aircraft gearboxes is another crucial aspect contributing significantly to the regional market growth. Moreover, the escalating demand for lightweight & fuel-efficient engines like turboprop & pistons in aircraft gearboxes would also play a crucial role in the market expansion across North America in the coming years, reveals MarkNtel Advisors in their research report, "Global Aircraft Gearbox Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Global Aircraft Gearbox Market include Safran, Liebherr, United Technologies Corporation, Rexnord Aerospace, Triumph Group, PBS Velka Bites, CEF Industries, Aero Gear, Avion, and Northstar Aerospace.
Key Questions Answered in the Research Report: