The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, May 24, 2023 /PRNewswire/ -- As per The Business Research Company's Aircraft Gearbox Global Market Report 2023, the global aircraft gearbox market size will grow from $2.9 billion in 2022 to $3.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 8%. The aircraft gearbox market size is then expected to grow to $4.2 billion in 2027 at a CAGR of more than 7%.
The increase in demand for military helicopter is expected to positively impact the growth of the aircraft engine gearbox market during the forecast period. Due to the aging of helicopter components and systems of military helicopters, the market is expected to see a growing demand for aircraft gearboxes from the increasing number of new military helicopters. For example, in June 2022, the United States government and Sikorsky, a Lockheed Martin company, a US-based aircraft manufacturer, signed a five-year contract for a baseline of 120 H-60M Black Hawk helicopters, with options to reach a total of 255 aircraft to be delivered to the US Army and Foreign Military Sales (FMS) customers. Therefore, the increase in demand for military helicopters is expected to contribute to the growth of the aircraft gearbox market.
Learn More On The Aircraft Gearbox Market Report - https://www.thebusinessresearchcompany.com/report/aircraft-gearbox-global-market-report
The global aircraft gearbox market is segmented -
1) By Component: Gear, Housing, Bearings, Other Components
2) By Aircraft Type: Civil Aviation, Military Aviation
3) By Fit: Retrofit, Linefit
4) By Gearbox Type: Accessory, Actuation, Reduction, Tail Rotor, Auxiliary Power Unit, Other Gearbox Types
5) By Application: Engine, Airframe
The top opportunities in the aircraft gearbox market segmented by aircraft type will arise in the civil aviation segment, which will gain $1.1 billion of global annual sales by 2027.
North America was the largest region in the aircraft gearbox market, accounting for 48.2% of the total in 2022. The aircraft gearbox market size will gain the most in the USA at $580.9 million. It was followed by Asia-Pacific, and then the other regions.
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Companies operating in the aircraft gearbox market are focusing on technology advancement and developing technologically advanced products to grow in the market. For instance, in 2023, Airbus Helicopters, a France-based company that provides the most efficient helicopter solutions, launched an upgraded main gearbox for the H225 as the airframer continues to invest in the heavy twin in order to raise safety standards and reduce the maintenance workload for customers. The new gearbox, known as the eMGB, will increase the component's time before overhaul (TBO) from 1,000 hours to 2,000 hours. This enhanced MGB will provide increased robustness and alleviate the maintenance plan of the H225.
The Business Research Company recommends players adopt other market-trend-based strategies such as focusing on launching new power gearboxes, seeking partnerships and collaborations to expand their product portfolio and geographic presence, and investing in the market to develop new product solutions.
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