CHICAGO, March 8, 2024 /PRNewswire/ — The Aircraft Gears Market is projected to grow from USD 325 million in 2023 and is estimated to reach USD 403 million by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The Aircraft Gears market, forecasted globally to 2028, is a combination of technological, economic, and regulatory factors that influence both demand and supply. With a CAGR of 4.4%, a myriad of factors beyond the increased demand for actuators and the fundamental requirements of efficiency and performance in the aerospace industry influence the growth of the aircraft gears market. These factors span technological innovations, market trends, regulatory requirements, and shifts in global defense and commercial aviation strategies.
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Browse in-depth TOC on “Aircraft Gears Market”
120 – Tables
80 – Figures
220 – Pages
Aircraft Gears Market Report Scope:
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Report Coverage |
Details |
|
Market Revenue in 2023 |
$325 million |
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Estimated Value by 2028 |
$403 million |
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Growth Rate |
Poised to grow at a CAGR of 4.4% |
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Market Size Available for |
2019–2028 |
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Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
North America, Europe, Asia Pacific, Middle East, Latin America and Africa |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Complex design and integration of new materials |
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Key Market Opportunities |
Economic growth provides new opportunities |
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Key Market Drivers |
Increase in aircraft deliveries |
Based on the platform, the commercial aviation segment by platform is estimated to have the highest market share in 2023.
Based on the platform, the commercial aviation segment is estimated to have the highest market share for the Aircraft Gears Market in 2023. The global increase in air travel is a primary driver behind the growth of commercial aviation. As more people travel by air for both business and leisure, airlines are expanding their fleets to meet this demand. This expansion requires many new aircraft, each equipped with multiple gear systems, thereby driving down the demand for aircraft gears.
Based on the End User, OEM segment is estimated to have the highest market share in 2023.
In 2023, the OEM segment in the Aircraft Gears Market is estimated to have the largest market share. Aircraft OEMs are continuously expanding their product portfolios to include a wider range of aircraft types, from large commercial airliners to business jets and military aircraft. Each type of aircraft has unique gear requirements, contributing to the diverse demand for aircraft gears across different segments of the aerospace market. Aircraft OEMs invest significantly in R&D to innovate and improve aircraft performance, efficiency, and safety. This investment often leads to the development of new gear technologies and materials, further driving the demand within the OEM segment for cutting-edge gear solutions that can meet these evolving requirements.
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Based on application, the actuators segment is estimated to have the highest market share in 2023.
The actuators segment is poised to drive substantial growth in the Aircraft Gears market, projected to achieve the highest market share by 2023. The aerospace sector is experiencing notable progress in actuation technology, highlighted by the emergence of electric actuation systems as viable replacements for conventional hydraulic and pneumatic systems. These electric actuators bring advantages including decreased weight, enhanced reliability, and simplified maintenance, leading to their increased integration into modern aircraft designs. This transition to more sophisticated actuation systems demands the application of precision-engineered gears, thereby stimulating expansion in this market segment.
Based on regions, the North America market is estimated to have the highest market share during 2023.
The North America region is expected to have the highest market share in the Aircraft Gears Market during the forecast period. North America is anticipated to hold the largest share in the aircraft gears market in 2023, a trend that can be attributed to several key factors inherent to the region’s aerospace industry and economic environment. The strength of North America in this market is underpinned by a combination of robust industrial infrastructure, significant investments in aerospace R&D, a strong presence of leading aircraft manufacturers and defense contractors, and a substantial demand for both commercial and military aviation.
Key Players
Prominent companies in the Aircraft Gears Market include Arrow Gears (US), Precipart (Switzerland), Batom Co., Ltd. (Taiwan), Gear Motions (US), and Gibbs Gears (UK) are some of the leading companies in the Aircraft Gears market. These industry leaders, headquartered in various countries, drive innovation and excellence in Aircraft gear manufacture globally.
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