Aircraft Accessory Gearbox Market At a 6.3% CAGR Projected Expansion to $2.1 Billion Market Value by 2033

According to a new report published by Allied Market Research, titled, "Aircraft Accessory Gearbox Market," The aircraft accessory gearbox market size was valued at $1.2 billion in 2023, and is estimated to reach $2.1 billion by 2033, growing at a CAGR of 6.3% from 2024 to 2033.

An aircraft accessory gearbox (AGB) is a component of an aircraft's propulsion system, designed to transfer mechanical power from the main engine to various auxiliary systems. It serves as a mounting platform for essential accessories such as generators, hydraulic pumps, fuel pumps, and air compressors, ensuring their efficient operation during flight. The AGB plays a vital role in optimizing engine performance by regulating power distribution and reducing the load on the main engine. As aircraft technology advances, modern accessory gearboxes are being developed with enhanced durability, lightweight materials, and improved efficiency to meet the growing demands of next-generation aircraft. The aircraft accessory gearbox industry is experiencing significant aircraft accessory gearbox market Growth, driven by the increasing demand for advanced gearbox solutions in both commercial and military aviation. One of the key driving factors is the rising aircraft accessory gearbox market demand, fueled by the growing production of fuel-efficient and next-generation aircraft. Additionally, advancements in gearbox materials and design are enhancing durability, reducing weight, and improving overall efficiency. The expansion of airline fleets, modernization of military aircraft, and stringent regulatory standards for performance and reliability further contribute to the market's growth.

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Growth of aircraft transmission systems is one of the primary driver in the growth of the aircraft accessory gearbox market. By 2028, these collaborations are expected to drive innovation and manufacturing capabilities, with governments and private enterprises working together to enhance aviation technology. This approach will accelerate the development of high-performance, lightweight, and fuel-efficient gearbox solutions, supporting the next generation of aircraft. In 2023, India's Skanda Aerospace Technology (SATPL), which is a joint venture between Raghu Vamsi Machine Tools and Texas-based Rave Gears LLC, established an advanced gear and gearbox manufacturing facility. This initiative aligns with India's vision to strengthen its aerospace manufacturing ecosystem and reduce dependence on imports. The aircraft accessory gearbox market is driven by rise in demand for fuel efficient aviation technologies, expansion of commercial and military aircraft fleets, and advancements in power transmission systems. As airlines focus on reducing operational costs and improving engine performance, the need for lightweight, high-efficiency gearboxes continues to grow. In addition, rise in adoption of predictive maintenance technologies and rise in demand for more electric aircraft (MEA) are further accelerating aircraft accessory gearbox market opportunities.

The aircraft accessory gearbox market analysis is segmented into platform, component, application, end user, and region. By platform, the market is divided into civil, and military. On the basis of component, the market is classified into gears, housings, bearing, and others. By application, the market is divided into engine and airframe. By end user, the market is divided into OEM, and aftermarket. Region-wise, the aircraft accessory gearbox market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

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KEY FINDINGS OF THE STUDY

The civil segment was the highest revenue contributor to the market, with $862.64 million in 2023, and is estimated to reach $1,602.24 million by 2033, with a CAGR of 6.7%.
The bearing segment was the highest revenue contributor during the forecast period of 2023-2033.
The engine segment was the highest revenue contributor during the forecast period of 2023-2033.
The OEM segment accounted for the largest share in 2023.
North America was the highest revenue contributor, accounting for $553.05 million in 2023, and is estimated to reach $981.3 million by 2033, with a CAGR of 6.21%.

The key aircraft accessory gearbox market leaders profiled in the report include Safran, Liebherr Group, The Timken Company, Triumph Group, Inc., Bharat Forge, Regal Rexnord Corporation, Northstar Aerospace, Collins Aerospace, General Electric Company, Kawasaki Heavy Industries, Ltd., and Aero Gear Inc. These key players have adopted several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase the aircraft accessory gearbox market share during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.