Surge in operations in commercial aviation, increase in the demand for fuel efficiency, rise in the adoption of electric actuators, remarkable surge in air travel activities & air traffic across the globe are expected to drive the growth of the global aircraft actuators market.
PORTLAND, Ore., Oct. 19, 2022 /PRNewswire/ — Allied Market Research published a report titled, “Aircraft Actuators Market by Application (Commercial Aviation, Military Aviation, Business and General Aviation, Unmanned), by Wing Type (Fixed Wing, Rotary Wing), by Type (Linear, Rotary), by End Use (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global aircraft actuators industry was estimated at $14.5 billion in 2021, and is set to reach $24.1 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints and Opportunities
Surge in operations in commercial aviation, increase in the demand for fuel efficiency, rise in the adoption of electric actuators, remarkable surge in air travel activities & air traffic across the globe are expected to drive the growth of the global aircraft actuators market. In addition, increase in military expenditure, and persistent technological advancements in aircrafts in both developing and developed economies are expected to create ample opportunities for the growth of the global aircraft actuator market.
COVID-19 Scenario
- The outbreak of the COVID-19 has had a negative impact on the growth of the global aircraft actuator market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of various manufacturing facilities, including those of aircraft actuators, which adversely impacted its demand.
- In addition, reduction in flight travel among people and cancellation of both domestic and international flights in various countries further aggravated the impact on the market.
- Furthermore, shortage of raw materials due to strict trade restrictions additionally impacted the growth of the market.
- These restrictions were imposed by the government so as to curb the spread of the virus during the pandemic.
The commercial aviation segment to lead the trail
Based on application, the commercial aviation segment held the largest market share in 2021, holding more than one-third of the global aircraft actuators market share, and is expected to retain its dominant status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 6.4% during the forecast period. The growth of this segment is mainly due to surge in use of actuator in power generation & transmission systems of commercial aircraft. The report also analyses other segments of the market such as Military Aviation, Business and General Aviation, and Unmanned.
The OEM segment to cite the fastest CAGR
Based on end-use, the OEM segment held the largest market share in 2021, holding more than four-fifths of the global aircraft actuators market share, and is expected to retain its dominant status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.7% during the forecast period. The growth of this segment is mainly due to increase in aircraft orders from aircraft manufacturers because of rise in air traffic. The report also analyses other segments of the market such as the aftermarket segment.
The Fixed Wing segment to lead the trail
Based on wing type, the fixed wing segment held the dominating market share in 2021, holding nearly two-thirds of the global aircraft actuators market share, and is expected to retain its dominant status during the forecast period. In addition, same segment is expected to cite the fastest CAGR of 5.8% during the forecast period. Fixed wing aviation is the largest and fastest growing segment owing to rise in use of fixed wing aircraft in the military sector. The report also analyses other segments of the market such as the rotary wing segment.
The Asia-Pacific region to hold lion’s share of the global market during forecast period
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding more than one-third of the global aircraft actuators market share, and is expected to retain its dominant status during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 5.9% during the forecast period. The immaculate growth of the market in this region is primarily due to rise in demand for adoption and enhancement of aircraft performance systems and increase in demand for air travel in the region.
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Key Market Players:
- AMETEK, Inc.
- Astronics Corporation
- Curtiss-Wright Corporation
- Eaton Corporation Plc
- Honeywell International Inc
- ITT Inc.
- Liebherr-International AG
- MOOG Inc.
- Nabtesco Corporation
- Raytheon Technologies Corporation
- Saab AB
- Safran SA
- itec Aerospace GmbH
- Tamagawa Seiki Co., Ltd.
- Woodward, Inc.
The report analyzes these key players in the global aircraft actuator market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
Access the Statistical Data and Graphs, Key Players Strategies – https://bit.ly/3Tdr3qW
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