The business landscape of the global aircraft actuators market is characterized by fierce competition. The key competitors in the market are more focused on technological innovations and developing new products to gain a competitive edge over their peers.
Report Ocean has recently published a new market study on the worldwide aircraft actuators market, titled “Global Aircraft Actuators Market Size study, by Type (Linear, Rotary), Technology (Hydraulic, Electric, Pneumatic, Mechanical), System (Flight Control System, Health Monitoring System, Power Distribution & Generation System, Avionics System, Landing and Braking System, Fuel Management System, Utility Actuators System), Application (Commercial Aviation, Military Aviation, Business & General Aviation, Unmanned), Wing Type (Fixed Wing, Rotary Wing) and Regional Forecasts 2020-2027.” The study includes a collection of analyses of all the segments of this market based on a number of parameters.
According to research report, the global aircraft actuators market reached approximately US$8.53 bn in 2019. It is expected to rise at a CAGR of more than 8.60% over the period of 2020-2027 and touch new heights. The increasing demand for aircrafts for military and commercial purposes, both, is key growth driver of this market. Urbanization and rapid progress of emerging economies have fueled the need for commercial aircrafts as air travels have increased significantly, which is leading to a high demand for actuators as well.
The Dubai Air Show report stated that 87 airlines operate in the Middle East region, taking around 1.2 million flights and moving 7.2 million tons of freight on a yearly basis. Furthermore, the IATA has expected that the Middle East will touch 501 million passengers by the end of 2037 and around 3,000 commercial planes and 64,000 pilots will be required during the forecast period. However, rising reports of leakage issue in pneumatic and hydraulic actuators may impede the growth of this market in the near future. Nonetheless, technological advancements, thanks to shifting focus on electric aircraft, are likely to present lucrative opportunities for manufacturers in the long run.
On the basis of regions, the worldwide market for aircraft actuators has been segmented into North America, Asia Pacific, Europe, Latin America, and the Rest of the World in this research study. North America has established itself as the leading regional market for aircraft actuators across the world. The early adoption of technology in this region is the key factor behind this rise. Analysts expect this regional market to remain on the top over the forthcoming years, thanks to the expanding scope of research in aircrafts in North America.
Asia Pacific is also anticipated demonstrate a high growth rate over the period of 2020-2027. Factors, such as increasing air travelers, thanks to the expansion in the tourism sector, are creating lucrative growth prospects for the Asia Pacific aircraft actuators market in the near future.
Impact of Covid 19 on Global Aircraft Actuators Market
The Covid 19 pandemic has severely impacted the airlines industry and markets under its bandwidth, including aircraft actuators market. Traveling through air was completely restricted during the second and third quarters of 2020, which proved to be disastrous for the entire industry and, consequently, for this market as well. Experts suggest that the industry will take months to recover and same goes for the global aircraft actuators market as well.
- North America has established itself as the leading regional market for aircraft actuators across the world.
- Asia Pacific is also anticipated demonstrate a high growth rate over the period of 2020-2027.
The global aircraft actuators market is segmented into:
- Flight Control System
- Health Monitoring System
- Power Distribution & Generation System
- Avionics System
- Landing and Braking System
- Fuel Management System
- Utility Actuators System
- Commercial Aviation
- Military Aviation
- Business & General Aviation
By Wing Type
- Fixed Wing
- Rotary Wing
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Honeywell International Inc.
- Safran S.A.
- Collins Aerospace
- Moog Inc.
- Woodward Inc.
- Parker Hannifin Corp.
- UTC Aerospace Systems
- Vishay Intertechnology Inc.
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