In 2022, the worldwide aircraft actuator market reached a value of USD 17.36 billion. It is anticipated to increase from USD 19.01 billion in 2023 to USD 32.16 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 8.06% throughout the forecast period.
Report Source: https://www.fortunebusinessinsights.com/aircraft-actuator-market-102578
An actuator is a system that is used for controlling the movement functions of an aircraft. The product regulates the motion and flow of the aircraft; an integral function as far as the operation of the system is concerned. The high investments towards the development of efficient actuators, driven by the demand for efficient and faster products, will have a positive impact on the growth of the market in the coming years. As a result there have been numerous technological advancements in actuators. The increasing demand for technologically advanced systems have led to improved product efficacies and ultimately increased the demand for the product across the world.
Increasing Number of Product Launches Will Aid Growth
The report includes several factors that have made an impact on the growth of the market in recent years. It discusses a few of the major industry developments of recent times. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market in recent times. The emphasis on the adoption of technologically advanced products has compelled companies to introduce newer products at a rapid pace. Due to the accuracy and precision involved in aircraft operations, it is necessary to adopt products with the highest efficiency. The increasing number of technological advancements will help companies generate substantial aircraft actuators market revenue in the coming years
North America Dominates the Market; Presence of Several Large Scale Companies Will Aid Growth
The report analyzes the ongoing aircraft actuators market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America holds the highest aircraft actuators market share in recent years. The massive investments towards the adoption of modern actuators will bode well for the growth of the regional market. As of 2018, the market in North America was worth USD 8.17 billion and this value is projected to increase further in the coming years. The market in Europe will also witness considerable growth in the coming years, owing to the upgradation of existing actuators for improved reliability.
Industry Developments:
August 2019 – The Boeing Company bagged a contract worth USD 55.5 million from the United States Air Force (USAF). This contract was aimed at the modification of boom telescope actuator on Boeing KC-46.
Several factors contribute to the growth of the Aircraft Actuator Market:
Technological Advancements: Ongoing innovations and advancements in actuator technologies enhance the efficiency and performance of aircraft systems, driving the demand for upgraded and advanced actuator solutions.
Increasing Aircraft Production: The growth in global air travel has led to a rise in aircraft production. As more aircraft are manufactured, there is a parallel increase in the demand for aircraft actuators, essential components for various functionalities within the aircraft.
Rising Demand for Fuel-Efficient Aircraft: With a growing emphasis on environmental sustainability and fuel efficiency, there is an increased demand for aircraft with advanced systems, including more efficient and precise actuation systems that contribute to fuel savings.
Expanding Commercial Aviation Sector: The continuous expansion of the commercial aviation sector, driven by increasing passenger traffic and global connectivity, creates a sustained demand for aircraft and associated components, including advanced actuators.
Stringent Safety and Regulatory Standards: The aviation industry is highly regulated, and there is a constant focus on enhancing safety standards. Actuators play a critical role in ensuring the safe and reliable operation of various aircraft systems, leading to a higher demand for technologically advanced and compliant actuation solutions.
Growing Military Aircraft Modernization Programs: Military aircraft often undergo modernization programs to incorporate the latest technologies for improved performance. This includes the adoption of advanced actuator systems to enhance the agility and functionality of military aircraft.
Maintenance, Repair, and Overhaul (MRO) Activities: The increasing frequency of MRO activities for existing aircraft fleets contributes to the demand for replacement and upgraded actuator systems, as airlines and military forces strive to keep their fleets in optimal operating condition.
Focus on Lightweight and Compact Solutions: There is a trend toward developing lightweight and compact actuation systems, driven by the need to reduce aircraft weight, improve fuel efficiency, and optimize overall performance.
These growth-driving factors collectively contribute to the expansion of the Aircraft Actuator Market.