DUBLIN--(BUSINESS WIRE)--The "Aircraft Actuators Market by End-Use (OEM, Aftermarket), Type (Linear, Rotary), Technology (Hydraulic, Electric, Pneumatic, Mechanical), System, Application, Wing Type (Fixed Wing, Rotary Wing), Platform, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The aircraft actuators market is estimated to be USD 9,058 million in 2020 and is projected to reach USD 20,955 million by 2030, at a CAGR of 8.7% from 2020 to 2030.
The market is driven by various factors, such as the Increasing demand for automation in flight control, and the growing trend towards more electric aircraft (MEA) are the major drivers of aircraft actuators market.
The aircraft actuators market includes major players Honeywell International Inc. (US), Safran (France), Collins Aerospace (US), Moog (US), and AMETEK (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aircraft actuator production and services by 7-10% globally in 2020.
Air Taxis: The fastest-growing segment of the aircraft actuators market, by platform.
The air taxis platform is the fastest-growing segment of the aircraft actuators market. Air taxis or passenger drones are aerial vehicles that carry passengers from one place to another. The increasing urban population has resulted in the development of mass transportation solutions, such as metros and faster rail and bus services. One of the alternatives for mass transportation is passenger drones. Presently, several companies are focusing on the development of air taxis that are expected to be commercialized in the coming years, which subsequently is expected to drive the market for aircraft actuators.
Commercial Aviation: The largest market share segment of the aircraft actuators market, by application.
Commercial aviation is the application segment contributing the largest share of the aircraft actuators market. The commercial aviation sector is expected to witness robust growth post-COVID-19 pandemic situation. This growth can be attributed to factors such as increasing air travel, the rise in disposable income of the middle-class population, and increased international trade and tourism across the globe. This increase in aircraft orders will drive the demand for actuators, which are used in a wide range of aircraft applications, including landing gear, flight control, engine control, and various auxiliary controls, such as brakes, nose wheels, and steering. The increase in the application scope of actuators in the applications mentioned above is expected to propel the market growth during the forecast period.
Asia Pacific: The fastest-growing region in the aircraft actuators market.
Asia Pacific is projected to be the highest CAGR rate for the aircraft actuators market during the forecast period. The growth of this region is attributed to the demand for advanced actuation systems in the aviation industry. With affordable air travel on the rise and relaxation in some government regulations, the Asia Pacific region is witnessing an increased procurement of LCCs. Additionally, an increasing aerospace & defense expenditure and expansion in airline networks in emerging nations, such as India and China, have accelerated the demand for aircraft actuators in the region.
Market Dynamics
Drivers
- Growing Trend of more Electric Technology
- more Electric Aircraft Programs, by Category
- Advancement in Electric Actuators for All-Electric Platforms and Light Aircraft
- Fully Electric Aircraft Programs, by Category
Restraints
- Power Consumption Issues in Electric Actuators
- Leakage Issues in Hydraulic and Pneumatic Actuators
Opportunities
- Demand for Digitalized and Internet of Things (IoT) Systems in the Aviation Industry
Challenges
- Stringent Regulatory Framework
- Power Density and Efficiency
- Economic Challenges Faced by the Aviation Industry Due to COVID-19
- Reduced Global Demand for Maintenance, Repair, and Overhaul (MRO) Due to COVID-19
Companies Mentioned
- ABB
- Altra Industrial Motion
- Ametek
- Astronics Corporation
- Cedrat Technologies
- Collins Aerospace (A United Technologies Company)
- Curtiss-Wright (Exlar)
- DVG Automation
- Eaton
- GE Aviation
- Honeywell International Inc.
- IAI
- ITT
- Kinitics Automation
- Kollmorgen
- Liebherr
- Macron Dynamics
- Moog
- Nabtesco Corporation
- Nook Industries, Inc.
- Parker Hannifin Corp.
- Rotomation
- Saab AB
- Safran
- Tolomatic
- Woodward Inc.
For more information about this report visit https://www.researchandmarkets.com/r/acbob3
