DUBLIN--(BUSINESS WIRE)--The "Aircraft Actuator Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, System, and End User" report has been added to ResearchAndMarkets.com's offering.
According to this report the global aircraft actuator market was valued at US$ 7,700.33 million in 2019 and is projected to reach US$ 11,631.67 million by 2027; it is expected to grow at a CAGR of 6.6% from 2020 to 2027.
The aircraft actuator industry is continuously evolving with innovations to provide smaller, lighter, and cost-effective actuation systems. The rising demand for electromechanical actuators to enhance the actuation processes is propelling the market growth. An advent of electric aircraft is creating a new opportunities for the market players to focus on developing lighter, smaller, and efficient aircraft actuators. Further, increasing demand for small and narrow-body aircraft fleet from developing and developed nations propels the market growth. As the new electric actuators perform faster operations with minimal maintenance cost, major companies are selecting these products over hydraulic and pneumatic. The aircraft manufacturers are installing electronic flight control systems to improve control, which promotes the actuator manufacturers to design efficient and compact solutions to meet customer requirements.
The aviation industry is experiencing declining growth in North America, Asia, and Europe owing to the COVID-19 pandemic, as majority of the flights are suspended for longer period. Thus, the demand for actuators is lowering with delayed delivery and postponed expansion of aircraft fleet in various countries. Increasing volume of commercial and military aircraft in global market owing to rising number of passengers is prominently driving the market growth during the forecast period.
By region, in 2019, followed by Europe and Asia Pacific. Further, the market in Europe is projected to witness the highest CAGR during the forecast period. The aircraft actuators market is segmented on the basis of type, system, and end user, and geography. Based on type, the market is bifurcated into linear and rotary. The linear segment represented a larger share of the overall market in 2019. On the basis of system, the market is further segmented into hydraulic actuators, electrical actuators, mechanical actuators, and pneumatic actuators. In 2019, the hydraulic actuators segment accounted for a substantial share in the global aircraft actuators market. Based on end user, the market is segmented into commercial aircraft and military aircraft. The commercial aircraft segment accounted for a larger share of the overall market in 2019.
Impact of COVID-19 Pandemic on Aircraft Actuators Market
Amid the COVID-19 pandemic, the entire commercial aviation industry came to halt with minimal resources to foresee the future. Several production units in the US, France, Russia, and China were temporarily paused to adhere to the government regulations related to lockdown and physical distancing. The aircraft manufacturers witnessed 30-50% reduction in demand for most of their aircraft models, especially for the commercial aircraft models. The decreased aircraft production and assembly activities have decimated the demand for aircraft actuators. The business aviation sector also experienced turmoil throughout 2020 due to the lowered business jet deliveries and reduced demand for turbo-prop and rotary helicopters.
Thus, the entire aircraft manufacturing sector observed severe downfall in demand, which reflected less than usual annual growth rate in revenue generation trend. The business aviation and general aviation aircraft manufacturers were witnessing substantial demand for their products, however, the trend turned upside down in 2020, as the demand for used aircraft model grew among the users, which led the aircraft manufacturers experience fall in demand for newer aircraft models. This has restricted the manufacturers to procure actuators and other systems and technologies for newer aircraft models, thereby hampering the revenue generation of the aircraft actuators market players.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global aircraft actuators market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global aircraft actuators market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Increasing Use of Electrotechnical Actuators
- Accentuating Aircraft Order and Delivery Volumes
Restraints
- Boeing's Setback from B737 Max and Discontinuation of A380 Program
Opportunities
- Rising Demand for Narrow-body and Small Aircraft
Future Trends
- New Technologies: Plasma Actuators, Electric Aircraft Actuators, and VTOL Actuators
Companies Mentioned
- Meggit Plc
- Collins Aerospace
- Eaton Corporation
- CURTISS-WRIGHT
- Honeywell International Inc.
- Moog Inc.
- Nook Industries Inc.
- Parker Hannifin Corp.
- Transdigm Group Inc.
- Woodward Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9wa1nq
