DUBLIN--(BUSINESS WIRE)--The "Aircraft Seat Actuation Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Competitive Landscape
The market of aircraft seat actuation systems is a highly consolidated market with very few players accounting for the majority share in the market despite the presence of the many component providers in the market.
Some of the prominent players in the aircraft seat actuation systems market are Safran SA, Meggit PLC, Crane Co, AMETEK Inc., and ITT Inc. The demand is expected to remain robust and free from market fluctuations due to the economic downturn and COVID-19 pandemic from the military applications side and thus manufacturers and should focus on this segment to stabilize and secure their revenue sources.
The Asia-Pacific and the Middle-East and Africa regions, which are currently experiencing demand in the aviation industry, presently lack adequate infrastructure and inventory of products to supply quickly. Therefore, the companies are expanding their presence in underdeveloped regions locally, as that would provide them the first-mover advantage and will also benefit from offset clauses that are being set forth by many governments globally as part of contract obligations.
Market Overview
The aircraft seat actuation systems market was valued at about USD 278.72 million in 2020 and is projected to grow to approximately USD 362.2 million in 2026 with a CAGR of 2.68% during the forecast period (2021-2026).
The outbreak of COVID-19 pandemic in 2020 has severely impacted the entire aviation industry and has resulted in several aircraft operators filing for bankruptcy, which affected the demand for aircraft in short term, and in turn, aircraft seat actuation systems. Future defense spending may also reduce hampering the future military aircraft procurement plans as countries are more focused on enhancing healthcare infrastructure.
However, the increasing vaccination in various countries is gradually increasing the air passenger traffic as the regulations for air travel are alleviating. This gradual recovery in passenger traffic is supporting the airlines and aircraft operators to invest in the procurement of new aircraft for fleet modernization and destination expansion. This is majorly driving the growth of the market during the forecast period.
Growing investment for cabin modenrisation by airlines and aircraft operators for enhancement of passenger experience onboard aircraft as well innovation in seat designs by the seat manufacturers for offering higher level of passenger comfort is anticipated to propel the demand for aircraft seat actuation systems market in the coming years.
The investments into technologies like additive manufacturing for manufacturing thin down panels and other seat compoents for reducing the overall weight and cost of manufacturing components is anticipated to develop light weight seat actuators and motors.
Key Market Trends
The Fixed-wing Aircraft Segment Accounted for Major Revenue Share in 2020
The fixed-wing aircraft segment currently dominates the market and is anticipated to continue its dominance over the market primarily due to their higher deliveries and seat requirements compared to the rotary-wing aircraft.
Despite a drop in aircraft deliveries in 2020 due to the restrictions imposed by all the major countries to curb the spread of COVID-19, the huge order backlog of aircraft OEMs like Airbus (backlog of 7,184 jets by end of 2020) and Boeing (backlog of 4,141 aircraft by July 2021), among others is anticipated to drive the growth of the market during the forecast period.
The gradual recovery in demand for commercial aviation as well as business and private aviation is further propelling the procurement of new aircraft. Also, the aircraft seat manufacturers are focused on improving their designs to attract new customers.
The Middle-East and Africa Region will Witness Highest Growth During the Forecast Period
The demand for aircraft seat actuation systems market is anticipated to be highest in the Middle-East and Africa region majorly due to demand for wide-body aircraft from major airlines as well as large size aircraft demand from private and charter companies in the region.
Similarly, the growth in terrorism in this region has resulted in these countries spending a significant amount on the procurement of military aircraft. Qatar has recently received its first batch of the new generation F-15 combat aircraft, produced by the United States and Boeing, in partnership with the Gulf state.
Companies Mentioned
- Lee Air Inc.
- Safran SA
- Astronics Corporation
- Crane Co.
- ITT Inc.
- CEF Industries LLC
- ElectroCraft Inc.
- NOOK Industries Inc.
- Rollon SpA
- Buhler Motor GmbH
- AMETEK Inc.
- Kyntronics
- Meggitt PLC
- OTM Servo Mechanisms Limited
For more information about this report visit https://www.researchandmarkets.com/r/mcdnwv
