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Aircraft Actuators Market Expected to Reach $24.1 Billion by 2031—Allied Market Research
Increase in aircraft demand encourage deployment of innovations in vehicle components to address fuel efficiency challenge, which contribute to air pollution that further pushes the growth of the aircraft actuators market. Addition of electric actuators to an aircraft can reduce fuel use by drastically and significantly change the current scenario of aviation in support of the environmental protection. Electrical actuators are up to 80% more efficient than hydraulic actuators because they have an efficient motor without heating issues and a decreased chance of component failure.
Sneha Kamble - Lead Analyst, Aerospace and Defense at Allied Market Research
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According to a new report published by Allied Market Research, titled, “Aircraft Actuators Market," The aircraft actuators market was valued at $14.5 billion in 2021, and is estimated to reach $24.1 billion by 2031, growing at a CAGR of 5.4% from 2022 to 2031.
In 2021, Asia-Pacific region dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. Initiatives taken by the governments toward the modernization of aviation sector and rise in air traffic in the region are expected to propel the growth of the aircraft actuators market during the forecast period.
There are prominent key factors that drive the growth of the aircraft actuators market such as rise in operations in the commercial aviation, and increase in demand from emerging regions. The market economy is also responsible for the growth of the aircraft actuators industry. Emerging countries in the region, such as India and China, are experiencing significant increases in civil aviation markets due to increased demand for air travel. Thus, the aerospace sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the aircraft actuators market.
The aircraft actuators market is segmented on the application, wing type, type, end use, and region. The application segment is further divided as commercial aviation, military aviation, business & general aviation, and unmanned. By wing type, the market is classified into Fixed Wing, and Rotary Wing. On the basis of type, it is divided into Linear, and Rotary. By end use, it is segmented into line OEM, and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY FINDINGS OF THE STUDY
- By application, the commercial aviation segment is expected to register a significant growth during the forecast period.
- By wing type, the fixed wing segment is expected to register a significant growth during the forecast period.
- By type, the rotary segment is projected to lead the global aircraft actuators market
- By end use, the OEM segment is projected to lead the global aircraft actuators market
- Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this aircraft actuators market are AMETEK, Inc., Astronics Corporation, Curtiss-Wright Corporation, Eaton Corporation Plc, Honeywell International Inc, ITT Inc., Liebherr-International AG, MOOG Inc., Nabtesco Corporation, Raytheon Technologies Corporation, Saab AB, Safran SA, Sitec Aerospace GmbH, Tamagawa Seiki Co., Ltd., and Woodward, Inc
Aircraft Actuators Market by Application (Commercial Aviation, Military Aviation, Business and General Aviation, Unmanned), by Wing Type (Fixed Wing, Rotary Wing), by Type (Linear, Rotary), by End Use (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031