The global Aircraft Actuators Market is estimated to be valued at US$ 8.96 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aircraft actuators play a vital role in the movement of flight control surfaces and landing gears during all phases of aircraft operation. They provide power required to adjust flaps, ailerons, elevators and rudders for maneuvering an aircraft. Their major advantages include high precision, reliability and capability to withstand extreme temperature and vibration conditions.
Market key trends:
One of the key trends in the aircraft actuators market is the development of more electric aircraft. Major aircraft manufacturers are focusing on replacing traditional hydraulic and pneumatic actuators with electric actuators to improve fuel efficiency. For instance, Airbus' A320neo and Boeing's 787 Dreamliner incorporate more electric systems compared to their predecessors. Electric actuators provide advantages like reduced weight, fewer parts and better integration of various aircraft systems. This is expected to drive the demand for advanced electric aircraft actuators during the forecast period.
Segment Analysis
The global aircraft actuators market is segmented into aircraft type, type, application, and region. Based on aircraft type, the market is divided into narrow body aircraft, wide body aircraft, very large body aircraft, regional transport aircraft, fighter jets, and military transport aircraft. Narrow body aircraft segment dominates the market owing to increasing demand for short and medium-range commercial aircraft.
Key Takeaways
The Global Aircraft Actuators Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing air passenger and freight traffic. The market size for 2023 is US$ 8.96 Bn.
Regional analysis:
North America region is expected to dominate the global aircraft actuators market over the forecast period. This is attributed to presence of several aircraft OEMs and tier players in the region. The region accounted for over 35% of market share in 2023. Asia Pacific region is expected to exhibit fastest growth over the forecast period owing to increasing aircraft fleet in countries such as China and India.
Key players:
Key players operating in the aircraft actuators market are Heroux-Devtek Inc., Honeywell International Inc., Liebherr-International Deutschland GmbH, Raytheon Technologies Corporation, Nook Industries Inc., Parker Hannifin Corp., Electromech Technologies, Eaton Corporation PLC, Arkwin Industries Inc., Moog Inc., Woodward Inc., Safran SA, and Triumph Group. Honeywell International Inc. and Parker Hannifin Corp. together accounted for over 30% of market share in 2023.
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