The global aircraft actuator market size was valued at USD 17.36 billion in 2022 and is anticipated to grow from USD 19.01 billion in 2023 to USD 32.16 billion by 2030, exhibiting a CAGR of 8.06% during the forecast period.
Actuators play a crucial role in governing the movement of a system by transforming input control signals into mechanical motion. In the aviation industry, aircraft actuators find application in flight control systems, fuel management systems, power generation, transmission systems, and more. The primary functions of aircraft actuation systems revolve around regulating the flow or motion control of various aircraft systems. Key actuation components encompass servo motors, electric motors, power transfer units, valve actuators, generators, pumps, and other integral elements.
The demand for aircraft actuators is on the rise, driven by the growing number of aircraft deliveries and an increase in air passenger travel, particularly in emerging economies like China and India. Aircraft manufacturers are increasingly adopting electric actuators over traditional hydraulic counterparts due to the superior advantages they offer, including enhanced efficiency, reduced weight, and elimination of leakage. This shift towards electric actuators is poised to significantly propel the market's growth in the coming years.
Report Source: https://www.fortunebusinessinsights.com/aircraft-actuator-market-102578
An actuator is a system that is used for controlling the movement functions of an aircraft. The product regulates the motion and flow of the aircraft; an integral function as far as the operation of the system is concerned. The high investments towards the development of efficient actuators, driven by the demand for efficient and faster products, will have a positive impact on the growth of the market in the coming years. As a result there have been numerous technological advancements in actuators. The increasing demand for technologically advanced systems have led to improved product efficacies and ultimately increased the demand for the product across the world.
Increasing Number of Product Launches Will Aid Growth
The report includes several factors that have made an impact on the growth of the market in recent years. It discusses a few of the major industry developments of recent times. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market in recent times. The emphasis on the adoption of technologically advanced products has compelled companies to introduce newer products at a rapid pace. Due to the accuracy and precision involved in aircraft operations, it is necessary to adopt products with the highest efficiency. The increasing number of technological advancements will help companies generate substantial aircraft actuators market revenue in the coming years
North America Dominates the Market; Presence of Several Large Scale Companies Will Aid Growth
The report analyzes the ongoing aircraft actuators market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America holds the highest aircraft actuators market share in recent years. The massive investments towards the adoption of modern actuators will bode well for the growth of the regional market. As of 2018, the market in North America was worth USD 8.17 billion and this value is projected to increase further in the coming years. The market in Europe will also witness considerable growth in the coming years, owing to the upgradation of existing actuators for improved reliability.
Industry Developments:
August 2019 – The Boeing Company bagged a contract worth USD 55.5 million from the United States Air Force (USAF). This contract was aimed at the modification of boom telescope actuator on Boeing KC-46.