“Increasing demand for automation in flight control and the growing trend towards more electric aircraft (MEA) are the major factors driving the aircraft actuators market.”
The global aircraft actuators market size is projected to grow from USD 9.1 billion in 2020 to USD 21.0 billion by 2030, at a CAGR of 8.7% from 2020 to 2030. The market is driven by various factors, such as the Increasing demand for automation in flight control, and the growing trend towards more electric aircraft (MEA) are the major drivers of aircraft actuators market.
The aircraft actuators market includes major players Honeywell International Inc. (US), Safran (France), Collins Aerospace (US), Moog (US), and AMETEK (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aircraft actuator production and services by 7–10% globally in 2020.
“Air Taxis: The fastest-growing segment of the aircraft actuators market, by platform. “
The air taxis platform is the fastest-growing segment of the aircraft actuators market. Air taxis or passenger drones are aerial vehicles that carry passengers from one place to another. The increasing urban population has resulted in the development of mass transportation solutions, such as metros and faster rail and bus services. One of the alternatives for mass transportation is passenger drones. Presently, several companies are focusing on the development of air taxis that are expected to be commercialized in the coming years, which subsequently is expected to drive the market for aircraft actuators.
“Commercial Aviation: The largest market share segment of the aircraft actuators market, by application. “
Commercial aviation is the application segment contributing the largest share of the aircraft actuators market. The commercial aviation sector is expected to witness robust growth post-COVID-19 pandemic situation. This growth can be attributed to factors such as increasing air travel, the rise in disposable income of the middle-class population, and increased international trade and tourism across the globe. This increase in aircraft orders will drive the demand for actuators, which are used in a wide range of aircraft applications, including landing gear, flight control, engine control, and various auxiliary controls, such as brakes, nose wheels, and steering. The increase in the application scope of actuators in the applications mentioned above is expected to propel the market growth during the forecast period.
“Asia Pacific: The fastest-growing region in the aircraft actuators market.”
Asia Pacific is projected to be the highest CAGR rate for the aircraft actuators market during the forecast period. The growth of this region is attributed to the demand for advanced actuation systems in the aviation industry. With affordable air travel on the rise and relaxation in some government regulations, the Asia Pacific region is witnessing an increased procurement of LCCs. Additionally, an increasing aerospace & defense expenditure and expansion in airline networks in emerging nations, such as India and China, have accelerated the demand for aircraft actuators in the region.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier 1–25%; Tier 2–45%; and Tier 3–30%
- By Designation: C Level–30%; Directors–30%; and Others–40%
- By Region: North America–45%; Europe–30%; Asia Pacific–15%; Middle East–5%; and Latin Americ & Africa-5%
Honeywell International Inc. (US), Safran (France), Collins Aerospace (US), Moog (UK), and AMETEK (US) are some of the leading players operating in the aircraft actuators market report.
The study covers the aircraft actuators market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on end-use, type, system, platform, technology, wing type, application, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons To Buy this Report
- This report is expected to help market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall aircraft actuators Market and its segments.
- This study is also expected to provide region wise information about the applications, and wherein aircraft actuators are used.
- This report aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.