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.
Aircraft actuators are electro-mechanical devices used to move and position the flight control surfaces of an aircraft like flaps, ailerons, rudders etc. They are essential components for precise maneuvering and steering of aircraft. Precisely regulated actuation enables safe take-off and landing of aircraft.
Market key trends:
One of the major trends in the aircraft actuators market is the shift towards more electric aircraft. Aircraft manufacturers are replacing pneumatic and hydraulic systems with electric systems to reduce weight, complexity and maintenance costs. More electric aircraft relies on electric power for all non-propulsive functions like flight controls, environmental controls and avionics. This is expected to drive the demand for advanced electric actuators over the forecast period. The need for light weight, fuel efficient and low maintenance aircraft is another major trend propelling the aircraft actuators market growth.
Strength: Aircraft actuators provide critical functionality in aircraft systems and enable key operations like flight controls, landing gear, and aircraft doors. Leading manufacturers have significant expertise in designing reliable actuators.
Weakness: Development of new aircraft programs requires huge investments in R&D for designing customized actuators. Certification process for new actuators is lengthy and complex.
Opportunity: Growing demand for commercial aircraft to support increasing air passenger traffic drives the need for more aircraft. Upgrades of existing aircraft fleets also create actuator replacement opportunities.
Threats: Economic slowdowns can postpone aircraft delivery schedules and damage actuator demand. Stricter environmental regulations pose technical challenges for developing fuel-efficient aircraft.
The Global Aircraft Actuators Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing commercial aircraft deliveries. Boeing forecasts a demand for over 41,000 new commercial aircraft worth $6.8 trillion by 2038. This will significantly drive the aircraft actuators market.
North America is expected to dominate the global aircraft actuators market during the forecast period. Major aircraft OEMs and tier players like Honeywell, Moog, and Parker Hannifin based in the US and Canada are driving regional actuator demands. Asia Pacific is anticipated to be the fastest growing market due to growing airline passenger traffic and increasing defense expenditures in China and India.
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. Major players are focusing on new product development through investments in R&D to consolidate their market position.