Aircraft Actuators Market worth $21.0 billion by 2030 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Sept. 4, 2020 /PRNewswire/ -- According to the new market research report "Aircraft Actuators Market by End-Use (OEM, Aftermarket), Type (Linear, Rotary), Technology (Hydraulic, Electric, Pneumatic, Mechanical), System, Application, Wing Type (Fixed Wing, Rotary Wing), Platform, and Region - Global Forecast to 2030", published by MarketsandMarkets(TM), the 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 growing trend of more electric aircraft and expected increasing demand for commercial aircraft, globally.
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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.
Based on the system, the health monitoring systems segment is expected to grow at the second-highest CAGR across the forecast period.
The market for health monitoring systems is expected to grow at the second-highest CAGR during the forecast period. The demand to increase aircraft availability and lower the costs by reducing unscheduled maintenance, aircraft downtime and delays has boosted the demand for health monitoring systems, which monitor various aircraft systems and parts to access the actual damages in real-time effectively.
By technology, the hydraulic segment is estimated to be the largest segment across the forecast period
The hydraulic segment is estimated to be the largest segment in the aircraft actuators market. Aircraft actuators that are powered by pressurized liquids, such as hydraulic fluids, are called hydraulic actuators. These actuators are rugged and suited for high-force applications. Hydraulic actuators are of the same size as pneumatic actuators, but more powerful. They can produce a force 25 times greater than pneumatic actuators. The major advantages of hydraulic actuators are variable speed, high-power output, stall condition, and overload protection.
Based on the type, the linear actuators segment is expected to lead the aircraft actuators market during the forecast period.
The linear actuators segment is estimated to have the largest market share by value. Linear actuators are designed to generate linear motion by converting different forms of energy into mechanical energy. These actuators form an integral part of the motion control systems in automated assembly processes. Linear actuators can be powered by either hydraulic, pneumatic, mechanical, electromechanical, or piezoelectric force. They are used primarily to automate avionics components or tools.
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The market for aircraft actuators in the Asia Pacific is projected to grow at the highest CAGR rate during the forecast period
Asia Pacific is projected to be the highest CAGR rate for the aircraft actuators market during the forecast period. Countries in the Asia Pacific region are undergoing development and upgrading various capabilities in the field of aircraft systems, which serve to be a good opportunity for the manufacturers of aircraft actuators to enhance their business in the region. A rise in demand for Low-Cost Carriers (LCCs) is one of the factors driving the growth of the aircraft actuators market in Asia Pacific.
Honeywell International Inc. (US), Safran (France), Collins Aerospace (US), Moog (Us), and AMETEK (US) are some of the leading players operating in the aircraft actuators market report.
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