The global aircraft actuator market size was valued at USD 17.36 billion in 2022 and is estimated 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.
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.
Segmentation of the Aircraft Actuator Market:
By Type:
- Mechanical Actuators
- Hydraulic Actuators
- Pneumatic Actuators
- Electric Actuators
By Application:
- Flight Control Actuators
- Landing Gear Actuators
- Braking System Actuators
- Others
By Aircraft Type:
- Commercial Aircraft
- Military Aircraft
- General Aviation Aircraft
Growth Driving Factors in the Aircraft Actuator Market:
- Technological Advancements: Ongoing advancements in actuator technologies, including the adoption of more efficient electric and smart actuation systems.
- Rising Aircraft Production: Increasing global demand for new aircraft, driven by the growth of the aviation industry and the need for modernization in defense forces.
- Enhanced Aircraft Performance: The critical role of actuators in improving aircraft performance, safety, and operational efficiency, leading to higher demand.
- Increasing Focus on Fuel Efficiency: The aviation industry's continuous efforts to enhance fuel efficiency, where advanced actuators play a crucial role in achieving weight reduction and energy savings.
- Military Modernization Programs: Growing investments in military modernization initiatives, leading to the replacement of outdated aircraft systems with more advanced and reliable actuation technologies.
- Stringent Safety Regulations: Stringent safety standards and regulations driving the adoption of advanced actuation systems to ensure compliance and improve overall safety in aviation.
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.
