The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aircraft actuators are mechanical devices used in aircrafts to operate flight control systems such as flaps, landing gears, brakes and provide assistance in opening and closing doors. Actuators help in positioning flight control surfaces such as ailerons, elevators and rudders to change the direction and attitude of an aircraft. Commonly used actuators are hydraulic actuators, electric actuators and electromechanical actuators. Hydraulic actuators have high stiffness and response time compared to electric actuators but are complex and require more maintenance. Electric actuators are gaining popularity due to reduced complexity, weight and maintenance advantages over hydraulic actuators.
Market Dynamics:
The global aircraft actuators market is driven by growing aviation industry worldwide. According to International Air Transport Association (IATA), the total number of airplanes in service is expected to double from around 25,000 in 2018 to around 49,000 by 2037. This will boost the demand for aircraft actuators in new aircraft deliveries. Furthermore, increasing military spending on aircraft fleet upgradation programs by developed as well as developing economies is also expected to propel the market growth. For instance, according to Stockholm International Peace Research Institute (SIPRI), global military expenditure reached US$ 2 trillion in 2020 which increased by 2.6% from 2019 levels.
However, delays in aircraft deliveries due to COVID-19 pandemic impacted the aircraft actuators market negatively in short-term. As per Airbus, commercial aircraft deliveries declined by 34% in 2020 compared to previous year.But recent recovery in passenger air travel with resumption of business activities indicate market rebound in coming years.
SWOT Analysis
Strength: Aircraft actuators are critical components for flight control and are highly reliable and precision engineered. Advances in material science and manufacturing technologies have improved actuator efficiency and life span. Growing demand for new aircraft will drive volume sales.
Weakness: Actuator development requires heavy R&D investments and certifications which increase costs. Component failures can lead to aircraft grounding and regulatory issues. Supply chain disruptions impact just-in-time production.
Opportunity: Growing defense budgets and new aircraft programs present opportunities. Demand is rising for more electric and hybrid-electric aircraft with advanced actuators. Development of lightweight and durable actuators using composites and 3D printing offer potential.
Threats: Economic slowdowns may defer aircraft deliveries and investments. Stringent aircraft certification procedures extend timelines. Geopolitical tensions pose risks for aerospace supply chains and programs. Technology disruptions from electric and autonomous aircraft pose threats to conventional designs.
Key Takeaways
The Global Aircraft Actuators Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing aircraft modernization and replacement programs worldwide. Growing passenger and freight air traffic is driving demand for new commercial aircraft.
Regional analysis: North America currently dominates the market owing to large defense budgets and presence of major OEMs in the US. Asia Pacific is projected to be the fastest growing market due to increasing aircraft deliveries and expansions of MRO infrastructure in China and India.
Key players: Key players operating in the aircraft actuators market include 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. The market is moving towards consolidation as actuators require integrated systems expertise.
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