According to a recent research study by MarkNtel Advisors, the Global Aviation Actuator Market is set to record around 8.5% CAGR during 2022-27. The burgeoning aircraft production to cater to the rapidly rising air passenger traffic, coupled with the introduction of new air routes by airlines, are the prime aspects projected to drive the market in the forecast years. Moreover, the expanding fleet size of commercial aircraft worldwide to cater to the skyrocketing air passenger traffic worldwide is another crucial aspect escalating the demand for actuators and fueling the industry expansion.
In addition, the growing prevalence of MEA (More Electric Aircraft) to attain improved aircraft efficiency has instigated aircraft manufacturers to shift from hydraulic & pneumatic actuators to electric actuators, as the former have leakage problems and incur high operational costs. These lightweight machines can be integrated easily into existing aircraft architecture and offer benefits like improved aircraft performance, better fuel efficiency, energy savings, no leakage, low maintenance, & high power density. Hence, the growing production & procurement of electric actuators are creating new directions for the aviation actuator market to expand significantly through 2027.
As Airlines Shift toward LCC Models, Narrow-Body Aircraft Witness Increased Production
With the increasing adoption of the LCC (Low-Cost Carrier) model by different airlines, narrow-body aircraft are being procured extensively worldwide, owing to their low cost of operation & great fuel efficiency on short-haul routes. Aircraft manufacturers are actively working on bringing advancements to these aircraft in order to make them fly on long-haul routes.
Moreover, several airports worldwide are being developed & expanded, and there are growing requirements for aircraft that can serve smaller regions and operate on shorter runways. Therefore, with surging deliveries of narrow-body aircraft, the production & sales of their actuators are also on the rise, which, in turn, is fueling the growth of the Global Aviation Actuator Market.
With Massive R&D Investments in Bringing Advanced Actuators, North America to Continue Leading the Aviation Actuator Market
North America is home to the leading manufacturers of aircraft components, who are substantially investing in bringing advanced technologies to their product offerings. With the emerging trend of MEA (More Electric Aircraft), companies are integrating new technologies into aircraft actuators to improve their efficiency & reliability.
More & more landing gear & other related components are being replaced increasingly with new & advanced products, and airlines are excessively spending on redesigning wide-body aircraft, especially in the US. Hence, with the ever-growing production of aircraft & actuators, North America Aviation Actuator Market is set to expand at a notable growth rate in the years to come.
The key companies in the Global Aviation Actuator Market include Honeywell International, United Technologies Corporation, Rockwell Collins, Inc., Parker Hannifin Corp., Eaton, Curtiss-Wright Corporation, and Saab AB.
Key Questions Answered in the Research Report: