Aircraft Actuators Market Size 2023, Key Findings, Developing Technologies, and Investment Opportunities 2029 | Honeywell International Inc., Raytheon Technologies Corporation, Parker Hannifin Corp.

Global Aircraft Actuators Market Report

The global aircraft actuators market is experiencing significant growth due to the increasing demand for commercial aircraft and the high adoption of the more electric aircraft concept. According to a recent study by Report Ocean, the global aircraft actuators market was valued at USD 45.1 billion in 2022. It is projected to grow at a significant CAGR of 11.78% during the forecast period from 2023 to 2029, reaching a value of USD 98 billion by 2029.

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Key growth factors in the global aircraft actuators market include the increasing worldwide passenger volume and the expansion of aircraft capabilities to reduce weight constraints. The expansion of the aviation actuator market is closely tied to the growth of the aircraft manufacturing industry, which has led to a higher demand for lightweight and power-efficient airplane actuators. The industry is witnessing a rise in the use of electromechanical actuators due to their high efficiency and reliability compared to other products. Additionally, there is a focus on the utilization of piezoelectric actuators and magnetic actuators, which are compact in size and provide high energy density and support to the aircraft system. These factors are expected to drive the growth of the global aircraft actuators market. However, the high power consumption of actuators may restrain market expansion during the analyzed period.

Global Aircraft Actuators Market - Overview:
Aircraft actuators are devices that control the movement and mechanics of an aircraft. They utilize gear systems to regulate rotational motion and are employed for various purposes in aviation, including controlling speed, adjusting levers and flaps, and facilitating landing procedures. Aircraft actuators are designed to withstand extreme temperatures, vibrations, and heat. Different types of actuators are used in landing gear, control systems, position feedback, clutches, load limiters, manual drives, seat actuation, landing gears, and electromagnetic brakes. They play a critical role in flight safety and are integral to the functioning of commercial aircraft.

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Impact of COVID-19 on the Global Aircraft Actuators Market:
The COVID-19 pandemic had a detrimental impact on the growth of the global aircraft actuators market. The implementation of lockdowns in many countries resulted in the shutdown of manufacturing facilities, including those for aircraft actuators, leading to a reduction in demand. The decline in flight travel and the cancellation of domestic and international flights further exacerbated the market impact. Additionally, trade restrictions and disruptions in the supply chain resulted in a shortage of raw materials, hindering industry growth.

Global Aircraft Actuators Market - By System:
The global aircraft actuators market is segmented into various systems, including the Flight Control System, Landing & Braking System, Thrust Reverser Actuation System, Power Generation System, Fuel Distribution System, and Payload Management System. The flight control system segment is expected to dominate the market as fly-by-wire systems are increasingly being introduced into aircraft platforms. These systems replace physical links between pilot controls and flight control surfaces with electronic interfaces. The landing and braking systems, crucial for aircraft safety, will also contribute significantly to market investment throughout the forecast period.

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Competitive Landscape:
Major players operating in the global aircraft actuators market include Honeywell International Inc., Raytheon Technologies Corporation, Parker Hannifin Corp., Eaton Corporation plc, Moog Inc., Safran SA, Triumph Group, Woodward Inc., Arkwin Industries Inc., Electromech Technologies, Nook Industries Inc., Liebherr-International GmbH, and Beaver Aerospace & Defense Inc. These companies employ various strategies, such as mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches, to enhance their market share.

Conclusion:
The global aircraft actuators market is witnessing significant growth driven by the increasing demand for commercial aircraft and the adoption of the more electric aircraft concept. The market is projected to reach USD 98 billion by 2029, growing at a CAGR of 11.78%. Factors such as rising passenger volume and the need to reduce weight constraints in aircraft are driving market expansion. The use of electromechanical actuators and advancements in piezoelectric and magnetic actuators are contributing to the growth of the market. However, high power consumption remains a challenge for the industry. The COVID-19 pandemic had a negative impact on market growth, but the industry is expected to recover as travel restrictions ease. The market is highly competitive, with key players employing strategies to strengthen their market positions. The comprehensive analysis provided in the report can assist decision-makers in understanding market dynamics and making informed strategic decisions.

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This release was published on openPR.