Aircraft Actuator Market Growing Demand, Top Trends, Key Drivers, Companies And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Aircraft Actuator Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The aircraft actuator market size has grown rapidly in recent years. It will grow from $16.89 billion in 2023 to $18.6 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to strong economic growth, increased demand for commercial aircraft, expansion of the aerospace and defense industry, stringent environmental regulations, demand for quieter and more comfortable aircraft.

The aircraft actuator market size is expected to see strong growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to increasing consumer disposable income, investment in aircraft fleet expansion, growing demand for unmanned aerial vehicles (uavs), rising emphasis on fuel efficiency . Major trends in the forecast period include electromechanical actuators, health monitoring and predictive maintenance, advanced materials, enhanced safety and redundancy, eco-friendly actuation systems.

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Market Drivers and Trends:

The increase in passenger traffic across the world is expected to drive the growth of the aircraft actuators market going forward. Aircraft actuators are used to perform numerous functions, such as adjusting flight control surfaces such as the elevator, rudder, and ailerons, among others. Due to continued economic growth and rising consumer spending, people from developing countries are increasing air passenger traffic, which is driving the growth of aircraft actuators. For instance, according to the International Air Transport Association (IATA), total global passenger traffic in March 2022 increased by 76.0% compared to March 2021. Also, in China, domestic air traffic increased by 11.7% in March 2022. Therefore, the increasing passenger traffic across the world is driving the growth of the aircraft actuator market.

Technological advancements have emerged as the key trend gaining popularity in the aircraft actuator market. Major companies operating in the aircraft actuators market are focused on developing technologically advanced products to strengthen their market position. For instance, in June 2021, Curtiss-Wright Corporation, a US-based aviation company, delivered the primary flight control actuators and control electronics to Eviation Aircraft for the all-electric Alice aircraft. The new Curtiss-Wright high-power density electromechanical actuators (EMA) provide Eviation with a modular, distributed solution that enables a flexible control architecture. Curtiss-Wright's electromechanical actuation (EMA) technology helps speed the development of all-electric regional commuter aircraft and reduces the risk. For a wide range of aviation applications, including flight controls, landing gear, and utility actuation, EMA technology offers significant advantages over traditional hydraulic techniques, such as enhanced dependability, improved energy economy, and decreased weight.

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Major Key Players of the Market:

Honeywell International Inc., Eaton Corporation, Moog Inc., Parker Hannifin Corporation, Safran S.A., Meggitt plc, Woodward Inc., Sitec Aerospace GmbH, Progressive Automations Inc., Tamagawa Seiki Co. Ltd., Aero Space Controls Corporation, Beaver Aerospace & Defense Inc., Rockwell Collins Inc., Curtiss-Wright Corporation, Raytheon Technologies Corporation, Liebherr Group, Nabtesco Corporation, SKF Group, Arkwin Industries Inc., ITT Inc., AAR Corporation, GE Aviation Systems LLC, TransDigm Group Incorporated, BAE Systems plc, Héroux-Devtek Inc., Raytheon Technologies Corp., Lufthansa Technik AG, Electromech Technologies LLC, Hemisphere Engineering Inc., United Technologies Corp.

Aircraft Actuator Market 2024 Key Insights:

• The aircraft actuator market size is expected to see strong growth in the next few years. It will grow to $26.88 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Rise In Passenger Traffic Boost The Market
• Rise In Technological Advancement Expand Market Growth
• North America was the largest region in the aircraft actuators market in 2023

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