The global aircraft actuator market size is projected to reach USD 16.98 billion by the end of 2026. Recent technological advancements have played a huge part in the growth of the market in recent years. According to a report by Fortune Business Insights, titled “Aircraft Actuator Market Size, Share and Global Trend By Motion (Linear, Rotary), By Actuator Type (Hydraulic, Pneumatic, Electric, Electromechanical, Electrohydrostatic), By Platform (Fixed-Wing, Rotary-Wing), By Installation (Power Generation & Distribution System, Flight Control System, Fuel Management System, Landing Gear & Braking System, Passenger Comfort, and others), and Geography Forecast till 2026,” the market was worth USD 14.85 billion in 2018 and will exhibit a CAGR of 3.12% during the forecast period, 2019-2026.
An actuator is a component that is responsible for controlling the movement of any system in which it is used. Similarly, an aircraft actuator is a system that it used in power generators and fuel management systems and performs the same functions as an actuator. The ability of aircraft actuators to control the flow and motion of several systems in an aircraft has led to huge focus on developing products of the highest calibre and efficiency. Recent technological advancements have allowed improved product efficacies. Conventional hydraulic actuators are being replaced by electric systems, which in turn will lead to a wider product adoption across the world. The high investments in the development of electric aircraft actuators will emerge in favour of the growth of the market in the coming years.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
List of leading companies that are operating in the aircraft actuator market include;
- Eaton Corporation Inc.
- Honeywell International Inc.
- Lockheed Martin Corporation
- Moog Inc.
- Northrop Grumman Corporation
- Parker Hannifin Corporation
- Rockwell Collins
- Saab AB (Sweden)
- Sitec Aerospace GmbH (Germany)
- TAMAGAWA SEIKI Co.Ltd. (Japan)
- The Boeing Company
- Woodward Inc.
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.
Boeing’s $55 Million Contract for Telescope Actuator Will Provide Impetus to market Growth
Due to the recent technological advancements in the structure and operations of actuators, large scale companies are looking to invest for implementing these structures. The report includes a few of the major industry developments of recent times and discusses their impact on the growth of the market. In August 2019, Boeing announced that it has bagged a contract from the United States Air Force (USAF). The company stated that it received a contract worth USD 55 million for the modification of the boom telescope actuator. This system was used in the Boeing KC-46 model. This contract will not only help the company, but will have a huge impact on the growth of the market in the immediate future.
Increasing Number of Product Launches Will Aid Growth
The report includes several factors that have made an impact on the growth of the market in recent years. It discusses a few of the major industry developments of recent times. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market in recent times. The emphasis on the adoption of technologically advanced products has compelled companies to introduce newer products at a rapid pace. Due to the accuracy and precision involved in aircraft operations, it is necessary to adopt products with the highest efficiency. The increasing number of technological advancements will help companies generate substantial aircraft actuators market revenue in the coming years
Technological Advancements Have Played a Vital Role in Market Growth
The report encompasses several factors that have contributed to the growth of the global aircraft actuators market in recent years. Furthermore, it also discusses the impact that these factors have made on regional markets across the world. Among all factors that have led to the widespread adoption of aircraft actuators, it has been observed that technological advancements have been a huge influence towards their use. The increasing investment in development of actuators, coupled with the introduction of novel products, has helped companies generate substantial aircraft actuators market revenue in recent years.
Large Scale Companies are Looking to Establish a Strong Product Portfolio
Due to healthy market competition, several companies are looking to establish a strong product portfolio. The increasing investments have helped companies establish a strong presence in the market. Moreover, these companies are looking to acquire smaller and medium enterprises.
North America Dominates the Market; Presence of Several Large Scale Companies Will Aid Growth
The report analyzes the ongoing aircraft actuator market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, North America holds the highest aircraft actuators market share in recent years. The massive investments towards the adoption of modern actuators will bode well for the growth of the regional market. As of 2018, the market in North America was worth USD 8.17 billion and this value is projected to increase further in the coming years. The market in Europe will also witness considerable growth in the coming years, owing to the upgradation of existing actuators for improved reliability.
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.
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