Aircraft Actuators Market is valued at USD 8.0 Billion in 2022 and is projected to reach USD 11.5 Billion by the end of forecast period registering a CAGR of over 6.6% during the period forecast.
New York, Nov. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Aircraft Actuators Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www. reportlinker.com/p06363552/?utm_source=GNW
The rapid spread of COVID-19 in Asia-Pacific, the United States and Europe has led to a noticeable drop in demand for aircraft actuators globally, with a steady decline in revenue for several suppliers of aircraft actuators. aircraft actuators and service providers in all markets due to limited equipment availability, limited personnel at manufacturing facilities, manufacturing shutdown and delivery delays. As supply chain disruptions eased in 2021 and aircraft deliveries gradually returned to pre-pandemic levels, aircraft actuator demand is also expected to follow a similar trend and is expected to reach pre-pandemic levels by 2023.
Expansion of air transport services and commercial aircraft fleets has become essential for every country to improve its connectivity with the world for superior international transport activities and economic growth. Therefore, various airlines around the world are investing in acquiring state-of-the-art aircraft fleets with lightweight and fuel-efficient capabilities. Growing investments in expanding the fleet of fuel-efficient airlines are expected to boost the market growth.
The aviation industry in modern times is constantly evolving when it comes to aircraft actuator systems. As it is very important that aircraft actuator systems withstand high vibration, cold and heat, various manufacturers around the world work together to ensure that products are efficient, streamlined and cost effective. Over the past few years, source control signals as well as the powering of actuators on board aircraft have evolved considerably. Starting with manual sources such as cables and rods, actuation technology has gradually evolved into hydraulic and electric driven solutions.
3D printing has made the design and implementation of actuators faster, cheaper and simpler. It also allows the incorporation of all actuator components into a single structure, eliminating the need for external gaskets, adhesives and fasteners. The actuator market is expected to grow rapidly once 3D printed actuators become fully operational in the aerospace sector.
Main market trends
The commercial aircraft segment is expected to secure the largest share of the market
The commercial aircraft segment is currently dominating the market and is expected to continue dominating the market during the forecast period. Rising number of aircraft deliveries, increase in air traffic passengers as well as introduction of new technologies in the commercial aviation sector is one of the key factors fueling the growth of the market in recent times .
With the decline of the COVID-19 pandemic, the commercial aviation sector has seen a peak in terms of aircraft operations and the number of aircraft deliveries. According to data presented by the Center for Aviation (CAPA), Airbus and Boeing are expected to deliver 1,000 more aircraft deliveries in 2023 compared to 2022. In the first three quarters of 2022, Boeing and Airbus delivered approximately 766 flights commercial. plane. Airbus delivered 436 aircraft to customers, representing a slight increase from the same point in 2021 when the European supplier delivered 421 aircraft. Boeing delivered 330 planes, an increase of nearly two-thirds from deliveries in September 2021.
Additionally, according to the 20-year forecast published by Airbus for the commercial aerospace market, in numerical terms, the global commercial aviation industry will require 39,500 new aircraft deliveries between 2022 and 2041. Recent estimates presented by the Indian Civil Aviation Organization (ICAO) conclude that the demand for air transport will increase on average by 4.3% per year over the next twenty years.
Additionally, as the global commercial aviation industry expects to handle increasing numbers of passengers and cargo by 2036, this will lead to an increased demand for pilots, engineers, air traffic controllers, as well than other aviation-related jobs. leading to growth in the commercial aviation segment in the coming years.
Asia Pacific is expected to be the fastest growing market for aircraft actuators in the future
The market is expected to grow at a high rate in the Asia-Pacific region, owing to the increase in aircraft orders in the commercial and military aviation sectors. In the commercial aviation sector, as passenger traffic returns to pre-pandemic levels, regional airlines are increasing their aircraft fleets to introduce new routes and respond to increased passenger traffic. According to the International Civil Aviation Organization, the total number of air traffic passengers in China stood at 417 million in 2020, down significantly from 659 million in 2019. This reduction is mainly attributed to the coronavirus pandemic. COVID-19, and China, being the epicenter of the pandemic, has had a drastic impact on the aviation industry and, consequently, the aircraft actuators market in the country.
However, with IATA projections showing positive growth by the end of 2024, as well as China’s huge population, the majority of which has yet to become a regular crowd of air travellers, the outlook for market for the aviation industry and the actuator market looks positive during the forecast period. With the expected increase in passenger demand, Chinese airlines are investing heavily in increasing their commercial airline fleet. For example, in November 2022, China Aviation Supplies (CASC) officially signed a bulk purchase agreement for 140 Airbus jets. The $17 billion order includes pre-existing orders from CASC.
India is the second largest country in the world in terms of population and sees many people using air travel. Despite the country’s large population, the number of people using air transport has been relatively less in recent years. However, this is expected to change over the next few years. The number of people using air travel in the country has steadily increased, with much of the market still untapped. This untapped market is expected to enter the industry and create a huge pool of passengers who could utilize air travel in the country over the next few years.
In the military sector, due to geopolitical tensions between the various countries of Asia-Pacific, countries are increasing their defense spending to acquire new aircraft in order to strengthen their air capabilities. Planned aircraft deliveries during the forecast period are expected to drive demand for aircraft parts, such as actuators in the region during the forecast period.
Competitive landscape
The aero actuator market is fragmented with many players supplying multiple types of actuation systems for different aero programs. Liebherr-International Deutschland GmbH, Raytheon Technologies Corporation, Parker Hannifin Corp., Eaton Corporation plc, and Moog Inc. are some of the major players in the aircraft actuator market.
Liebherr Aerospace provides mechanical actuators for the Airbus 320, Airbus A330 and Airbus A350, hydraulic actuators for the Airbus A400M and electromechanical actuators for the Boeing 777. The aircraft under development and the recently announced new aircraft can generate new opportunities for players to seize new supply contracts with aircraft equipment manufacturers. For example, in March 2022, Parker Aerospace announced that it had been selected by Sikorsky-Boeing to supply the Hydraulic Tail Actuation System (HTAS), Main Rotor Servo Actuators (MRS), Flight Control Modules , auxiliary pumps and main hydraulic pumps for the DEFIANT. Model X of the United States Future Long-Range Assault Aircraft (FLRAA) program. Moreover, actors can benefit from the innovation by working on the production of lightweight actuators, which can be helpful for the overall weight reduction of the aircraft and more fuel savings for the airlines.
Additional benefits:
The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06363552/?utm_source=GNW
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