Wilmington, Delaware, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Aircraft Actuators Market by Application (Commercial Aviation, Military Aviation, Business and General Aviation, Unmanned), by Wing Type (Fixed Wing, Rotary Wing), by Type (Linear, Rotary), by End Use (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global market for aircraft actuators is anticipated to gain $24.1 billion by 2031, having generated a share of $14.5 billion in 2021, with a noteworthy CAGR of 5.4% during the forecast period of 2022 to 2031. The Competitive analysis, regional study, value chains, key investment areas, top segments, and dynamic market trends are collectively analyzed in the report.
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Aircraft Actuators Industry Leading Players:
- Woodward, Inc.
- Tamagawa Seiki Co., Ltd.
- itec Aerospace GmbH
- Safran SA
- Saab AB
- Raytheon Technologies Corporation
- Nabtesco Corporation
- MOOG Inc.
- Liebherr-International AG
- ITT Inc.
- Honeywell International Inc
- Eaton Corporation Plc
- Curtiss-Wright Corporation
- Astronics Corporation
- AMETEK, Inc.
The report assesses these prominent participants in the global aircraft actuator market. These stakeholders have executed pivotal business strategies, including the introduction of new products, strategic expansion, collaborations, and joint ventures, with the aim of increasing their market reach and strengthening their position within the industry. The report serves as a valuable resource for the targeted audience, enabling them to evaluate segment-specific achievements, market performance, the individual contributions, and product portfolio advancements in the market made by each player to foster market expansion.
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Prime Determinants of growth:
The global aircraft actuators market is driven by an increase in air travel activities, surge in adoption of electric actuators, growth in demand for fuel efficiency, and rise in operations among commercial aviation. Additionally, continuous technological advancements in aircraft across developing and developed nations and surge in military spendings will offer remunerative growth opportunities for the market in the upcoming years.
The commercial aviation segment dominated the market in 2021
On the basis of application, the commercial aviation segment contributed to the largest share of more than one-third of the total market revenue in 2021 and is estimated to dominate the market in terms of revenue from 2022 to 2031. Also, the same region is expected to showcase the fastest growth with 6.4% CAGR throughout the forecast timeframe. This is due to the increase in usage of actuators in power transmission and generation systems of commercial aircraft. The unmanned, business and general aviation, and military aviation segments are also analyzed in the report.
The OEM segment to witness the fastest growth
In terms of end-use, the OEM segment grabbed the highest market share of more than four-fifths of the total market revenue in 2021 and is expected to dominate the market throughout the forecast timeframe. The same segment would manifest the fastest growth with 5.7% CAGR from 2022 to 2031. The growth is attributed to heightened demand for aircraft from manufacturers due to the surge in air traffic. The report also discusses aftermarket segment.
The fixed wing segment to witness the fastest growth during the forecast period
By wing type, the fixed wing segment dominated the market share in 2021, accounting for nearly two-thirds of the global aircraft actuators market and is estimated to maintain its dominant status with highest CAGR of 5.8% during the forecast period. The growth of the segment is attributed to a surge in utilization of fixed wing aviation in the military domain. The report also discusses rotary wing segment.
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Asia-Pacific to continue its lead position by 2031
On the basis of regional analysis, the Asia-Pacific region grabbed the largest market share of more than one-third of the total market revenue in 2021 and will lead the trail from 2022 to 2031. The same region would showcase the fastest growth with 5.9% CAGR throughout the forecast timeframe. The expansion of the market across the region is due to robust demand for air travel across the region and adoption and improvement of aircraft performance systems.
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