Aircraft actuators are electromechanical devices that control aircraft surfaces and systems to maneuver the aircraft. Aircraft actuators enable precise movement and positioning of flight control surfaces like flaps, slats and spoilers, which helps pilots control the aircraft.
The global aircraft actuators market is estimated to be valued at US$ 10.33 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Increased adoption of aircraft for commercial use has accelerated growth of the aircraft actuators market. With the rise in air passenger traffic globally, airline companies are expanding their fleet sizes which has increased the demand for new aircraft. According to the Airbus Global Market Forecast, over 39,000 new commercial aircraft will be required over the next 20 years to meet rising global connectivity needs. This increase in aircraft deliveries is expected to drive the demand for aircraft actuators during the forecast period.
Segment Analysis
The global aircraft actuators market is dominated by the narrow body segment. Narrow body aircrafts accounted for over 40% share of the global market in 2024 owing to their widespread use for short and medium haul flights. Being the most common type of commercial aircraft, narrow body jets have significant demand for aircraft actuators like flap actuators, slat actuators and others.
Key Takeaways
The global Aircraft Actuators Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global aircraft actuators market is estimated to be valued at US$ 10.33 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
The aircraft actuators market in North America is projected to register the highest CAGR during the forecast period. This is attributed to the presence of leading aircraft OEMs like Boeing and Textron in the region. The US alone produces over 700 jets annually, generating substantial demand for actuators from domestic airlines and aircraft leasing companies. Asia Pacific is expected to witness fastest growth during the forecast period. burgeoning wealth in countries like China and India is translating to rising passenger air traffic in the region. Along with a growing fleet of commercial aircraft, expanding defense budgets are also driving the demand for military aircraft and associated actuators from OEMs like Boeing, Airbus and others operating in Asia.
Key players operating in the aircraft actuators market are Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Avanti Feeds Limited, Nutrivet, BRF S.A. They collectively account for over 50% share of the global market. Large players enjoy economies of scale and integrate backward to secure critical raw material supply. Significant investment in R&D allows them to regularly launch new and improved product formulations.
Explore more related article on this topic: https://www.trendingwebwire.com/aircraft-technologies-is-driving-the-aircraft-actuators-market/
Comments
0 comment