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Aircraft Actuators Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The aircraft actuators market is valued at USD 8.0 billion in the current year and is expected to reach USD 11.5 billion by the end of the forecast period by registering a CAGR of over 6.6%. The rapid transmission of COVID-19 in the Asia-Pacific, the United States, and Europe led to a noteworthy drop in demand for aircraft actuators.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Actuators Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06363552/?utm_source=GNW
The aircraft actuators market is valued at USD 8.0 billion in the current year and is expected to reach USD 11.5 billion by the end of the forecast period by registering a CAGR of over 6.6%.
The rapid transmission of COVID-19 in the Asia-Pacific, the United States, and Europe led to a noteworthy drop in demand for aircraft actuators. There was a consistent decrease in revenues for several aircraft actuator suppliers and service providers across all markets due to the limited availability of equipment, the limited staff at manufacturing facilities, manufacturing shutdown, and late delivery. As the supply chain disruptions subsided in 2021 and aircraft deliveries gradually recovered to pre-pandemic levels, the demand for aircraft actuators is also expected to follow a similar trend and is likely to attain pre-pandemic levels by 2023.
Expanding air transportation services and an increase in the number of commercial aircraft fleets have become essential for each country to enhance their connectivity to the world for superior international transportation activities and economic growth. Therefore, various airlines worldwide are investing in procuring advanced aircraft fleets with lightweight and fuel-efficient capabilities. The growing investments toward the expansion of fuel-efficient fleet of airlines are expected to drive the growth of the market.
The aviation industry is constantly evolving with respect to aircraft actuator systems. As it is very crucial for aircraft actuator systems to withstand strong vibrations, cold, and heat, various manufacturers globally are working together to ensure that the products are efficient, streamlined, and cost-effective. Over the past few years, the source control signals as well as power for actuators onboard aircraft have evolved drastically. Starting with manual sources like cables and rods, actuation technology gradually advanced to hydraulically- and electrically-driven solutions.
3D printing has made the design and implementation of actuators faster, less expensive, and simpler. It also enables the incorporation of all actuator components into a single structure, thus eliminating the need to use external joints, adhesives, and fasteners. The market for actuators is anticipated to grow quickly once the 3D-printed actuators become fully operational in the aerospace sector.
Aircraft Actuators Market Trends
The Commercial Aircraft Segment is Expected to Secure the Largest Share of the Market
The commercial aircraft segment currently dominates the market and is expected to continue to do so during the forecast period. An increasing number of aircraft deliveries, a rise in the number of air traffic passengers, as well as the introduction of new technologies in the commercial aviation sector are the key factors fueling the growth of the market in recent times.
With the decline in COVID-19 transmission, the commercial aviation sector has witnessed a surge in terms of aircraft operations and the number of aircraft deliveries. According to the data presented by the Center for Aviation (CAPA), Airbus and Boeing are expected to deliver 1000 more aircraft in 2023, compared to the 2022 numbers. Over the first three quarters of 2022, Boeing and Airbus delivered around 766 commercial aircraft. Airbus delivered 436 aircraft to customers, which was a minor increase compared to the same point in 2021 when the European OEM delivered 421 aircraft. Boeing delivered 330 aircraft, which was an increase of nearly two-thirds compared to deliveries in September 2021.
In addition, according to the 20-year forecast issued 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 witness an increase by an average of 4.3% per annum within the next twenty years.
Moreover, as the global commercial aviation industry is in plans to support a growing number of passengers and cargo by 2036, this shall lead to an increase in the demand for pilots, engineers, air traffic controllers, as well as other aviation-related jobs, thereby leading to a growth in the commercial aviation segment in the near future.
Asia-Pacific is Expected to be the Fastest Growing Market for Aircraft Actuators in the Future
The market is projected to grow at a high pace in the Asia-Pacific region, owing to the increasing aircraft orders in commercial aviation and military sectors. In the commercial aviation sector, as passenger traffic is returning to pre-pandemic levels, regional airlines are increasing their fleet of aircraft to introduce new routes and cater to the growing passenger traffic. According to the International Civil Aviation Organization, the total number of air traffic passengers in China summed up to 417 million in 2020, decreasing significantly from 659 million in 2019. This reduction is mostly attributed to the COVID-19 pandemic, and China, being the epicenter of the pandemic, had a drastic impact on the aviation industry and, consequently, on the aircraft actuators market in the country.
However, with the projections of the IATA showing positive growth by the end of 2024, along with the immense population of China, the majority of which is yet to become a regular air traveling crowd, the market prospects for the aviation industry and the actuators market are looking positive during the forecast period. With the expected increase in passenger demand, Chinese airlines are investing significantly in increasing their commercial airline fleet. For instance, in November 2022, China Aviation Supplies (CASC) officially signed a bulk purchasing agreement for 140 Airbus jets. The order worth USD 17 billion comprises CASC’s pre-existing orders.
India is the world’s second-largest country in terms of population and witnesses many people using air travel. Despite the country’s high population, the number of people using air travel was relatively less over the past years. However, this is expected to change during the coming years. The number of people using air transport in the country has been rising gradually, with a large part of the market still untapped. This untapped market is expected to enter the industry and create an immense passenger pool that may use air travel in the country over the coming years.
In the military sector, due to geopolitical tensions between the various countries in the Asia-Pacific, these countries are increasing their defense expenditure to procure new aircraft to strengthen their aerial capabilities. The planned aircraft deliveries during the forecast period are expected to generate demand for aircraft parts (like the actuators) in the region during the forecast period.
Aircraft Actuators Market Competitor Analysis
The market for aircraft actuators is fragmented, with many players supplying several types of actuation systems for different aircraft programs. Liebherr-International Deutschland GmbH, Raytheon Technologies Corporation, Parker Hannifin Corp., Eaton Corporation plc, and Moog Inc. are some of the prominent players in the aircraft actuators market.
Liebherr Aerospace provides mechanical actuators for Airbus 320, Airbus A330, and Airbus A350, hydraulic actuators for Airbus A400M, and electromechanical actuators for Boeing 777 aircraft. The aircraft under development and the new aircraft announced recently may generate new opportunities for the players to grab new supply contracts with the aircraft OEMs. For instance, in March 2022, Parker Aerospace announced that it was selected by the 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 X model in the Future Long-Range Assault Aircraft (FLRAA) program of the United States. Moreover, players may benefit from innovation by working toward producing lightweight actuators, which may be useful for overall weight reduction of the aircraft and more fuel savings by the airlines.
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