February 25, 2024
Aircraft Actuators Market

The Rapidly Growing Aircraft Component Replacement To Drive The Growth Of Aircraft Actuators Market

The global Aircraft Actuators Market is estimated to be valued at US$ 8.96 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

An aircraft actuator is a device that helps in moving or controlling a mechanism or system. Aircraft actuators are used in several critical aircraft systems such as flight control surfaces including flaps, slats, spoilers, rudders, elevators, and ailerons. Aircraft actuators also control systems such as landing gears, thrust reversers, speed brakes, and engine cowl panels. They work on the principle of converting one form of energy into mechanical motion. Hydraulic, electric, and electro-mechanical are the most commonly used aircraft actuator technologies. Aircraft actuators provide precise and reliable control of aircraft systems and components. Their demand is driven by the growing aircraft fleet size and increasing requirement for component replacement in existing aircraft.

Market key trends:

One of the key trends in the aircraft actuators market is the increasing requirement for component replacement in the existing aircraft fleet. As aircrafts operate for several years, their critical components including actuators undergo heavy wear and tear over time. This necessitates periodic replacement and maintenance of aircraft actuators. Furthermore, with growing aircraft operations worldwide, the replacement cycle of aircraft components has reduced significantly. This is positively impacting the demand for aircraft actuators. Additionally, the development of more electric aircraft is expected to drive the demand for electric actuators. Electric actuators have minimal moving parts and require less maintenance compared to hydraulic actuators. This is encouraging aircraft manufacturers to integrate more electrical systems in newer aircraft models.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to moderate capital requirement and lack of patent protections. However, presence of few large companies has slowed market entry of new players.

Bargaining power of buyers: Growing aircraft component manufacturers exert pressure on pricing. However, complexity of component design and manufacturing has reduced buyer bargaining power to an extent.

Bargaining power of suppliers: Presence of large number of component suppliers has increased bargaining power of suppliers. However, product differentiation and certifications have balanced supplier bargaining power.

Threat of new substitutes: Substitutes have low threat as aircraft actuators are design specific with no direct replacements.

Competitive rivalry: Intense competition due to presence of global players. Companies focus on product innovation to gain competitive advantage.

Key Takeaways

The Global Aircraft Actuators Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing commercial aviation fleet size and aircraft modernization programs. Growing aircraft component replacement market also drives the aircraft actuators demand.

The North America aircraft actuators market holds the major share currently and is expected to maintain dominance during the forecast period. Presence of leading aircraft OEMs and tier players drives the North American market growth. Asia Pacific region is anticipated to exhibit the highest growth rate owing to rising aviation activities in China and India.

Key players operating in the aircraft actuators market are Heroux-Devtek Inc., Honeywell International Inc., Liebherr-International Deutschland GmbH, Raytheon Technologies Corporation, Nook Industries Inc., Parker Hannifin Corp., Electromech Technologies, Eaton Corporation PLC, Arkwin Industries Inc., Moog Inc., Woodward Inc., Safran SA, and Triumph Group. Companies focus on developing more electric and lighter actuators to enhance fuel efficiency and aircraft performance.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it