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The global aircraft actuator market size is projected to reach USD 16.98 billion by the end of 2026. Recent technological advancements have played a huge part in the growth of the market in recent years. According to a report by Fortune Business Insights, titled “Aircraft Actuator Market Size, Share and Global Trend By Motion (Linear, Rotary), By Actuator Type (Hydraulic, Pneumatic, Electric, Electromechanical, Electrohydrostatic), By Platform (Fixed-Wing, Rotary-Wing), By Installation (Power Generation & Distribution System, Flight Control System, Fuel Management System, Landing Gear & Braking System, Passenger Comfort, and others), and Geography Forecast till 2026,” the market was worth USD 14.85 billion in 2018 and will exhibit a CAGR of 3.12% during the forecast period, 2019-2026.
An actuator is a component that is responsible for controlling the movement of any system in which it is used. Similarly, an aircraft actuator is a system that it used in power generators and fuel management systems and performs the same functions as an actuator. The ability of aircraft actuators to control the flow and motion of several systems in an aircraft has led to huge focus on developing products of the highest calibre and efficiency. Recent technological advancements have allowed improved product efficacies. Conventional hydraulic actuators are being replaced by electric systems, which in turn will lead to a wider product adoption across the world. The high investments in the development of electric aircraft actuators will emerge in favour of the growth of the market in the coming years.
Boeing’s $55 Million Contract for Telescope Actuator Will Provide Impetus to market Growth
Due to the recent technological advancements in the structure and operations of actuators, large scale companies are looking to invest for implementing these structures. The report includes a few of the major industry developments of recent times and discusses their impact on the growth of the market. In August 2019, Boeing announced that it has bagged a contract from the United States Air Force (USAF). The company stated that it received a contract worth USD 55 million for the modification of the boom telescope actuator. This system was used in the Boeing KC-46 model. This contract will not only help the company, but will have a huge impact on the growth of the market in the immediate future.
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Technological Advancements Have Played a Vital Role in Market Growth
The report encompasses several factors that have contributed to the growth of the global aircraft actuators market in recent years. Furthermore, it also discusses the impact that these factors have made on regional markets across the world. Among all factors that have led to the widespread adoption of aircraft actuators, it has been observed that technological advancements have been a huge influence towards their use. The increasing investment in development of actuators, coupled with the introduction of novel products, has helped companies generate substantial aircraft actuators market revenue in recent years.
Large Scale Companies are Looking to Establish a Strong Product Portfolio
Due to healthy market competition, several companies are looking to establish a strong product portfolio. The increasing investments have helped companies establish a strong presence in the market. Moreover, these companies are looking to acquire smaller and medium enterprises.
List of the leading companies that are operating in the market include:
Global Aircraft Actuator Market Scope
Value (USD billion)
By Actuator Type