Shifting trend towards electric actuator, rising demand for commercial aircraft and high demand for automation in aviation industry to drive global aviation actuator system market through 2024
According to TechSci Research report, “Global Aviation Actuator System Market By Product, By Aircraft Type, By Application, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, global aviation actuator system market is projected to reach $ 1.12 billion by 2024, owing to increasing inclination towards electric actuators, on the back of stringent government regulations about pollution. Factors such as growing urbanization and rapid development of emerging economies are positively impacting global aviation actuator system market. Triumph Group, United Technologies Corporation, Honeywell International Inc and Parker Hannifin Corporation are some of the leading players operating in global aviation actuator system market.
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Electrohydraulic segment dominated the market in 2018 and is expected to continue dominating the market during the next five years, on account of its advanced features including low & simple power electronics, high reliability and higher acceleration. In terms of end-users, commercial aviation is anticipated to grow at the fastest rate in global aviation actuator system market during the forecast period, owing to increasing order for commercial aircraft across the globe. Backed by expansionary fiscal & monetary policies and low oil prices, North America accounts for the largest share in global aviation actuator system market. Asia-Pacific region is witnessing significant growth in the number of air passengers due to increasing disposable income, rising migration, and surging number of people moving for overseas education.
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“Demand for electric actuators is expected to increase in the coming years, as they improve efficiency, permanent material magnet and electromagnetic design of the aircraft. Moreover, electric actuators help to reduce weight of aircraft when compared with other variants. Increasing air traveler and rising metropolitan population are likely to propel the growth of global aviation actuator system market until 2024.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Aviation Actuator System Market By Product, By Aircraft Type, By Application, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of aviation actuator system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global aviation actuator system market.
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