Aircraft Actuator Market worth 20.13 Bn USD by 2022
According to the new market research report, now available on ASDReports, "Aircraft Actuator Market by Component (Electronic, Electrical, & Mechanical), Application (Power Generation, Power Distribution, Flight Control, Landing & Braking, Fuel, Avionics, & Health Monitoring), Aircraft Type and Geography - Global Forecast to 2022", the market is estimated to reach USD 20.13 Billion by 2022, at a CAGR of 9.5% between 2016 and 2022. The growing trend of more electric aircraft and increasing demand for commercial aircraft, globally, are the major drivers for the aircraft actuator market.
Health monitoring systems application expected to grow at the highest CAGR between 2016 and 2022
The market for health monitoring systems is expected to grow at the highest CAGR during the forecast period. The demand to increase aircraft availability and lower the costs by reducing unscheduled maintenance, aircraft downtime, and delays has boosted the demand for health monitoring systems which monitor various airplane systems and parts to effectively assess actual damages in real-time.
Aircraft Actuator Market - Global Forecast to 2022
Generators expected to hold the largest market share and witness rapid growth during the forecast period
Among all the electrical and mechanical components types, generators accounted for the largest market share in 2015; this market is estimated to grow at the highest CAGR between 2016 and 2022. With the increasing requirement of electricity generation in the next-generation electric aircraft, the requirement of generators would also increase substantially during the forecast period.
Narrow body aircraft expected to lead the market for aircraft types
Narrow body aircraft had the largest market by aircraft type. The rapid growth in the aviation sector in emerging economies has created a huge market for low-cost aviation carriers and narrow body aircraft are widely preferred for domestic as well as international routes.
Major players in the aircraft actuator market are Honeywell Aerospace, Inc. (U.S.), Rockwell Collins, Inc. (U.S.), Safran SA (France), UTC Aerospace Systems (U.S.), Woodward, Inc. (U.S.), Microsemi Corporation (U.S.), Infineon Technologies AG (Germany), and Vishay Intertechnology, Inc. (U.S.) among others.
This research report categorizes the global aircraft actuator market based on component, aircraft type, and application. This report describes the drivers, restraints, opportunities, and challenges for the growth of the aircraft actuator market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the aircraft actuator market.
Source : ASDReports - Market Research - view original press release