Global Aviation Actuator System Market to Surpass $ 1 Billion by 2024
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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