Actuators belong to primary flight control systems of an aircraft. These systems are a part of the hydraulic system of the crafts and play a vital role in the process of aircraft maintenance. Efficient aircrafts play a vital role in increasing credibility and net profit of the commercial airlines. The global actuator system market in aviation is strongly driven by increasing prices of crude oil and fuel. Drive towards building fuel efficient flights is also a strong driver for the industry. The global industry is slowly and steadily moving away from the economic setback of 2008. This is a great sign for the existing as well as potential companies.
Market Drivers for Actuator Systems Market
As mentioned in the introduction, soaring prices of crude oil has become a universal problem. This hike is also taking its toll on the prices of aircraft fuel. As a result, the airlines as well as manufacturers of the airlines industry are looking for crafts with enhanced fuel efficiency. Actuator systems play vital role in the process of increasing fuel efficiency of the planes and reducing their overall maintenance costs. All these factors play significant role in the rising demand for these systems from different airliners across the world. Redefined applications of the actuator systems play crucial role in the current conditions and growth rate of the global industry.
Primary applications of the actuator systems in aviation include reduced burning of fuel, reduction in maintenance costs, increasing reliability, and increasing dispatch availability. All these functions make actuators a vital element in the primary flight control systems. Growing research and development activities by specially deployed research teams from airline companies and manufacturers have also created potential growth opportunities for the global actuator system market in aviation. Growing number of orders, rising number of airliners, and growing manufacturing processes within craft building segment of the market also have positive effect on the market conditions.
According to the experts, slow yet solid recovery from the global economical crisis of 2008 is creating strong growth prospects for the overall airline industry of the world. As a result, key sectors of the markets like primary controls and other flight control systems have bright future prospects. As a result the actuator system market in aviation is expected to grow at a steady CAGR of over 4% from 2014 to 2019. During the projected timeframe, the market is poised to grow on to become worth more than $3,839.74 million by 2019. As of 2014, the market is worth $2,973.76 million. In terms of geographic regions, China, Russia, and North America are expected to be the market leaders.