The business landscape of the global military actuators market is characterized by fierce competition. The key competitors in the market are more focused on technological innovations and developing new products to gain a competitive edge over their peers.
Report Ocean has recently published a new market study on the worldwide market for military actuators, titled “Global Military Actuators Market Size study, by Component (Cylinders, Drives, Servo Valves, Manifolds, Others), by System (Hydraulic Actuators, Electrical Actuators, Pneumatic Actuators, Electromechanical Actuators, Others), by Type (Linear Actuators, Rotary Actuators, Multi-axis Positioning Actuators, Semi-rotary Actuators), by Application (Air, Land, Naval) and Regional Forecasts 2020-2027.” The study includes a collection of analyses of all the segments of this market based on a number of parameters.
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According to the research report, the global military actuators market stood at US$1.1 bn in 2019. It is expected to rise at a CAGR of more than 5.20% over the forecast period of 2020-2027 and reach new heights. The high demand for electrical actuators in the aerospace and defense industry is the key driving force behind the growth of this market. Apart from this, the rise in military and defense budget in many countries and the increasing number of initiatives for automation in military applications are likely to support the market over the next few years. However, the high cost incurred in the overhaul and maintenance of actuators and the presence of stringent government regulations in elation with power consumption, leakage, and noise may hinder the market in the near future.
Automation in Military Creates Lucrative Opportunities
Automation is the current trend in the global defense and aerospace industry. Various participants in this space are integrating automated technologies in military aircrafts with an aim of improving their combat capabilities and techniques. This, in turn, is creating a huge demand for military actuators across the world. The unique offerings of these actuators, such as precision control for force, speed, and position of military aircraft, are adding significantly to its popularity, supporting the growth of the global market.
Impact of Covid 19 on Global Military Actuators Market
The impact of Covid 19 outbreak is quite visible on the global military actuators market. With focus shifting towards R&D for Covid 19 vaccine, the military budgets have taken a backseat in almost every country across the world. In addition, the limitation on movement, disrupting the supply chain system, added to woes of manufacturers. However, with positive news around Covid research coming out, the market is likely to gain momentum soon.
North America to Continue to Lead
On the basis of regions, the worldwide market for military actuators has been segmented into North America, Asia Pacific, Europe, Latin America, and the Rest of the World in this research study. Thanks to favorable government support for the aerospace and defense sector, North America has emerged as the key regional market for military actuators across the world. With the wide presence of market players, this regional market is likely to remain on the top over the forecast period. Asia Pacific is also anticipated to exhibit a high growth rate over the next few years. The increase in the military and defense budgets in Asian countries and the rapid automation in military applications are expected to propel this regional market in the near future.
- Thanks to favorable government support for the aerospace and defense sector, North America has emerged as the key regional market for military actuators across the world.
- The increase in the military and defense budgets in Asian countries and the rapid automation in military applications are expected to propel Asia Pacific military actuators market in the near future.
The global military actuators market is segmented into:
- Servo Valves
- Hydraulic Actuators
- Electrical Actuators
- Pneumatic Actuators
- Electromechanical Actuators
- Linear Actuators
- Rotary Actuators
- Multi-axis Positioning Actuators
- Semi-rotary Actuators
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Moog Inc.
- Parker-Hannifin Corporation
- Triumph Group, Inc.
- Nook Industries Inc.
- AMETEK Inc.
- Arkwin Industries Inc.
- Elektro-Metall Export GmbH
- Beaver Aerospace & Defense
- Whippany Actuation Systems
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