The military actuators market size is expected to grow from USD 1.1 billion in 2019 to USD 1.4 billion by 2024, at a CAGR of 5.79% during the forecast period. Ongoing military automation across the globe, increasing demand for electrical actuators from the aerospace & defense industry are the major factors driving the military actuators market.
Curtiss-Wright (US), Moog (US), Parker Hannifin (US), Honeywell (US), Triumph Group (US), Meggitt (UK), Venture Mfg. Co (US), Kyntronics (US), and Nook Industries (US) are some of the major companies operating in the military actuators market. These players have adopted various growth strategies, such as contracts, agreements, and collaborations and new product launches, to expand their presence in this market further. Contracts have been the most dominating strategy adopted by major players from 2012 to 2018, which helped them innovate on their offerings and broaden their customer base.
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Moog (US) is the leading player in the military actuators market. The company secured a number of contracts and collaborations from major aircraft OEMs and airlines due to easy availability of spares and replacement parts offered by it, thereby making the company a major player in this market. It has also been focusing on the acquisition of small players to enhance its product offerings as well as increase its market share. Moog has adopted several other strategies such as partnerships, agreements, and expansions to strengthen its market position as well as ensure its future growth. For instance, Moog collaborated with Bell Helicopter, a subsidiary of Textron Inc., to develop Flight Control Actuation Systems (FCAS) for Bell’s Vertical Take-off and Landing (VTOL) aircraft in December 2018.
Curtiss-Wright (US) is estimated to be the second-largest player in the military actuators market in 2018. The constantly innovative culture and unparalleled R&D activities of the company, coupled with its focus to transform virtually designed actuators for use in aircraft and military ground vehicles enable it to be a leader in this market. Curtiss-Wright also focuses on developing highly customized linear and rotary actuators. For instance, Curtiss-Wright launched electric, rotary-geared actuation solutions for use in launchers, radars, hatches, armored doors, turret systems, and weapon systems in October 2016.
Military Actuators Market by Application (Air, Land, Naval), System (Electrical, Hydraulic, Pneumatic, Mechanical), Component (Cylinders, Drives, Servo Valves, Manifolds), Type (Linear, Rotary), and Region - Global Forecast to 2024
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