Military Actuators Market Worth $1.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 1, 2019 /PRNewswire/ -- According to the new research report "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", published by MarketsandMarkets™, the Military Actuators Market 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 and increasing demand for electrical actuators from the aerospace & defense industry are expected to be the major factors driving the market.

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The hydraulic actuators system segment is expected to grow at the highest CAGR during the forecast period.

By system, the military actuators market is segmented into hydraulic, electrical, pneumatic, and mechanical. Among these, the hydraulic actuators segment is expected to be the fastest-growing segment during the forecast period. Hydraulic actuators are widely used in the aerospace & defense sector. They are extensively used in different parts of aircraft. Hydraulic actuators are rarely used in the marine industry due to the possible issues of leakage of fuels. In some applications, these actuators involve additional maintenance costs due to increased oil consumption by them resulting from leakage issues.

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The linear actuators segment is expected to be the fastest-growing type segment during the forecast period.

By type, the military actuators market is segmented into linear actuator, rotary actuator, multi-axis positioning actuators, and semi-rotary actuators. Among these, the linear actuators segment is expected to be the fastest-growing segment during the forecast period. Linear actuators are primarily used in the aerospace & defense applications as they help in enhancing the operational efficiency of weapons. These actuators comprise ball or lead screws, belts, and voice coils, among others.

North America is expected to lead the market for military actuators during the forecast period.

North America is estimated to account for the largest share of the military actuators market in 2019. This region is highly fragmented with a large number of manufacturers of military actuators, namely, Honeywell (US), Parker Hannifin (US), and Moog (US), among others. Increased use of linear actuators in various defense applications in the North American region is expected to contribute their rising demand in the near future, thereby driving the military actuators market in the region.

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Major vendors in the military actuators market are 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).

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