Market Size of Military Actuators Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.14 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Military Actuators Market Analysis
The military actuators market is projected to register a CAGR of 3.14% during the forecast period (2023-2028).
The market of military actuators was slightly affected due to the impact of the COVID-19 pandemic as the deliveries of aircraft decreased in 2020. However, as the global economy recovered in 2021 and manufacturing facilities began operating at production rates similar to the pre-COVID levels, the demand for military actuators is expected to witness positive growth during the forecast period.
The gradually growing military spending of various countries in the world due to geopolitical issues and border tensions is propelling the procurement of new military equipment such as armored vehicles, aircraft, and naval vessels to strengthen their military capabilities. Such procurements are driving the growth of the military actuators market during the forecast period.
The companies and armed forces are collaborating on introducing advanced manufacturing technologies like 3D printing into the defense industry. The 3D printed technology is anticipated to allow the companies to manufacture the actuators into a single structure, which will reduce their overall weight. The introduction of such technologies is anticipated to accelerate the growth of the market in the coming years.
The growing emphasis on the development of local defense manufacturing facilities in the Asia-Pacific and Middle-East and Africa is allowing the actuator manufacturing companies to shift their focus towards these regions to enhance their sales in the coming years.
