NEW YORK, Oct. 3, 2016 /PRNewswire/ -- The global aircraft seat actuation systems market size is expected to reach USD 656.9 million by 2024, according to a new study by Grand View Research, Inc.
The global aircraft seat actuation systems market is anticipated to gain traction, owing to the escalating demand for lightweight seats in aircraft. The need for lighter aircraft is critical as it directly impacts the fuel-efficiency of the airliner. The increasing aviation fuel costs account for more than one-third of the fleet operating costs. Hence, vendors are focusing on developing lighter aircraft.
The emerging trend of manufacturing aircraft seats with optimized strength-to-weight ratio by using materials lighter than the conventional supplies facilitates the decrease of the overall airplane weight. Furthermore, the increasing aircraft orders is a key factor presumed to contribute to the industry expansion. The rise can be attributed to an increase in air passenger traffic across the globe.
The growing demand for premium air travel is predicted to energize the industry prospects. The highly competitive scenario in the airline industry is driving down the air travel fares and is, subsequently, driving the demand for premium air travel.
A rise in trade-related activities across the globe is creating a high demand for business class travel. It is subsequently driving the demand for business class in the aircraft seat actuation systems. Developed economies, especially in the European and North American regions, are experiencing a high demand for such systems.
However, an upsurge in the demand for low-cost carriers and the increasing ownership costs of air carriers are anticipated to hamper the growth of the industry. The high costs of owning an aircraft are particularly presumed to be a major market barrier in the underdeveloped nations. The mounting operational costs and sluggish economic growth, coupled with macroeconomic conditions in the underdeveloped economies, are poised to restrict the industry expansion.
Further key findings from the study suggest:
The first class passenger class segment dominated the global aircraft seat actuation systems industry, accounting for over 28% of the market share in 2015. Highly sophisticated features and better services are driving the demand for this segment.
The European regional market accounted for 34% of the global revenue share in 2015. A rise in the disposable incomes in the European nations is contributing remarkably to the industry growth in the region.
The linear mechanism segment accounted for 71% of the global revenue share in 2015. The benefits of outboard flap control offered by the linear actuator seating systems, especially in business jets, are predicted to fuel the demand for linear actuators.
The electro-mechanical actuators accounted for 71% of the global revenue share in 2015. Reduced component count, integrated design, and extended reliability are expected to fuel the segment growth.