Pune, India, July 17, 2020 (GLOBE NEWSWIRE) -- The global Actuators market size was valued USD 46,781.3 million in 2020 and is projected to reach USD 90,482.2 million by 2028, expanding at a CAGR of 8.6% over the forecast period of 2021 to 2028. Material handling and indoor temperature control along with functioning of automated devices has resulted in driving the demand for Actuators. This equipment have major applications in manufacturing and processing industries as it provides controlling and moving mechanism, largely applicable in converting energy, motors, valves, and pumps in industries.
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Various sectors where the actuators are used include oil and gas, aerospace and defence, automotive, mining, and marine. High demand for actuators on account of the increasing applications in industries such as gas storage and liquefied natural gas, and gas & liquid pipelines has resulted in growing adoption of actuators, which is driving the growth of the market. Other factor supplementing the market growth includes on-going trend of industries emphasizing on automating their operations so as to provide improved safety, greater efficiency, and increased precision in production.
The market has also witnessed rising demand for remote monitoring, as actuators allow remote monitoring and control of doors, valves, and inlets on grain facilities to make optimal commodity products. The automotive industry and others are now using robotics to improve accuracy, production quality, and to control production costs. Electric linear actuators integrated with robotics can control and repeat extremely precise movements, control the amount of force applied, and control rate of acceleration and deceleration. Electric actuators enable factories that manufacture carpet or printing facilities to raise and lower cutting blades and they can also be used to efficiently and consistently to control large solar farms. These are the varied industries that are expected to supplement the demand, thereby fuelling the market growth.
Electric Actuators Projected to Contribute Largest Share in Actuation Segment
The actuation segment of the global Actuators market consists of Electrical, Pneumatic, Hydraulic, and Others. In 2019, by actuation, the segment accounted for a total share of 41.1% of the global market, becoming the largest segment. Electric actuators segment valued USD 19,360.8 million in 2020, projected to exhibit a CAGR of 9.3% over the forecast period. The growth of the segment is associated to affordability and benefit of energy efficient power transmission from adoption of the equipment.
Accurate Motion Control in Devices to boost Demand for Linear Actuators
Based on Type, Actuators market segmentation includes Linear and Rotary segment. Out of which, Linear actuators held the largest share valued at USD 30,453.3 million in 2020, expanding at a CAGR of 9.1% during the forecast period. The segment accounted for 65.1% of the total share of the global actuators market, by type in 2019. Accurate motion control in devices used in valves and dampers in industrial machinery, computer peripherals such as disk drives and printers where linear motion is required are set to propel the linear actuators segment growth, in long term.
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Improving Productivity to Drive the Industrial Automation Segment Growth
The application segment of the global actuators market is bifurcated into Industrial Automation, Robotics, and Vehicles & Equipment. Industrial automation segment estimated to value USD 20,617.9 million in 2020, growing at a healthy CAGR of 8.7% over the projected time. In 2019, the segment held the largest share of 44.0% of the total share of the global actuators market, by application. A high level of productivity is one of the key factors in modern industrial production, which will foster the adoption of actuators for industrial automation.
However, the other segment robotics is expected to attain the fastest growth with a CAGR of 9.3% over the projected duration. Playing a crucial part in automated systems, the equipment is used for creating motion for functioning of the machinery in automation.
Asia Pacific to Dominate the Global Actuators Market
In 2019, Asia Pacific accounted for 40.6%, the largest share of the global actuators market. Asia Pacific Actuators market reached USD 40,866.7 million by 2028 from USD 19,228.6 million in 2020 at a CAGR of 9.9% between 2020 and 2028.
Asia Pacific has the highest potential to take the leading position in the actuators market. Development of modern day smart cities in the region has led to increasing usage of sensors and actuators for integrating emerging technologies to mitigate challenges such as environmental deterioration, avoid sanitation problems, mitigate traffic congestion, and thwart urban crime.
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Some major findings of the global Actuators market report include:
- Major global market trend & forecasts analysis along with the country specific market analysis up to 27 countries
- In-depth global Actuators market analysis by actuation, type, application, end user, and regions with analysis of trend-based insights and factors
- Major key market players operating in global Actuators market include Rockwell Automation, Moog Inc., Smc Corporation, Curtiss-Wright Corporation, IMI PLC, ABB Ltd., Altra Industrial Motion, Tolomatic Technologies, Venture Mfg Co, IAI, SKF, Harmonic Drive Llc, Nook Industries Inc., Kollmorgen Corp., Misumi Group Inc., Dvg Automation., Macron Dynamics., Rotomation Inc., Cedrat Technologies, Kinitics Automation
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players along with their major investments in last five years
- Micro, Macro analysis factor analysis across the regions along with the drivers, restrains, opportunities, challenges, guidelines and regulations that are prevailing in the global Actuators market
- In depth Porter’s, value chain and Porters analysis of the market
Browse key industry insights spread across 179 pages with 148 market data tables and 120 figures & charts from the report, “Actuators Market, By Actuation (Electrical, Pneumatic, Hydraulic, Others) By Type (Linear and Rotary), by Application (Industrial Automation, Robotics, Vehicles & Equipment) By End User (Automotive & Transportation, Aerospace & Defense, Electronics & Electrical, Metals, Mining, And Machinery, Pharmaceutical & Healthcare, Food & Beverages, Oil & Gas, Power Generation & Utilities, Chemicals, Paper, And Plastics, Others) By Region (North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of The World) – Market Size & Forecasting To 2028’ in depth analysis along with the table of contents (ToC).
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