Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Rotary Actuator Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global rotary actuator market is expected to reach $63.2 billion in 2028 from $47 billion in 2023 to exhibit a compound annual growth rate (CAGR) of 6.10% between 2023 and 2028. The market's growth is primarily attributed to the rising demand for industrial automation and the versatile applications of rotary actuators across various industries.
Rotary actuators are essential devices that convert energy input, often in the form of pneumatic or hydraulic pressure, into rotational motion. These actuators play a pivotal role in numerous applications, from controlling valves in industrial processes to facilitating movement in construction machinery and robotics. They offer benefits such as high torque output, compact design, and precise positioning, making them invaluable in various industrial sectors.
One of the main drivers of the global rotary actuator market is the increasing adoption of industrial automation. As industries strive to enhance productivity, efficiency, and safety, there has been a substantial uptick in the deployment of automated systems and machinery. Rotary actuators, known for their ability to execute accurate and repeatable movements, are integral components of these automated systems, contributing to a surge in their demand.
Furthermore, the broad spectrum of applications for rotary actuators across diverse industries fuels market growth. For instance, in the oil and gas sector, these actuators are used to control valves that manage fluid flow. The manufacturing industry relies on rotary actuators for tasks such as assembly, material handling, and packaging. Additionally, the burgeoning field of robotics employs these actuators for precise movement control in robotic arms and joints.
Despite the initial investment and maintenance costs associated with rotary actuators, the market is poised for substantial expansion. The long-term benefits of improved operational efficiency and productivity offered by these actuators are expected to outweigh the initial expenditures, ensuring sustained market growth.
Furthermore, advancements in rotary actuator technologies are driving market development. Newer models of these actuators offer enhanced performance, durability, and energy efficiency, broadening their potential applications. The ongoing development of electric rotary actuators, known for their easy installation, lower maintenance requirements, and environmental friendliness, represents a particularly promising trend for the market.
Market Segmentation
The rotary actuator market can be segmented based on product, application, and region:
Market Breakdown by Product:
- Hydraulic Rotary Actuator
- Electric Rotary Actuator
- Pneumatic Rotary Actuator
Market Breakdown by Application:
- Metal and Mining
- Oil and Gas
- Construction
- Industrial
- Agriculture
Market Breakdown by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report provides insights into market shares, plant turnarounds, capacities, investments, acquisitions, and mergers among major global rotary actuator companies. Some of the key players featured in the report include:
- SMC Corporation of America
- Emerson Electric Co.
- Parker Hannifin Corp
- Festo Ltd.
- ABB Ltd.
- Bosch Rexroth Corporation
- Norgren Ltd.
- MISUMI Corporation
- Moog Inc.
- IMI Kynoch Limited
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $47 Billion |
| Forecasted Market Value (USD) by 2028 | $63.2 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/mgpum6
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