Fort Collins, Colorado, Oct. 02, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Actuators Market Size, Growth, Share, Statistics Report, By Product (Linear Actuator, Rotary Actuator), By System (Electrical, Pneumatic, Hydraulic, Others), By End-user (Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Others), By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The actuators market size was valued at USD 64.7 Billion in 2022 and is anticipated to reach USD 147.9 Billion by 2032 with a CAGR of 8.7%. Actuators are devices that convert electrical or hydraulic signals into mechanical motion. They are used in various applications to control and manipulate mechanical systems. Some standard actuators include electric motors, hydraulic cylinders, and pneumatic actuators. Actuators have wide applications and are present in almost every equipment.
The actuators market is driven by various factors, such as growing demand for industrial automation. Actuators are widely used in industrial automation, where they play a critical role in controlling and automating the movement of machinery and equipment. With the growing need for efficient and safe operations, the demand for actuators in industrial applications is increasing. In addition, actuators are used in various applications to improve energy efficiency by reducing energy consumption and optimizing performance. This is particularly important in the automotive, aerospace, and HVAC industries, where energy efficiency is essential. Government regulations and policies to improve energy efficiency and promote sustainable development drive the demand for actuators. For example, laws such as the Energy Efficiency Directive in Europe and the Energy Policy Act in the United States are boosting the demand for energy-efficient solutions, including actuators.
Developing advanced technologies like IoT, AI, and robotics boost the actuator market share worldwide. These technologies require precise and reliable control over the movement of equipment, and actuators play a critical role in enabling this. Also, the increasing demand for Electric vehicles plays a significant role in driving the market. Actuators are used extensively in electric cars, where they are used in controlling various components such as brakes, steering, and throttle. With the growing demand for EVs, the need for actuators is also increasing.
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Report Snapshot:
| Report Title | Actuator Market |
| Market Size in 2022 | USD 64.7 Billion |
| Market Size by 2032 | USD 147.9 Billion |
| CAGR from 2023 to 2032 | 8.7% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product | Linear Actuator and Rotary Actuator |
| By System | Electrical, Pneumatic, Hydraulic, and Others |
| By End-user | Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Mining, Oil & Gas, Power Generation, Agriculture, Utilities and Others |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others |
| Major Market Players | Eaton Corporation Inc., Emerson Electric Corporation, KITZ Corporation, ABB, Honeywell International Inc., Rockwell Automation, Weir Group plc, Flowserve Corporation, KSB Group, and Valvitalia Group. |
Segmentation Overview:
The global actuators market has been segmented into product, system, end-user, and region. The linear actuator segment growth is anticipated to be high due to their widespread aerospace, automotive, and robotics applications. Electric actuators market growth is anticipated to be high due to the significant automotive and healthcare demand.
Asia Pacific is the leading region for actuators market growth and is projected to maintain a dominant position in the forthcoming years. The presence of manufacturing industries and the growing demand for industrial components are expected to remain pivotal to market developments. Europe is a fast-growing market projected to gain high traction throughout the forecast period.
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Actuators Market Report Highlights:
- The global actuators market growth is anticipated at a CAGR of 8.7% by 2032.
- The significance of actuators in the assembly lines drives the actuator market growth. Moreover, the industry's inclination toward automation is one of the prominent growth factors.
- Based on the product, the linear actuator accounted for a significant share in 2022 and is expected to continue dominating in the forthcoming years.
- Based on the system, the electric actuators accounted for a robust share in 2022.
- Asia Pacific is the leading region for the actuators market based on the significance of manufacturing industries and demand for industrial components. Due to significant automotive and consumer appliance industry demand, Europe is a fast-growing actuator market.
- Some prominent players in the actuators market report include Eaton Corporation Inc., Emerson Electric Corporation, KITZ Corporation, ABB, Honeywell International Inc., Rockwell Automation, Weir Group plc, Flowserve Corporation, KSB Group, and Valvitalia Group.
Key Developments in the Industry:
- In 2023, UAVOS launched its unmanned aircraft vehicle's linear and rotary actuators. This is specifically for the medium-altitude long-endurance (MALE) aircraft control. In addition to this deployment, MALE UAS adheres to high safety and reliability.
- In 2023, Marelli launched a wide range of actuators for Electric vehicles intending to meet safety specifications.
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Actuator Market Report Segmentation:
Actuator Market, By Product (2023-2032)
- Linear Actuator
- Rotary Actuator
Actuator Market, By System (2023-2032)
- Electrical
- Pneumatic
- Hydraulic
- Others
Actuator Market, By End-user (2023-2032)
- Aerospace & Defense
- Automotive
- Construction
- Chemicals
- Food & Beverages
- Healthcare & Pharmaceuticals
- Marine
- Mining
- Oil & Gas
- Power Generation
- Agriculture
- Utilities
- Others
Actuator Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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