Chicago, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The actuators market size is projected to grow from USD 53.9 billion in 2021 to USD 86.6 billion by 2027, at a CAGR of 8.2% between 2021 and 2027. Increased demand for new and advanced actuators in different verticals and the development of smart cities across the globe are some of the growth opportunities for the actuators market.
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Scope of the Report
| Report Metric | Details |
| Estimated Market Size | USD 53.9 billion in 2021 |
| Projected Market Size | USD 86.6 billion by 2027 |
| Growth Rate | 8.2% |
| Forecast Period | 2021 - 2027 |
| On Demand Data Available | 2030 |
| Segments Covered |
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| Region Covered |
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Rising demand from automotive industry drive the market
Presently, the market for automotive actuators is primarily motivated by increasing automation and digitalization. Increasing awareness of fuel efficiency and rising demand for comfort, particularly in commuter vehicles, is driving the growth of the automotive actuators market. It is because actuators are an indispensable part of electronic control systems present in passenger and commercial automobiles. It is their work to convert the electrical signals from the control unit into action or motion. Generally, actuators are in the form of electric motors or electromagnetic valves.
They make adjustments to flaps and control the flow of fluids or actuate pumps to build pressure in systems like brake and steering. In the engine control system, actuators adjust the idle speed, monitor air flaps for torque and power optimization, and meter fuel for optimum combustion conditions. They also find usage in locking and unlocking car doors or for remotely controlling the fuel filler flaps, storage chambers, boot lids, engine bonnets, etc. To improve passenger safety and comfort, OEMs globally are producing electric actuators as one of the major areas of focus.
As a part of that endeavor, electric actuators have also gained significant interest in recent years. For example, actuators are utilized in seats for modifying lumbar support systems, seat placing angles, and for seat track actuators. Numerous automotive seat adjustment actuators are accessible in the market, such as geared motors for recliner adjustment, double output shaft needed for track drives, and linear actuators for utilization in height and tilt modifications. Challenges related to traditional actuators, such as cost, overheating, and issues related to contamination, are excluded in electrical actuation systems.
With improvements in technology, autonomous vehicles are likely to install various actuators to enhance security and comfort. The modern-day passenger vehicle is equipped with approximately 120 motors to control various applications such as headlight setting, seat modification, grill shutter, and HVAC systems, among others. Actuators play a crucial role in initiating these applications as they convert an electric signal into the necessary linear and rotary motion to deliver the required physical change.
The linear actuator segment accounts for the largest market size during the forecast period
Based on type, linear actuators segment is projected to lead the actuators market during the forecast period. The growth of this segment can be attributed to their increased use in packaging machines, medical equipment, production machinery, transportation, and aerospace & defense industries.
The electrical segment is projected to grow at the highest CAGR during the forecast period
Based on actuation, the electrical segment is estimated to account for the highest share in the actuators market in 2021. Electrical actuators provide increased control and acceleration at high speeds. The force for applying thrust can be programmed without the requirement for compressed air and the related infrastructure, and the total energy consumption in these actuators is low.
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The robotics segment is projected to grow at the highest CAGR during the forecast period
Based on application, the robotics segment is estimated to grow at the highest rate during the forecast period. The growth of this segment can be attributed to increase in automation of manufacturing, increased use of robotics in healthcare, and growing trend of automation in various industries, driven by the need for increased efficiency, precision, and productivity.
The automotive segment accounts for the largest share during the forecast period
Based on Vertical, the automotive segment is estimated to account for the highest market share during the forecast period. Actuators form an integral part of automotive control systems and help in optimizing vehicle performance by improving their reliability and durability. Actuators are part of open-loop or closed-loop control systems, which connect electronic units with process systems of automobiles.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.”
Asia Pacific is one of the leading markets for actuators in terms of research and development activities, deployment, and the presence of key market players. The actuators market in this region has been studied for Japan, China, India, South Korea, Taiwan, and the Rest of Asia Pacific. Industries in the Asia Pacific region are continuously upgrading their capabilities and as such, require machinery equipped with new and advanced actuators. Countries such as China and Japan are primarily investing in robotics and automation to gain a tactical edge in the field of robotics and process automation. This provides an excellent growth opportunity for the manufacturers of actuators in the Asia Pacific region.
ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtis Wright (Exlar) (US), and MISUMI (Japan) are some of the leading players operating in the actuators market. These key players offer actuator systems for different platforms and have well-equipped and strong distribution networks across the North America, Europe, Asia Pacific, and the Rest of the World (the Middle East, Latin America, and Africa).
