For converting the energy into motion, the actuator equipment is used. It is mainly used for the application of force on a particular entity for performing numerous mechanical operations. The actuator is typically a mechanical device which consumes energy that is created by the compressed air, liquid or electricity by converting it different kinds of motion, like rotary and linear. The actuators are used in various manufacturing or industrial applications. It is also used in various devices such as motor, switches, pumps, and valves. The global actuators market is projected to grow at a rate of 5.23% CAGR during the forecast period (2017-2023).
The actuators market is significantly determined by the elements, for example, growth in the number of aircraft carriers, persistent development in the automotive industry, and innovative progressions in actuators is moving the market development. Additionally, the growing mechanical base in the Asia Pacific region is highly affecting the development of the market. The actuators market may observer deterrents in development because of the expensive nature of the actuators. However, noise, power consumption, and leaks are the main challenges that are faced by the global actuators market.
The global actuators market has been classified on the basis of its end-user, type, and regional demand. On the basis of its type, the global actuators market has been segmented as Electric, Pneumatic, Mechanical, Hydraulic, and others. Based on its end-users, the market is bifurcated into automotive, Aerospace & Defence, Oil & Gas, Pharmaceutical, Food & Beverages, Water & Wastewater Power, Chemicals, and Mining & Metals.
Geographically, the global actuators market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
The major industry players in the global actuators market include prominent names like Cameron, a Schlumberger company (U.S.), The Emerson Electric Company (U.S.), Eaton Corporation plc (Ireland), Festo AG & Co. KG (Germany), Honeywell International Inc. (U.S.), Flowserve Corporation (U.S.), KITZ Corporation (Japan), SAMSON AG (Germany), SMC Corporation (Japan), Rotork plc. (Japan), among others.