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Technological advancements in actuators and rising demand for robots are the major factors driving the growth of the robotics and automation actuators market, globally
The robotics and automation actuators market size is expected to grow from USD 15.8 billion in 2019 to USD 30.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.37% during the forecast period. The market for robotics and automation actuators is driven due to the increased use of electric actuators and compact pneumatic actuators in robotics and automation applications across the globe. However, formulation and stringent implementation of various regulations to ensure increased safety, reduced power consumption, and noise and leak elimination in robotics and automation actuators are expected to restrain the growth of the robotics and automation actuators market across the globe.
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Electric actuation to grow at highest CAGR during the forecast period in robotics and automation actuators market
On the basis of actuation, the robotics and automation actuators market has been segmented into pneumatic, hydraulic, and electric. The electric actuation segment is projected to grow at the highest CAGR during the forecast period. Electric actuators are expected to replace hydraulic and pneumatic actuators due to their higher efficiency and greater levels of control. Major manufacturers of electric actuators include Thomson Linear, SMC, ABB, Rockwell Automation, and Curtiss Wright, among others.
Process automation segment is estimated to account for the largest market share in the robotics and automation actuators market in 2019
The application segment of global robotics and automation actuators market has been further segmented into robotics and process automation. The automation of parts includes various application areas across different industrial verticals where automation actuators are used. The robotics part includes the robotic actuators required for industrial robots and the service robots which are used across different industrial verticals. The demand for factory automation is increasing across industries due to the changing consumption patterns, and production of goods and services. For example, in the food & beverages industry, manufacturers are employing mass customization capabilities to address the changing needs of customers.
The robotics and automation actuators market in Asia Pacific is projected to grow at the highest CAGR
The Asia Pacific region is estimated to lead the global robotics and automation actuators market in 2019, and is expected to continue to lead during the forecast period. This region is upgrading various capabilities by undertaking developments in the field of actuators. China and India are primarily investing in robotics and automation to enhance and gain a tactical edge. This is an excellent opportunity for robotics and automation actuator manufacturers to strengthen their businesses in the Asia Pacific region.
Break-up of profiles of primary participants in the robotics and automation actuators market:
- By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level Executives– 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World 5%
The robotics and automation actuators market includes key players, such as ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtiss Wright (US), and MISUMI (Japan), among others.
- The market study covers the robotics and automation actuators market across segments.
- It aims at estimating the market size and the growth potential of this market across different segments, such as application, type, industry, actuation, design characteristics, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall robotics and automation actuators market and the subsegments.
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- The report also will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.