Technological advancements in actuators and rising demand for industrial automation are the major factors driving the growth of the actuators market, globally
The actuators market size is expected to grow from USD 49.2 billion in 2019 to USD 74.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period. The market for actuators is driven due to the increasing 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 & leak elimination in actuators are expected to restrain the growth of the actuators market across the globe.
Pneumatic actuator to grow at highest CAGR during the forecast period in the actuators market
Based on actuation, the actuators market is segmented into pneumatic, hydraulic,electrical and others. The pneumatic actuation segment is projected to grow at the highest CAGR during the forecast period. Pneumatic actuators are expected to increase higher efficiency and greater levels of control. Major manufacturers of pneumatic actuators include Thomson Linear, SMC, ABB, Rockwell Automation, and Curtiss Wright, among others.
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Vehicles and Equipment segment is estimated to account for the largest market share in the actuators market in 2019
The application segment of global actuators market has been segmented into robotics, industrial automation, and vehicles & equipment. The automation of parts includes various application areas across different industrial verticals where automation actuators are used. The robotics part consists of the robotic actuators required for industrial robots and the service robots which are used across various industrial verticals. The demand for factory automation is increasing across industries due to the changing consumption patterns, and production of goods & services. For example, in the food & beverages industry, manufacturers are employing mass customization capabilities to address the changing needs of customers. The demand for vehicles and equipments is increasing, which is increasing the demand for actuators used in vehicles and equipment market.
The actuators market in the Asia Pacific is projected to grow at the highest CAGR
The Asia Pacific region is estimated to lead the global actuators market in 2019, and the trend is expected to continue 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 actuator manufacturers to strengthen their businesses in the Asia Pacific region.
The break-up of profiles of primary participants in the 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 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 actuators market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as actuation, type, application, vertical, 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.
Reasons To buy this report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall 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.