In addition, the global actuators market has been expected to rise at a CAGR of 5.23%, with a significant value over the estimated forecast year of 2022-2030.
The introduction of advanced technologies to develop the actuator which is the latest trend in the actuator market. The market actuator is integrated of all components like sensors, a communication unit, motor and controller. The robots are used in various industries linked to a smart actuator that can be easily reconfigured, disassembled, or assembled. The growing use of the smart actuators will enhance the automation and the control capabilities that are available in the field.
With the developments in robotics, machine learning, and artificial intelligence, the trend of automation has increased. An actuator is an important component used in all actuation systems, and It helps automate various systems and processes in the automotive, manufacturing, agriculture, food, transportation, and medical industries. The rise in industrial automation is anticipated to drive market growth through the projection period. The increasing population is another factor in the rise in industrial automation. The growing population around the world is another factor that creates demand for industrial automation. The need to meet the demands of the increasing population propelled manufacturers to automate the process that helps in the mass-production of products. However, the rising use of the industrial robots to speed up production and minimize human errors in the mechanical industries is projected for the growth of the market.
The key players of global actuators market are Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Festo AG & Co. KG (Germany), Flowserve Corporation (U.S.), Honeywell International Inc. (U.S.), KITZ Corporation (Japan), Rotork plc. (Japan), SAMSON AG (Germany), and SMC Corporation (Japan).
The actuator market is fragmented, with several players that support several programs across the world. Some of the leading players in such industries have been expecting to increase their production facilities.
November 2020: In November 2020, Rotork PLC GP range of heavy-duty scotch yoke pneumatic actuators was selected for the South Korean LNG Terminal.
The global actuators market is segmented into the prominent regions of Americas, Europe, Asia Pacific and Middle East & Africa. Asia Pacific region have the huge potential for the market. The region is also expected to drive global IoT growth over the next 5 years. IoT has been an area of focus in emerging economies, such as India and China. This includes the establishment of smart cities, IoT-specific centers of excellence, which simultaneously are expected to propel the demand for actuators. The Asia Pacific market is also projected to grow at the highest CAGR OF 5.93% during the forecast period. Americas is one of the major regions for the actuators. America’s market holds an enormous potential of growth in the near future. Increasing investments across life sciences, automotive, food processing and packaging segments to revive growth. Hence, America’s market is expected to grow at a CAGR of 5.21%. Europe is one of the major region for electric two-wheeler and has achieved an ample scope due to the presence of profitable countries such as Germany, U.K, and Norway. Additionally, the region is the hub of major are automobile manufacturers such as Audi, BMW, and Volvo among others. This also has the positive influence on the growth of the market. According to ITA Pharmaceuticals Top Markets Report, 2016, countries such as Belgium, Switzerland, United Kingdom, Germany, and Austria are expected to rank as one the leading pharmaceutical exporter in 2016-2017.
An actuator is an equipment, which converts energy into motion. It is basically used to apply a force on an entity to perform various mechanical operations. It is characteristically a mechanical device that takes energy, created by compressed air, electricity or liquid and converts it into various kind of motion, such as linear and rotary. Actuators usually are used in industrial or manufacturing applications and are used in devices such as switches, motor, valves and pumps.
Hydraulic, pneumatic, and electric actuators are called “conventional” because most robotic and automated mechanical systems use them. The wide application of conventional actuators across major end-use sector is creating a scope for innovation through constructive research & development program undertaken by major players in the industry. Lately, developments in material technology have presented lightweight and strong substances, making it conceivable to shape mechanically strong articulated mechanisms which are robust and weigh very less. Current advances in information technology, nanotechnology, and biotechnology will necessitate the expansion of shrunken, novel devices and gadgets that need to apply extensive forces. The identical demand for innovative actuators occurs in conventional industries such as military, entertainment, medicine, and manufacturing, where there is an cumulative need for manufacturing small-size and lightweight devices competent to apply large forces, generate high speeds, attain large displacements, and be extremely energy efficient. In all these applications, mission requirements are fetching drastically more stringent in terms of mass, dimensions, power, and cost. Improvements in actuator robustness and reliability associated with power efficiency and compact packaging can lead to effective devices that are significantly more capable and reliable at a lower cost.
In 2016, the market was led by Americas, with a 33.84% share, followed by Asia Pacific and Europe with shares of 28.45% and 23.37%, respectively. The global market has been segmented based on type, application and region. On the basis of type, the market has been segmented as Pneumatic, Electric, Hydraulic, Mechanical, and others. Electric segment accounted for the largest market share of 32.20% in 2016, with a market value of USD 4,355.2 million and is projected to grow at the highest CAGR of 5.61% during the forecast period. Electric actuators are more cost-effective than the others. Electric actuators benefit from cleaner, simpler, and more energy-efficient power transmission. Based on application, automotive segment accounted for the largest market share of 18.13% in 2016, with a market value of USD 2,452.1 million and is projected to grow at the highest CAGR of 6.11% during the forecast period. The increasing demand from the upper middle class for automotive vehicles is driving the market in the Asia-Pacific region. The growing automotive vehicles market has increased the demand for actuators as the latter is an essential component used in vehicles.
|Market Size||2030: Significant Value|
|CAGR||5.23% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Festo AG & Co. KG (Germany), Flowserve Corporation (U.S.), Honeywell International Inc. (U.S.), KITZ Corporation (Japan), Rotork plc. (Japan), SAMSON AG (Germany), and SMC Corporation (Japan)|
|Key Market Opportunities||Growing Industrial Base In Asia Pacific|
|Key Market Drivers||
The actuators market can thrive at 5.23% CAGR by 2030.
The actuators market can value at a decent valuation by 2030.
Rotork plc. (Japan), KITZ Corporation (Japan), SMC Corporation (Japan), and SAMSON AG (Germany) are some reputed names in the actuators market.
The growing adoption rate of actuators among IoT-centric enterprises can spur the global actuators market growth.
North America actuators market poised to lead in the global market.