USD 53.9 billion
Report ID: SQSG25A2011 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 72 | Figures: 75
Global Actuators Market size was valued at USD 53.9 billion in 2021 and is poised to grow from USD 58.32 billion in 2022 to USD 118.54 billion by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).
Actuator is a device or machine that controls the movement and mechanism of a system. Actuators are used to achieve maximum precision, control the movement of a system, provide custom speeds, and reduce risk to workers. An actuator is a device used to conveniently generate mechanical energy from electrical energy. The machine used in electric motors, stepper motors or jacks can also be classified under actuators. The global actuators market includes new emerging players and established companies. Market players to strengthen their position in the market are rushing to find actuators that are more powerful and faster than conventional actuators. As there is rise in the demand for safety and comfort in vehicles it is anticipated to fill the demand of advanced system in vehicles.
Growing vehicle manufacturer preference toward vehicle safety is likely to increase the integration of advanced safety and comfort features in vehicles, which, in turn, is likely to increase an integration of actuators in vehicles
The manufacturing and medical device industries are the biggest users of actuators. In the same context, Emerson, world leader in the global actuators market has designed reliable and efficient pneumatic actuators for extreme environments and critical applications. Pneumatic actuators have high performance or safety. The most important aspects are the size and weight of the actuators. Many of these companies are inventing new and advanced actuators which are strengthening their position in the market, thereby propelling the global actuator market.
US Actuators Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 53.9 billion
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The Global Actuators Market is segmented based on the Type, End Use, and region. Based on the Type, the Global Actuators Market is segmented as, Electric Actuator, Hydraulic Actuator, Pneumatic Actuator, Mechanical Actuator and Others. Based On End Use, the Global Actuators Market is segmented as Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Oil & Gas, Power Generation, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Actuators Market Analysis by Type
Based on the Type, the electric actuator segment dominated the global actuator market, in terms of revenue, in 2020. Electric actuators have high speed and hence, are extensively utilized in automotive applications. Hydraulic actuator and pneumatic actuator segments also held a notable share of the market and are driving the demand for actuators significantly. The expansion of the electric actuator market is mostly due to an increase in demand from the oil and gas industry, which has a rising need for electric linear actuators. Additionally, the market is growing due to expansion in the water and wastewater treatment sectors and an increase in safety standards across industries.
Additionally, electric actuators are used in the process of extracting crude oil and gas, as well as in refineries, oil terminals, and depots, where rising investment in the oil and gas sector in emerging economies is anticipated to create lucrative opportunities for the businesses that make electric actuators. As a result, the industry for electric actuators is anticipated to rise as automation for industrial processes increases.
Actuators Market Analysis by End Use
The Global Actuators Market has been segmented on the basis of End Use as Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Oil & Gas, Power Generation, And Others.
Throughout the forecast period, the market is anticipated to be led by the automotive sector, then the aerospace sector. industry introduction 4.0 in automobile production facilities spurs the market's expansion. A significant portion of actuators are used in additive manufacturing and robotics to automate industrial operations.
A significant increase in aircraft deliveries is expected to boost the aerospace and defence sector. Additionally, the market is expanding due to rising adoption of new warfare technology and rising purchases of next-generation weaponry.
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In 2021, North America held the largest market share and dominated the market with market size of USD 12.87 billion.
Also, the Asia Pacific is expected to grow at the highest growth rate due to rapid industrialization and urbanization in this region. It has held a major share in terms of revenue in 2020, as there are major vehicle manufacturers and tier-1 suppliers, which include Robert Bosch GmbH and Continental AG who have advanced research and development facilities, which helps fuel the use of actuators. Also, there is consistent demand for the vehicle in this region. The growing production of vehicles in the region, as well as the availability of the necessary equipment affordable resources, is a contributing factor to the growth of the market in the region. The rapid increase in vehicle sales due to the growth of the company's disposable income has always been an important factor in the investments of major producers in the region. The increase in the number of vehicles on the road in Asia-Pacific, coupled with the profitability presence of manufacturers in the automotive sector, accelerates the market in the region.
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Actuators Market Driver
Actuators Market Restraint
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The Global Actuators Market is relatively fragmented, with a huge level of competition. Company that manufactures RotoPR equipment. It is a well-known producer with a broad range of products, particularly in the areas of electric, hydraulic, and pneumatic actuators. Curtiss-Wright Corporation, Eaton Corporation Inc., Rockwell Automation Inc., and SMC Corporation are additional significant market participants. The main strategy used by the players in this market is the development of new technologies to provide their clients a wider range of products. The marketplace for actuators is competitive
Actuators Market Top Player's Company Profiles
Actuators Market Recent Developments
Integrated Controller (IC) actuators do not require an external control box or relay, making installation easy. IC actuators offer a variety of feedback options, as well as simple control solutions, input/output limit signals, actuator customization and monitoring options. Parallel movements and integrated BUS communication are also possible.
A thorough examination of the existing market reveals that bridge-loading mobile robots are the most popular. Moving unit loads, such as pallets, boxes or shelves, is a common activity. Mobile robots are increasingly being used as a form of mobile and flexible conveyor suitable for the factory of the future, as well as the resumption of traditional transport work from point A to point B. Also, the increase in investments by the main players in the market for the integration of particular management systems is the key factor that guides the evolution of the load on the bridge.
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According to our Global Actuators Market Analysis, in terms of type, Electric Actuator has acquired largest market share. As oil and gas industry's surge in demand for actuators as a result of increased use of shale gas as an energy source is one of the key factors influencing the electric actuator market. The largest market for electric linear actuators right now is the oil and gas sector. Processes for automating valves use these actuators. As a result of rising population, environmental hardship, and economic progress, the water and wastewater treatment industries have also experienced tremendous growth. This is due to water consumption and pollution.
|Market size value in 2021||USD 53.9 billion|
|Market size value in 2030||USD 58.32 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Actuators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Actuators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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