The actuators market is projected to grow from USD 53.9 billion in 2021 to USD 86.6 billion by 2027, at a CAGR of 8.2% between 2021 and 2027. Increasing demand for actuators in the automotive industry, the rapid growth of industrialization and utilization of robotics, and rising demand for actuators in healthcare are some of the key factors driving the growth in the actuators market. Wide array of applications employing the use of linear actuators is one of the lucrative opportunities for actuator system providers during the forecast period.
The COVID-19 outbreak has triggered disruptions to global supply chains and business processes.While the pandemic did not impact the 2019 demand for valve actuators, the market projections do consider industry trends and how the COVID-19 pandemic will influence the valve actuators market in various vertical industries.
Most industries utilizing actuators like agriculture, healthcare, automotive, aerospace and defense, and food and beverages were crushed negatively by the current COVID-19 pandemic outbreak.Apart from the healthcare sector, nearly all industrial sectors witnessed a downfall.
Also, imposition of lockdowns and quarantine regulations internationally in India, Canada, and European nations have disturbed the normal flow of business, demand for sale or new projects, and revenue in major industries like aviation, automotive, and oil & gas. These industries normally are the prime business prospects for the actuators market.
Based on type, the linear actuator segment accounts for the largest market size during the forecast period The growth of this segment can be attributed to their increased use in packaging machines, medical equipment, production machinery, transportation, and aerospace & defense industries. Increasing automation of industrial processes in emerging economies such as China and India is one of the factors expected to drive the growth of the actuators market across the globe
Based on the vertical, the automotive segment is projected to lead the market during the forecast period. Actuators are not only used in major functional systems of an automobile but also in the bodywork and the interior of an automobile in the recent years. The demand for actuators that offer a high level of safety and control, as well as excellent process monitoring capabilities, is expected to increase in the oil & gas industry across the globe
Asia Pacific is projected to grow at the highest CAGR during the forecast period. The Asia Pacific region is estimated to account for a share of 48.2% of the actuators market in 2021. The actuators market in this region has been studied for Japan, China, India, South Korea, Taiwan, and the Rest of Asia Pacific. Industries in the Asia Pacific region are continuously upgrading their capabilities and as such, require machinery equipped with new and advanced actuators. Countries such as China and Japan are primarily investing in robotics and automation to gain a tactical edge in the field of robotics and process automation. This provides an excellent growth opportunity for the manufacturers of actuators in the Asia Pacific region.
The break-up of profile of primary participants in the actuators market: • By Company Type: Tier 1 – 49%, Tier 2 – 37%, and Tier 3 – 14% • By Designation: C Level – 55%, Director Level – 27%, and Others – 18% • By Region: North America – 55%, Europe – 27%, Asia Pacific – 9%, RoW – 9%
ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtis Wright (Exlar) (US), and MISUMI (Japan) are some of the leading players operating in the actuators market.
Research Coverage: This research report categorizes the actuators market.By actuation (electrical, pneumatic, hydraulic, and others).
Based on application (industrial automation, robotics and vehicles, and equipment), by type (linear actuator and rotary actuator), by vertical (food & beverages; oil & gas; metals, mining, and machinery; power generation; chemicals, paper, and plastics; pharmaceutical & healthcare; automotive; aerospace & defense; marine; electronics & electrical; construction; agriculture; utilities; and household & entertainment).The actuators market has been studied for North America, Europe, Asia Pacific, and the Rest of the World (the Middle East, Latin America, and Africa).
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the actuators market. A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; agreements, collaborations, new product launches, contracts, expansion, acquisitions, and partnerships associated with actuators market
Reasons to buy this report: The report will help the 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.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on actuators offered by the top players in the market • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the actuators market • Market Development: Comprehensive information about lucrative markets – the report analyzes the actuators market across varied regions • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the actuators market • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the actuators market
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