Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- The global actuators market size was USD 41.62 billion in 2021 and is projected to grow from USD 44.60 billion in 2022 to USD 98.92 billion in 2029 at a CAGR of 12.05% in the 2023-2029 period. Actuators market underscores its robust growth, driven by the rising demand for automation across industries like manufacturing, automotive, and aerospace. Electric actuators are gaining prominence due to their precise control capabilities and energy efficiency, while pneumatic and hydraulic actuators continue to serve specific niche applications.
Asia-Pacific, with its rapid industrialization and infrastructure development, is a focal point for market expansion. Innovations in materials and technology are key focal points for businesses in this dynamic market, aiming to enhance product performance and maintain a competitive edge.
This information is provided by Fortune Business Insights™, in its report, titled, “Actuators Market, 2023-2029.”
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List of Key Players Covered in the Actuators Market Report:
- ABB (Zurich, Switzerland)
- MISUMI (Tokyo, Japan)
- TAMAGAWA SEIKI Co. Ltd. (Nagano, Japan)
- Moog Inc. (New York, U.S.)
- Eaton Corporation Inc. (Ohio, U.S.)
- Rockwell Automation, Inc. (Wisconsin, U.S.)
- SMC Corporation (Tokyo, Japan)
- Emerson Electric Co. (Missouri, U.S.)
- Parker Hannifin Corporation (Ohio, U.S.)
- Curtiss-Wright Corporation (North Carolina, U.S.)
- Rotork PLC (Bath, U.K.)
- Venture MFG Co. (Ohio, U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 12.5% |
| 2029 Value Projection | USD 98.92 Billion |
| Market Size in 2022 | USD 44.60 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 221 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Actuators Market Growth Drivers | Increasing Commercial Aircraft Deliveries to Fuel Market Growth |
| Growing Industrial Automation Expected to Increase the Demand for Actuators |
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Actuators Market Segmentation:
Type:
- Electric Actuators
- Pneumatic Actuators
- Hydraulic Actuators
Application:
- Industrial Automation
- Automotive
- Aerospace
- Healthcare
- Robotics
- Others
End-User:
- Manufacturing
- Oil and Gas
- Energy and Utilities
- Healthcare
- Automotive
- Others
Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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Report Coverage:
The report offers an expanded review of prime players and their insightful tactics to bolster market growth for economic profits. It further mentions concrete insights that guide entrepreneurs with their investment plans. The regional aspects and their crucial role in leading the market in a mounting curve are discussed in the following report. Furthermore, COVID-19 influences have been added for additional information and how it is estimated to impact the demand for actuators in the future.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Actuators Market
- Impact of the COVID-19 pandemic on the Global Actuators Market
- Steps taken by Industry/ Companies/ Governments to overcome the impact
- Potential Opportunities Due to COVID-19 Outbreak
- Global Actuators Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast - By Motion
- Linear
- Rotary
- Market Size Estimates and Forecast - By Type
- Hydraulic
- Pneumatic
- Electric
- Others
- Market Size Estimates and Forecast - By End-Use Industry
- Aerospace & Defense
- Automotive
- Construction
- Chemicals
- Food & Beverages
- Healthcare & Pharmaceuticals
- Marine
- Mining
- Oil & Gas
- Power Generation
- Others
- Market Size Estimates and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
Driving Factors :
Rising Industrial Automation to Augment Demand for Actuators
With progressions in robotics, Artificial Intelligence (AI), and Machine Learning (ML), the trend of automation has surged. An actuator is a crucial component utilized in all actuation systems, and it aids in automating various systems and processes in the automotive, food, transportation, manufacturing, agriculture, and medical industries. A surge in industrial automation is expected to fuel the actuators market growth through the predicted period.
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Regional Insights:
North America to Lead Backed by Presence of Prime Players in this Region
North America held the largest actuators market share in 2021 with a size of USD 12.87 billion. The growth is accredited to the existence of a well-settled and rising automotive industry and aircraft manufacturing units in the region.
The market in Asia Pacific is predicted to grow at the highest growth rate during the forecast period owing to the speedy industrialization and urbanization in the region.
The market for automotive actuators in Europe is also estimated to observe substantial growth as this region is the core of prime automobile producers such as BMW and Audi among others.
Competitive Landscape:
Crucial Players Sign Notable Contracts to Make Prominent Alterations in Market
The players functioning in the market often deploy various tactics that will assist the market growth and product demand. Among the abundantly available strategies, one such remarkable strategy to safeguard the business prospect is engaging in multimillion deals with government organizations and other players and thereby securing a profitable revenue for their own company.
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Key Industry Development:
December 2021: Rotork PLC engaged in a deal with Milano San Rocco Wastewater Treatment Plant (WWTP) to produce and supply Rotork IQ electric modulating actuators.
Read Related Insights:
Aircraft Actuator Market to Hit USD 32.16 Billion by 2030 | At a CAGR of 8.06%
Aircraft Hangar Market to Worth USD 1,000.6 Million by 2029 | Fortune Business Insights™
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