Actuators Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
Actuators Market is likely
to showcase notable growth in the coming years and reach USD 79.35
billion by the end of 2027 on account of the advent of technological
advancement and the increasing need for the latest automated equipment by
various end-user industries.
As per a recent report by Fortune
Business Insights, titled, “Actuators Market Size, Share & COVID-19 Impact Analysis, By Motion
(Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By
End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals,
and Others), and Regional Forecast, 2020-2027,” the value of
this market was USD 47.09 billion in 2019. The forecast period
is set between 2020 to 2027 and the market is likely to exhibit a CAGR of 10.65%.
Most industries worldwide were impacted
negatively by the current COVID-19 pandemic. Apart from the healthcare sector,
most of the industrial sectors witnessed the downfall of the world economy.
However, the governments of various nations are engaging in multiple strategies
to deal with this situation and we hope that life turns back to normal. Fortune
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Objectives of the Report:
The report is based on a comprehensive
analysis of the market keeping in mind the prime boosting, repelling, and
challenging factors. It also throws light on the notable industry developments,
major trends, and other interesting insights into the market. The report also
highlights the table of segmentation in details and lists the names of the
segment in the leading position with market figures. For more information on
the report, log on to the company website.
Drivers & Restraints-
Development of Machine Learning and
Artificial Intelligence Sectors to Aid in Expansion
An actuator comprises the key component
of all the machines used by various industries such as food, manufacturing,
automotive and transportation, agriculture, healthcare industry, and others.
This stands as a key factor driving the global actuators market growth. This,
coupled with the rising population, growing urbanization, and the increasing
use of industrial robots for minimizing the chances of human errors are also
expected to aid in the expansion of the market. Additionally, the increasing
demand from aerospace and automotive industries is further expected to add
impetus to the market in the coming years.
On the contrary, installing and
maintaining pneumatic and hydraulic actuators is expensive, which may pose a
major challenge to the market in the coming years. This, coupled with the
current coronavirus pandemic that forced most of the international businesses
to stay at a temporary halt may also hamper the market. Additionally, the
possibility of oil or water leakage and other damages of the actuator is likely
to cause hindrance to the market in the coming years.
Nevertheless, the rising demand for
commercial aircraft is expected to promote the growth of the market in the
forecast period.
List of the Leading Companies Profiled
in the Global Actuators Market are:
- Rockwell Automation, Inc. (Wisconsin, The U.S.)
- Venture MFG Co. (Ohio, The U.S.)
- ABB (Zurich, Switzerland)
- Rotork PLC (Bath, The U.K.)
- MISUMI (Tokyo, Japan)
- Curtiss-Wright Corporation (North Carolina, The U.S.)
- TAMAGAWA SEIKI Co. Ltd. (Nagano, Japan)
- Parker Hannifin Corporation (Ohio, The U.S.)
- Moog Inc. (New York, The U.S.)
- Eaton Corporation Inc. (Ohio, The U.S.)
- SMC Corporation (Tokyo, Japan)
- Emerson Electric Co. (Missouri, The U.S.)
Segment
Hydraulic Segment to Emerge Dominant
Owing to Growing Demand from Mining and Construction Sector
Based on segmentation by type, the
hydraulic segment dominant the market shares in 2019. This is owing to the
increasing adoption of hydraulic actuators in heavy equipment used by various
application sectors such as mining, construction, agriculture, and others. This
is further attributed to the integrated failure backup features and less power
consumption. However, the electrical segment earned a 21% share and is likely
to exhibit significant growth in the forecast period.
Regional Analysis
North America Emerged Dominant Owing to
Growing Demand from Aerospace Industry
Regionally, North America earned USD
16.48 billion in 2019 and gained the largest actuators market share. The growth
of this region is attributed to the increasing demand from the aerospace and
defense sectors. Besides this, the market in Asia Pacific is likely to show
rapid growth in the coming years with China and Japan in the leading position.
This is accountable to the rapid industrialization and growing urbanization.
Furthermore, the market in Europe and the Middle East and Africa will exhibit
notable growth in the coming years on account of the increasing manufacturing
units for automobile production of brands such as Audi, BMW, and others.
Competitive Landscape
Players Focusing on Innovative
Technologies to Earn Lion’s Share
The global market for actuators is
fragmented in nature attributable to the presence of many large and
medium-scale vendors. Companies such as Rotork PLC., Rockwell Automation, and
others are focusing on strengthening their product portfolio and specializing
in pneumatic and hydraulic actuators to gain competitive edge. The other
players are engaging in the development of innovative technologies for gaining
a competitive edge in the market.
Browse Detailed Overview of This
Research:
https://www.fortunebusinessinsights.com/actuators-market-103531
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product
Launches, and Mergers & Acquisitions
- 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
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential opportunities due to COVID-19 Outbreak
- Global Actuators Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Motion (Value)
- Linear
- Rotary
- By Type (Value)
- Hydraulic
- Pneumatic
- Electric
- Others
- By End-Use Industry (Value)
- Aerospace & Defense
- Automotive
- Construction
- Chemicals
- Food & Beverages
- Healthcare & Pharmaceuticals
- Marine
- Mining
- Oil & Gas
- Power Generation
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
Major Industry Developments of the
Market Include:
April 2019 – The Boeing Company awarded a contract to Moog Inc., for
the delivery of wing fold actuation and wing flight systems for an unmanned
refueling program of the U.S. Navy called MQ-25. This will help to build a
strong foundation for the future of the company.
April 2017 – The control and valves business of Pentair was
acquired by Emerson Electric Co. for managing the production of control valves,
regulators, and actuators, thereby strengthening the portfolio of the company.
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Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-actuator-market-10201
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