Technological advancements in different industrial sectors are anticipated to be an opportunity to the global actuators market.
Actuators are used in various sectors from automotive to marine and mining. The rapid urbanization and industrialization all over the world such as smart city project, manufacturing firms, oil and gas exploration activities, increasing investments, and upgradation of existing facilities are some key factors driving the global actuators market growth.
Some other influencer like technological proliferation, automation, increasing demand for highly efficient system for obtaining better productivity are also boosting the market growth. This superlative growth of actuators predict that by 2028 global actuators market will exceed 90.01 Bn value with an annual growth rate of 8.3% from 2021 to 2028.
The global actuators market seems progressive owing the current growth rate and investment opportunities that lie ahead of the emerging and established firms. Although the global actuators market is witnessing a sporadic growth, it is facing several challenges and issues that is hampering its market growth. The key factors depriving market growth are leakages, risk to workers, high maintenance costs, tedious work process, competitive price standards, and incapable designs failing to meet the customer needs.
Furthermore, smart device management tools, improving exploration activities, new product launches mitigating the risk of workers, and actuators offering operational efficiency during exploration and machine related industrial activities are anticipated to be an opportunity to the global actuators market.
The report provides research-based insights and unique strategies useful for operating in the global actuators market. The report makes the market players aware of the current trend and other events taking place in the market and future growth opportunities. The also analyses the market using report includes qualitative and quantitative analysis that are having a major influence on the global therapy market such as drivers, restraints, opportunities, market sizes, GDP, annual growth rate, and future revenue forecasts. The report emphasizes on the leading players, their geographical status, yearly financial information, product categories, industries, business models, and covid-19 recovery market strategies.
The market participants such as vendors, suppliers, and stakeholders are facing stringent competition in the market. Also, to identify themselves against stiffening competition the global actuators market players are coining innovations like mergers & acquisition launching advanced actuators systems and inking agreements with prominent players. As a result, the market players including the emerging and the existing ones to help the businesses uncover new business openings and stay ahead of the competitive landscape are coming up with new tools and capabilities
Depending on different segments the market is classified into actuation segment namely Electrical, Pneumatic, and Hydraulic. The Electrical and Pneumatic segment held a considerable market share are poised to further growth. The key factors such as increasing worldwide applications in automotive, robotics, manufacturing, and electronics segment for higher precision and control are driving the market growth.
Depending on different segments the market is classified into type segment namely linear and rotary. The linear segment accounted for highest market share as it has simpler design, easy integration, offers better precision, safer, and affordable.
Depending on different segments the market is classified into application segments namely Automotive, Robotics, Electronics, Healthcare, and Others. The automotive and electronics segment dominated the market in 2020 are projected to grow dramatically in the years to come. The actuators have driven high level of productivity essential in modern industries which is key factors boosting the market share of automotive and electronics actuators in the global actuators market.
The North American region may register highest CAGR from 2021 to 2028. Rising automation, digitalization, smart city projects, increased demand for fuels, focus on passenger safety, and presence of large industrial production giants in the region are the key factors driving growth of global actuators market. APAC is the next dominant region seeing higher market growth due to increasing smart city projects, presence of foreign industrial firms, and increased demand for fuel efficiency.
The top manufacturers, suppliers, and exporters in the global actuators market are SMC, Rotork, Parker Hannifin, Flowserve, and Emerson Electric. These companies sale actuators under different brand names. The major companies though are at highest market ranks are pursuing different strategies to expand, boost the growth by double in the market. Partnerships and joint ventures for launching new products are some key strategies adopted.
Key Segments of the Global Actuators Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Actuation Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa