Global Actuators Market by Type (Pneumatic Actuators, Hydraulic Actuators, Electric Actuators and Mechanical Actuators), By End-User (Automotive, Oil & Gas, Aerospace & Defence, Pharmaceutical, Power, Food & Beverages, Chemicals, Water & Wastewater and Mining & Metals) by Region (Americas, Europe, Asia Pacific and Middle East & Africa) – Global Forecast to 2025.
The key players of global actuators market are Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Festo AG & Co. KG (Germany), Flowserve Corporation (U.S.), Honeywell International Inc. (U.S.), KITZ Corporation (Japan), Rotork plc. (Japan), SAMSON AG (Germany), and SMC Corporation (Japan).
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An actuator is an equipment, which converts energy into motion. It is basically used to apply a force on an entity to perform various mechanical operations. It is characteristically a mechanical device that takes energy, created by compressed air, electricity or liquid and converts it into various kind of motion, such as linear and rotary. Actuators usually are used in industrial or manufacturing applications and are used in devices such as switches, motor, valves and pumps.
The actuators market is majorly driven by the factors such as a rise in the number of aircraft carriers, continuous growth in the global automotive industry, and technological advancements in actuators is propelling the market growth. Also, the growing industrial base in Asia Pacific region has a positive influence on the growth of the market. The actuators market may witness hindrances in growth due to costing of the actuators. Also, power consumption, noise, and leaks are the major challenges faced by the actuators in current market.
Hydraulic, pneumatic, and electric actuators are called “conventional” because the majority of robotic and automated mechanical systems use them. The wide application of conventional actuators across major end-use sector is creating a scope for innovation through constructive research & development program undertaken by major players in the industry. Lately, developments in material technology have presented lightweight and strong substances, making it conceivable to shape mechanically strong articulated mechanisms which are robust and weigh very less. Current advances in information technology, nanotechnology, and biotechnology will necessitate the expansion of shrunken, novel devices and gadgets that need to apply extensive forces. The identical demand for innovative actuators occurs in conventional industries such as military, entertainment, medicine, and manufacturing, where there is an cumulative need for manufacturing small-size and lightweight devices competent to apply large forces, generate high speeds, attain large displacements, and be extremely energy efficient. In all these applications, mission requirements are fetching drastically more stringent in terms of mass, dimensions, power, and cost. Improvements in actuator robustness and reliability associated with power efficiency and compact packaging can lead to effective devices that are significantly more capable and reliable at a lower cost.
The global actuators market is anticipated to grow at 5.23% CAGR during the forecast period. In 2016, the market was led by Americas, with a 33.84% share, followed by Asia Pacific and Europe with shares of 28.45% and 23.37%, respectively. The actuators market has been segmented based on type, application and region. On the basis of type, the market has been segmented as Pneumatic, Electric, Hydraulic, Mechanical, and others. Electric segment accounted for the largest market share of 32.20% in 2016, with a market value of USD 4,355.2 million and is projected to grow at the highest CAGR of 5.61% during the forecast period. Electric actuators are more cost-effective than the others. Electric actuators benefit from cleaner, simpler, and more energy-efficient power transmission. Based on application, automotive segment accounted for the largest market share of 18.13% in 2016, with a market value of USD 2,452.1 million and is projected to grow at the highest CAGR of 6.11% during the forecast period. The increasing demand from the upper middle class for automotive vehicles is driving the actuators market in the Asia-Pacific region. The growing automotive vehicles market has increased the demand for actuators as the latter is an essential component used in vehicles.
Scope of the Report
This study provides an overview of the global actuators market, tracking two market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for Americas, Europe, Asia Pacific and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global actuators market by type, by end-users, and by regions.
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