Actuators Market Trends, size, Growth 2029
The global actuators market size was USD 41.62 billion in 2021. The market 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 2022-2029 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Actuators Market, 2022-2029.”
According to our analysts, with the augmented demand for automation and amplified efficiency and output of numerous industrial procedures, there has also been a surge in demand for actuators. The growth of this market is accredited to the rising demand for actuators by global oil & gas, commercial, and transportation industries.
COVID-19 Impact
COVID-19 Negatively Impacted Actuator Market Owing to Drop in Manufacturing Sector
The COVID-19 pandemic has severely influenced the automation industry. Huge companies are experiencing prime damages owing to the nationwide lockdown. Prior to the pandemic, reserves in the automation sector have been sluggish and presently are estimated to be delayed or put on hold for almost a year. Nations across the world prioritized their aerospace, defense, and automotive industry budgets towards the healthcare industry to build the necessitated infrastructure amenities to curb the spread of COVID-19. This has majorly impacted the growth of the market.
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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 which 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 upcoming future.
Segmentation
Electric Segment to Grow at Higher CAGR during Forecast Period
By motion, the market is segmented into linear and rotary.
On the basis of type, the market is categorized into hydraulic, pneumatic, electric, and others. The pneumatic is anticipated to be the largest segment in 2021. The growth is attributed to the surge in demand for pneumatic actuators in oil & gas industries.
Based on end-use industry, the market is segregated into aerospace & defense, automotive, construction, chemicals, food & beverages, healthcare & pharmaceuticals, marine, mining, oil & gas, power generation, and others.
The market has been branched based on regions such as North America, Europe, Asia Pacific, and Rest of the World.
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 to automate 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.
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.
List of Key Players Covered in the Report
- ABB (Zurich, Switzerland)
- MISUMI (Tokyo, Japan)
- TAMAGAWA SEIKI 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.)
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