Actuator Market Size is expected to reach at USD 87.2

2023-01-13 12:31:12 By : Mr. Kevin Zeng

January 02, 2023 07:49 ET | Source: Acumen Research and Consulting Acumen Research and Consulting

BERLIN, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The Global Actuator Market Size accounted for USD 47.3 Billion in 2021 and is estimated to achieve a market size of USD 87.2 Billion by 2030 growing at a CAGR of 7.3% from 2022 to 2030. Drilling Rig Rotary Actuator

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The actuator is a device that is used to convert energy into motion. Actuators are commonly used in a variety of industrial, commercial, and consumer applications, including automotive, aerospace, robotics, manufacturing, and healthcare. There are several types of actuators, including hydraulic, pneumatic, and electric actuators. Each type of actuator has its own unique characteristics and is suitable for different applications.

The growing use of automation in a variety of industries is expected to stimulate the actuator market growth. In industrial automation, actuators are often employed to regulate the movement of equipment and machinery. The growing demand for connected and intelligent gadgets, such as home automation and the Internet of Things (IoT), is predicted to increase actuator demand. Actuators are widely utilized in connected and smart devices to regulate component mobility and perform numerous activities. Furthermore, technological improvements such as the development of novel materials and the shrinking of components are projected to stimulate demand for actuators. These developments are likely to result in the creation of more energy-efficient and reliable actuators. The introduction of innovative actuator applications, such as in the medical and pharmaceutical industries, is projected to open up new market potential. This can be accomplished by developing specialized actuators developed specifically for certain purposes.

The growing popularity of electric vehicles is projected to open up new potential for the actuator market. Actuators are extensively used in electric mobility to regulate component movement and perform a variety of purposes. Along with this, the actuator industry is likely to benefit from development into emerging regions such as Latin America and Asia. Due to their developing economies and increasing industrialization, these markets are likely to have a significant demand for actuators. Besides that, the massive cost of actuators may be a barrier to industry growth. This can be especially problematic for small and medium-sized businesses that may not have the funds to invest in costlier actuators. The difficulty of assembling and maintaining controllers can be a barrier to industry growth. This can be especially problematic in industries with limited technical skills or resources.

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The global actuator market has been segmented by Acumen Research and Consulting based on type, system, and end use.

Based on the region, the worldwide actuator market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an actuator industry analysis, the Asia-Pacific region is predicted to grow significantly in the market over the next several years. Due to its vast population, rapid industrialization, and growing demand for automation, the Asia-Pacific area is a prominent market for actuators. The Asia-Pacific actuator market is likely to expand in the coming years as demand for actuators rises across industries such as automotive, aerospace, industrial, and healthcare. The expanding use of automation and the rise in demand for smart, connected devices are both anticipated to be positive factors for the market. The Asia-Pacific actuator marketplace is highly competitive, with many businesses offering a wide range of services and products. Some of the leading players in the market include Bosch Rexroth, Parker Hannifin, and Schneider Electric, among others. These companies provide hydraulic, pneumatic, and various electric actuators, as well as related services and products such as development, engineering, maintenance, and repair.

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Some of the prominent Actuator market companies are Eaton Corporation plc., Honeywell Corporation, Rotork Plc., Emerson Electric Co., Samson Ag, ABB, Rockwell Collins., Altra Industrial Motion, IAV Automotive Engineering, and Curtis Weight Corporation.        

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