USD 53.9 billion
Actuators Market Size, Share, Growth Analysis, By Type(Electric Actuator, Hydraulic Actuator, Pneumatic Actuator, Mechanical Actuator), By End Use(Aerospace & Defense, Automotive, Construction, Chemicals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2150 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
72
|Figures:
75
Actuators Market Insights
Global Actuators Market size was valued at USD 59.13 billion in 2022 and is poised to grow from USD 63.27 billion in 2023 to USD 108.71 billion by 2031, growing at a CAGR of 7.0% in the forecast period (2024-2031).
Actuator is a device or machine that controls the movement and mechanism of a system. Actuators are used to achieve maximum precision, control the movement of a system, provide custom speeds, and reduce risk to workers. An actuator is a device used to conveniently generate mechanical energy from electrical energy. The machine used in electric motors, stepper motors or jacks can also be classified under actuators. The global actuators market includes new emerging players and established companies. Market players to strengthen their position in the market are rushing to find actuators that are more powerful and faster than conventional actuators. As there is rise in the demand for safety and comfort in vehicles it is anticipated to fill the demand of advanced system in vehicles.
Growing vehicle manufacturer preference toward vehicle safety is likely to increase the integration of advanced safety and comfort features in vehicles, which, in turn, is likely to increase an integration of actuators in vehicles
The manufacturing and medical device industries are the biggest users of actuators. In the same context, Emerson, world leader in the global actuators market has designed reliable and efficient pneumatic actuators for extreme environments and critical applications. Pneumatic actuators have high performance or safety. The most important aspects are the size and weight of the actuators. Many of these companies are inventing new and advanced actuators which are strengthening their position in the market, thereby propelling the global actuator market.
US Actuators Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Electric Actuator
Fastest Growth
Electric Actuator
Growth Rate
8.2% CAGR
Global Actuator Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Actuators Market Segmental Analysis
The Global Actuators Market is segmented based on the Type, End Use, and region. Based on the Type, the Global Actuators Market is segmented as, Electric Actuator, Hydraulic Actuator, Pneumatic Actuator, Mechanical Actuator and Others. Based On End Use, the Global Actuators Market is segmented as Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Oil & Gas, Power Generation, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Actuators Market Analysis by Type
Based on the Type, the electric actuator segment dominated the global actuator market, in terms of revenue, in 2020. Electric actuators have high speed and hence, are extensively utilized in automotive applications. Hydraulic actuator and pneumatic actuator segments also held a notable share of the market and are driving the demand for actuators significantly. The expansion of the electric actuator market is mostly due to an increase in demand from the oil and gas industry, which has a rising need for electric linear actuators. Additionally, the market is growing due to expansion in the water and wastewater treatment sectors and an increase in safety standards across industries.
Additionally, electric actuators are used in the process of extracting crude oil and gas, as well as in refineries, oil terminals, and depots, where rising investment in the oil and gas sector in emerging economies is anticipated to create lucrative opportunities for the businesses that make electric actuators. As a result, the industry for electric actuators is anticipated to rise as automation for industrial processes increases.
Actuators Market Analysis by End Use
The Global Actuators Market has been segmented on the basis of End Use as Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Oil & Gas, Power Generation, And Others.
Throughout the forecast period, the market is anticipated to be led by the automotive sector, then the aerospace sector. industry introduction 4.0 in automobile production facilities spurs the market's expansion. A significant portion of actuators are used in additive manufacturing and robotics to automate industrial operations.
A significant increase in aircraft deliveries is expected to boost the aerospace and defence sector. Additionally, the market is expanding due to rising adoption of new warfare technology and rising purchases of next-generation weaponry.
Global Actuator Market By Type, 2021 (%)
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Actuators Market Regional Insights
In 2021, North America held the largest market share and dominated the market with market size of USD 12.87 billion.
Also, the Asia Pacific is expected to grow at the highest growth rate due to rapid industrialization and urbanization in this region. It has held a major share in terms of revenue in 2020, as there are major vehicle manufacturers and tier-1 suppliers, which include Robert Bosch GmbH and Continental AG who have advanced research and development facilities, which helps fuel the use of actuators. Also, there is consistent demand for the vehicle in this region. The growing production of vehicles in the region, as well as the availability of the necessary equipment affordable resources, is a contributing factor to the growth of the market in the region. The rapid increase in vehicle sales due to the growth of the company's disposable income has always been an important factor in the investments of major producers in the region. The increase in the number of vehicles on the road in Asia-Pacific, coupled with the profitability presence of manufacturers in the automotive sector, accelerates the market in the region.
Global Actuator Market By Geography, 2021 - 2028
- Largest
- Fastest
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Actuators Market Dynamics
Actuators Market Driver
- Vehicle safety regulations and vehicle standards mandated by government & regulatory authorities are prompting automakers to install safety systems in their vehicles, thereby driving the actuator market across the globe.
- Rising demand for in-vehicle comfort systems, attributed to rise in demand for a luxurious and comfortable ride, is anticipated to propel the actuators market. Rising demand for comfort systems is prompting automakers to provide vehicle systems such as power windows, sunroof systems, and HVAC systems. These systems are controlled by actuators. This, in turn, is likely to boost the demand for actuator during the forecast period.
Actuators Market Restraint
- Factors that mask market growth are critical as they can be designed in different curves to seize the profitable opportunities present in the constantly growing market.
- Pandemic has led to shut down the manufacturing and designing facilities, which hamper the vehicle production processes. Also, the transportation channel has been disrupted and the supply chain led to a dearth of raw materials supply which is required for vehicle manufacturing.
- As Electric actuators overheat it tends to own a continuous operation and major changes in operating cycles, though this is rare it may damage the electric components in the actuators. Electric actuators are susceptible to the operating environment. Therefore, unlike pneumatic actuators, they cannot work in a hazardous environment.
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Actuators Market Competitive Landscape
The Global Actuators Market is relatively fragmented, with a huge level of competition. Company that manufactures RotoPR equipment. It is a well-known producer with a broad range of products, particularly in the areas of electric, hydraulic, and pneumatic actuators. Curtiss-Wright Corporation, Eaton Corporation Inc., Rockwell Automation Inc., and SMC Corporation are additional significant market participants. The main strategy used by the players in this market is the development of new technologies to provide their clients a wider range of products. The marketplace for actuators is competitive
Actuators Market Top Player's Company Profiles
- Honeywell International Inc.
- Siemens AG
- Emerson Electric Co.
- ABB Ltd.
- Rockwell Automation, Inc.
- SMC Corporation
- Flowserve Corporation
- Bosch Rexroth AG
- Parker Hannifin Corporation
- Rotork Plc
- Curtiss-Wright Corporation
- Moog Inc.
- Schneider Electric SE
- Mitsubishi Electric Corporation
- Nook Industries, Inc.
- Altra Industrial Motion Corp.
- Festo AG & Co. KG
- KSB SE & Co. KGaA
- IMI plc
- Linak A/S
Actuators Market Recent Developments
- In June 2021, continental sound actuators were installed in a demonstration vehicle originally equipped with conventional commodity speakers. Arkamys combined its sound enhancement software with various loudspeaker and actuator configurations, and then selected the best to fine-tune. The result is remarkable.
- In December 2021, Rotork PLC. and Milano San Rocco Wastewater Treatment Plant (WWTP) have a contract for the supply of Rotork IQ electric modulating actuators.
Actuators Key Market Trends
- In May 2020, AUMA launched the high-performance PROFOX actuator series with advanced features. With built-in intelligence, low operating cost, high medical efficiency, and compact design, which is suitable for various industries like, combined heat and power plants, process industries, shipbuilding and water treatment
- IC Actuators: Intelligent Movement Sensors
Integrated Controller (IC) actuators do not require an external control box or relay, making installation easy. IC actuators offer a variety of feedback options, as well as simple control solutions, input/output limit signals, actuator customization and monitoring options. Parallel movements and integrated BUS communication are also possible.
- Increased Platform Loading Features:
A thorough examination of the existing market reveals that bridge-loading mobile robots are the most popular. Moving unit loads, such as pallets, boxes or shelves, is a common activity. Mobile robots are increasingly being used as a form of mobile and flexible conveyor suitable for the factory of the future, as well as the resumption of traditional transport work from point A to point B. Also, the increase in investments by the main players in the market for the integration of particular management systems is the key factor that guides the evolution of the load on the bridge.
Actuators Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Actuators Market Analysis, in terms of type, Electric Actuator has acquired largest market share. As oil and gas industry's surge in demand for actuators as a result of increased use of shale gas as an energy source is one of the key factors influencing the electric actuator market. The largest market for electric linear actuators right now is the oil and gas sector. Processes for automating valves use these actuators. As a result of rising population, environmental hardship, and economic progress, the water and wastewater treatment industries have also experienced tremendous growth. This is due to water consumption and pollution.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 59.13 billion |
| Market size value in 2031 | USD 108.71 billion |
| Growth Rate | 7.0% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Actuators Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Actuators Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Actuators Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Actuators Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Actuators Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Actuators Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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