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.”

The actuators market refers to the global market for devices or mechanisms that convert electrical, hydraulic, or pneumatic energy into mechanical motion. Actuators play a vital role in various industries, including manufacturing, automotive, aerospace, healthcare, and robotics, enabling precise control and movement in different applications.

The report answers the following questions:

• What is the overall industry outlook and how will impact the market?
• What are the main drivers and trends shaping the market growth?
• Which factors are stalling the growth of the market?
• What are the regional prospects for the market?
• Who are key market players and what are their preferred strategies?

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.

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https://www.fortunebusinessinsights.com/actuators-market-103531

Driving Factors

Rising Industrial Automation to Augment Demand for Actuators

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.

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.)