Electric Linear Cylinders Market is Estimated To Witness High Growth Owing To Increased Mechantronics Adoption
The Electric Linear Cylinders Market is estimated to be valued at US$ 760.4 Mn in 2022 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric linear cylinders are linear actuators that generate linear motion by converting electric energy into mechanical energy. They find wide application in automation equipment where precision linear motion is required. Their advantages over pneumatic and hydraulic cylinders include higher energy efficiency, noiseless operation, compact design and higher precision.
Market key trends:
Electric linear cylinders are increasingly being adopted in fields requiring mechantronics such as robotics, medical devices, semiconductor manufacturing equipment and 3D printers owing to their inherent advantages of noiseless and precise linear motion. Mechantronics refers to the integration of mechanical engineering with electronics and computing and its use is growing rapidly across industries to develop advanced automated machinery and devices. Within mechantronics, robotics is one of the major application areas driving the demand for electric linear cylinders. An estimated 306,000 industrial robots were shipped globally in 2021 as manufacturers automated more production processes using robots. Further, greater integration of electronics and automation in the medical device industry is propelling the use of electric linear actuators in equipment such as surgical robots, diagnostic imaging systems and prosthetics. Their noiseless operation and high precision of movement make them especially suitable for medical applications.
Porter’s Analysis
Threat of new entrants: Low capital requirements for producing simple electric linear cylinders coupled with availability of low-cost labor in developing economies may attract new entrants. However, presence of major players who have expertise in product design and technology act as barriers for new entrants.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of alternate products and technology. However, customized product requirements and technology reduce buyer choices.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternate component suppliers. However, suppliers may have technology and design expertise required for customized products.
Threat of new substitutes: Substitute technologies such as hydraulic cylinders and pneumatic cylinders pose moderate threat due to high switching costs for customers with existing infrastructure.
Competitive rivalry: Intense due to presence of major global players and availability of low-cost alternatives.
SWOT Analysis
Strength: Customizable as per application requirements and higher precision compared to pneumatic or hydraulic cylinders. Weakness: High initial cost compared to alternatives and requirement of electric power supply.
Opportunity: Growth in industrial automation and adoption of IoT and connectivity in manufacturing. Increasing demand from semiconductor and electronics industry.
Threats: Volatility in raw material prices and trade barriers may affect supply chain. Technical faults can cause production downtime.
Key Takeaways
The Global Electric Linear Cylinders Market Size is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing adoption of industrial automation across various industries.
Regional analysis
Asia Pacific dominates the global market and is expected to maintain its leading position over the forecast period, growing at a CAGR of over 6%. This can be attributed to rapid industrialization and presence of key automotive manufacturers in China and India. Europe and North America are other major markets for electric linear cylinders driven by high demand from food processing and semiconductor industries.
Key players
Key players operating in the electric linear cylinders market are Bosch Rexroth AG, Tsubakimoto Europe B.V., RACO-Elektro-Maschinen GmbH, Mul-T-Lock, Exlar Europe GmbH, Linearmech S.R.L., Parker Hannifin, SEW-EURODRIVE GmbH & Co KG, SKF, BJ-Gear, Kollmorgen, Tolomatic, RK Rose+Krieger GmbH, Seimens AG, Moog, Inc., SMC Corporation, and Rockwell Automation.
Read more: https://journaljourney32.weebly.com/electric-linear-cylinders-market
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