Actuators Market Overview
The Actuators Market is expected to register a growth rate of CAGR 5.23% during the forecast period 2022-2030. The continuous growth in the automotive industry, the recent technological advancement and a growing number of aircraft carriers boost the market growth. Actuators are used in several industries for directing the flow of fluids during various actions. They are devices that can convert energy into motion, due to which it is used in controlling the mechanism in industries.
In the pandemic, several industries and manufacturing sectors except healthcare were halted, which impacted the Actuators Market due to the spread of the virus and various losses in the market. The growing urbanization and industrialization in the Asia Pacific region open up several opportunities for the market. The cost of the actuators is high, which acts as a hindrance for the market growth as due to the cost factor, many small enterprises will decline to invest in the market, limiting the growth factor.
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Competitive Analysis
The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the escalation of the market in the forecast period. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period.
The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them.
The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further.
The fundamental contenders in the actuators market are Eaton Corporation plc (Ireland), Rotork plc. (Japan), The Emerson Electric Company (U.S.), Flowserve Corporation (U.S.), Honeywell International Inc. (U.S.), Festo AG & Co. KG (Germany), Cameron, a Schlumberger company (U.S.), KITZ Corporation (Japan), SAMSON AG (Germany), and SMC Corporation (Japan).
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Actuators Market Segmentation
The Actuators Market is segmented into type and end-user. Based on the type segment, the market is divided into Hydraulic Actuators, Pneumatic Actuators, Electric Actuators and Mechanical Actuators. in 2019, the hydraulic segment registered the highest growth rate compared to other segmentation.
The increasing adaptation of hydraulic actuators in the services like construction, agriculture, mining and several more services is due to the usage of heavy equipment in the services.
It is used in those industries to lessen the failures of the construction. The electric actuation is increasing day by day as industries are replacing the hydraulic and pneumatic due to the high efficiency of the hydraulic actuators. The industries can increase efficiency and increase power consumption by using hydraulic.
The market is segmented into Automotive, Oil & Gas, Aerospace & Defence, Pharmaceutical, Power, Food & Beverages, Chemicals, Water & Wastewater and Mining & Metals based on the segment end-user. The use of the actuation in the aircraft and automobile industry is more than in other industries.
The automotive industry will propel the market's growth in the forecast period, and the aerospace industry will also follow the growth. The manufacturing lines are equipped with robotic arms and several other automated devices, due to which the demand for this in the manufacturing industries increases.
Regional Analysis
The Actuators Market is studied in Asia Pacific, Europe, North America, the middle east and Africa. In the region of Asia Pacific, the establishment of smart cities and the growth of the IoT specific centre of excellence increase the market value. India and China are increasing in economics and are expected to grow over the next five years in the IoT industry, demanding the Actuators Market. Asia Pacific region holds a CAGR of 5.93% and will grow at a high pace.
The increasing investment in life science, food processing and packaging and automotive in America makes the North America region potential for growth, and the region holds a CAGR of 5.21%. The presence of profitable countries in the European region provides ample scope for the Actuators Market growth. Europe is the hub for prominent manufacturers like BMW, Audi and many others, which drives the market in the region. Other regions are showcasing steady growth rates.
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Industry Updates:
Feb 2020 Rotork has gained an important order for CK modular electric actuators to offer an environmentally friendly and safe solution for the removal of final effluent in Turkey. Almost 100 actuators will run the flow on the Ergene Basin Deep Marine Discharge Project, which will be among one of the best sea discharge lines in Europe, beginning in the city of Tekirdag and serving Istanbul.
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