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. The increased adoption of automatic systems in automobiles is projected to fuel the actuator market growth. The global expansions of Smart Cities, as well as the rising need for unique and cutting-edge actuators across numerous sectors, have boosted the actuator market value in recent years.
Actuator Market Report Key Highlights
An actuator is a device that transforms energy into motion using basic devices like wheel & axle, bolt, and lever or wedge. Actuators are commonly used to monitor friction and regulate flow in the manufacture of engines, generators, switches, and valves.
Global Actuator Market Trends
Actuator Market Report Coverage
|Actuator Market Size 2021||USD 47.3 Billion|
|Actuator Market Forecast 2030||USD 87.2 Billion|
|Actuator Market CAGR During 2022 - 2030||7.3%|
|Actuator Market Analysis Period||2018 - 2030|
|Actuator Market Base Year||2021|
|Actuator Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By System, By End Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Honeywell Corporation, IAV Automotive Engineering, Rotork Plc., Eaton Corporation plc., Emerson Electric Co., Rockwell Collins., Samson Ag, ABB, Altra Industrial Motion, and Curtis Weight Corporation.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Growing demand from the automobile and energy industries is a major factor in the global market growth of actuators. Increasing investment in process automation and rising demand for actuators from packaging, food processing, healthcare, etc. are added factors expected to support global market growth for actuators. Late actuator wear and tear is projected to threaten global actuator demand development to some degree. Technological advancements such as actuator production with high precision and long product life are projected to generate new opportunities over the forecast period for major market players.
The actuator is a critical component in electric-powered vehicle systems. The primary purpose of an actuator is to transform various varieties of signals into mechanical force. The control signal can take several forms, such as electrical, pneumatic, mechanical actuators, or hydraulic actuators. Consumption in the global actuators market has been driven by the importance of electronic production in major industries. The rising adoption of actuators in the auto industry has boosted the market growth. Actuators in an automated process work on the basis of sensing elements. The increasing use of automated processes in automobiles is likely to stimulate the desire for actuators. The increasing influence of industrial automation and engine reduction in automobiles is increasing the automobile actuator market.
Actuator Market Segmentation
The global actuator market segmentation is based on type, system, end use, and geography.
Actuator Market By Type
According to an actuator industry analysis, the linear-type actuator segment held the largest market share in 2021. This expansion is attributed to increased industrial automation in automobile, aerospace, as well as other industries' industrial equipment. Furthermore, key companies' focus on technical innovation of linear actuators is projected to drive market expansion.
Actuator Market By System
In terms of systems, the electrical actuators segment is projected to show rapid growth in the actuators industry. Electrical actuation systems consider applications installed in aircraft that are secure to use, need low maintenance, and are simple to reconfigure relative to hydraulic and pneumatic actuation systems. It has resulted in strong demand for electrical actuator solutions, which is anticipated to be a leading force driving actuator market development. Leading corporations such as ITT, a diversified supplier of technologically designed critical part base & tailored development solutions, have widened their product selection by offering electrical actuator varieties. With the burgeoning demand from the industry for smart and programmable actuator products, key companies are realizing the need to expand their current product offerings by including electric actuators in the existing offering framework.
Actuator Market By End Use
According to the actuator market forecast, the automotive segment is expected to grow significantly in the industry over the next few years. The increasing use of automated processes in automobiles is likely to stimulate demand for actuators. The growing popularity of automation systems & engine reduction in automobiles is increasing the automotive actuator market. Modern automobiles have a significant adoption rate of automation systems. The major function of automotive pneumatic actuators is to manage engine idle torque and speed in order to enhance engine economy and overall vehicle performance.
Actuator Market Regional Outlook
The Middle East & Africa
North America's business is projected to lead with a higher sales share in the global actuator industry relative to other national markets due to growing automation in the food and processing field, where actuators are used for deboner, food press, and others. In addition, a well-developed healthcare market, where the actuator is used for different purposes such as patient management, personal mobility, etc., and the involvement of many leading players operating in this region also contribute to the market growth. Europe's industry accounted for the second-largest portion of the overall actuator market followed by Asia-Pacific. The Asia-Pacific market is expected to exhibit the highest sales rise. This can be attributed to the rapid industrialization and existence of major players in the emerging economies of the region.
Actuator Market Players
Some of the top actuator market companies offered in the professional report includes Honeywell Corporation, IAV Automotive Engineering, Rotork Plc., Eaton Corporation plc., Emerson Electric Co., Rockwell Collins., Samson Ag, ABB, Altra Industrial Motion, and Curtis Weight Corporation.
The estimated value of global actuator market in 2021 was accounted to be USD 47.3 Billion.
The projected CAGR actuator market during the analysis period of 2022 to 2030 is 7.3%.
The prominent players of the global actuator market are Honeywell Corporation, IAV Automotive Engineering, Rotork Plc., Eaton Corporation plc., Emerson Electric Co., Rockwell Collins., Samson Ag, ABB, Altra Industrial Motion, and Curtis Weight Corporation.
Asia-Pacific held the dominating actuator market during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for actuator market during the analysis period of 2022 to 2030.
Rising demand from the automobile industry, rapid industrialization and growing automation application drives the growth of global actuator market.
Based on end use, automotive segment is expected to hold the maximum share of the actuator market.