The market for actuator is expected to grow at a CAGR of around 7.3% from 2020 to 2027 and expected to reach the market value of around US$ 34.8 Bn by 2027.
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.
The report provides analysis of global Actuator market for the period 2017-2028, wherein 2021 to 2028 is the forecast period and 2020 is considered as the base year.
|Analysis Period||2016 - 2026|
|Forecast Data||2019 - 2026|
|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, IAV Automotive Engineering, Rotork, Eaton, Emerson, Rockwell Collins., and Others|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Growing demand from the automobile and energy industries is a major factor of global market growth of actuators. Increasing investment in process automation and rising demand for actuator 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
Segment Instance of Global Actuator Market
Electrical Segment Leads the System Type Segment
The segment of electrical actuators 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 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 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.
North America accounted for the maximum revenue share in 2020
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, well-developed healthcare market, where 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. Asia Pacific market is expected to exhibit highest sales rise. This can be attributed to the rapid industrialization and existence of major players in the emerging economies of region.
The players profiled in the report include Honeywell, IAV Automotive Engineering, Rotork, Eaton, Emerson, Rockwell Collins., and Others
Actuator Market By Type
Actuator Market By System
Actuator Market By End Use
Aerospace & Defence
Oil & Gas
Water & Wastewater
Food & Beverages
Mining & Metals
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
The market for Actuator is expected to reach a market value of around US$ 34.8 Bn by 2027.
The Actuator market is expected to grow at a CAGR of around 7.3% from 2020 to 2027.
Electrical is the leading segment by system type in the actuator market
Growing demand from the automobile and energy industries, increasing investment in process automation and rising demand for actuator from packaging, food processing, and healthcare sector among others are driving the market growth.
Honeywell, IAV Automotive Engineering, Rotork, Eaton, Emerson, and Rockwell Collins among others are some of the prominent players in the actuator market.
North America held the highest market share in the actuator market
Asia Pacific is expected to be the fastest growing market over the forecast period ?