Acumen Research and Consulting estimates that global Actuator market is expected to reach the market value of around US$ 30 Bn by 2027 and is anticipated to grow at a CAGR of around 9% in terms of revenue during the forecast period 2020 – 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 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
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.
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 see the highest sales rise. This can be attributed to the rapid industrialization and existence of major players in this region's emerging economies.
Electrical Segment to Led 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.
The market research study on “Actuator Market (Actuator Market By Type: Rotary, Linear; Actuator Market By System: Hydraulic, Electrical, Mechanical, Pneumatic; Actuator Market By End Use: Automotive, Chemicals, Aerospace & Defence, Oil & Gas, Pharmaceutical, Power, Water & Wastewater, Food & Beverages, Mining & Metals) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Actuator market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Actuator market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Actuator market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Actuator market is segmented as below:
Actuator Market By Type
Actuator Market By System
Actuator Market By End Use
Aerospace & Defence
Oil & Gas
Water & Wastewater
Food & Beverages
Mining & Metals
Actuator Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Honeywell, Iav Automotive Engineering, Rotork, Eaton, Emerson, Rockwell Collins., and Others.