The actuators market is estimated to be USD 49.2 billion in 2019 and is projected to reach USD 74.5 billion, at a Compound Annual Growth Rate (CAGR) of 8.6 % from 2019 to 2024. This market is driven by factors, such as the increasing investments in process automation of numerous industry verticals, rising demand for robots, and technological advancements in actuators.
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The electric actuator segment to grow at a higher CAGR in the actuators market, among all actuation segments during the forecast period
Based on actuation, the electric actuators segment is projected to grow at the highest CAGR in the actuators market during the forecast period. Electric actuators are expected to replace hydraulic and pneumatic actuators due to their higher efficiency and greater levels of control. The increasing demand for highly efficient actuators which consume less energy has fueled the growth of the actuators market. Technological advancements in electric actuators are enabling availability at lower prices as compared to hydraulic and pneumatic actuators, which are also more efficient, thus leading to the increasing demand for electric actuators.
Household & Entertainment industry is projected to grow at a highest CAGR in the actuators market during the forecast period.
Based on vertical, actuators market is segmented into Food & Beverages, Oil & Gas, Metals, Mining, and Machinery, Power Generation, Chemicals, Paper, and Plastics, Pharmaceutical & Healthcare, Automotive, Aerospace & Defense, Marine,, Electronics & Electrical, Construction, Agriculture, Utilities, and Household & Entertainment. The household & entertainment segment of the actuators market involves actuators used in robots meant for household applications such as lawn mowing and pool cleaning. It is projected to grow at a highest CAGER between 2019 and 2024.
Manufacturers of robots used for household & entertainment vertical use actuators to produce them. Moreover, these actuators also form an integral part of the robots used in this vertical. European household & entertainment industry is expected to hold the largest market share in the 2019.
Robotics application is lead the actuators market
Based on application, the actuators market has been segmented into industrial automation, robotics, and vehicles and equipment. The robotics segment includes all those applications, wherein industrial robots and service robots are used in different verticals. Increasing penetration of technologies such as connected systems, artificial intelligence, and machine learning across different industries has led to increased demand for robots.Asia Pacific region is expected to lead the actuators market in robotics application.
Rotary actuators expected to lead the actuators market
Based on type, the rotary segment is expected to lead the actuators market during the forecast period. The use of rotary actuators in a wide range of industries, such as manufacturing, packaging machines, medical equipment, production machinery, transportation, aerospace, and defense, among others is expected to drive the market for actuators. Increasing demand for industrial robots and service robots is contributing to higher demand for rotary actuators.
Asia Pacific has the highest potential for implementation of actuators
Asia Pacific is estimated to account for the actuators market in 2019. Asia Pacific has witnessed rapid economic development over the past few years, increasing maritime trade. Electronics and electrical industries, especially in countries, such as China and Japan, have led to an increase in the demand for robotics and automation, which, in turn, is leading to rising demand for actuators. Majority of the industrial robot manufacturing facilities of leading players are based in the Asia Pacific region and increasing demand for these industrial robots is leading to a higher demand for actuators in this region.
The major players in the actuators market include Rockwell Automation (US), Moog (US), Curtiss Wright (US), ABB (Switzerland), Altra Industrial Motion (US), and SMC (Japan), among others.
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