CHICAGO, March 29, 2024 /PRNewswire/ -- The Actuators
market is estimated at USD 67.7
billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from
2024 to 2029 according to a new report by
MarketsandMarkets™. The growth can be attributed to
growing industrial automation and use of robots in various sectors
like manufacturing and transportation, Developments in areas like
sensor technology, connectivity, and control systems, The
increasing demand for actuators is fueled by the expansion of
sectors like healthcare (medical devices), oil & gas, and
aerospace & defense, and the need for improved process control,
energy efficiency, and safety regulations in various
industries.
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Browse in-depth TOC on "Actuators
Market"
300 – Tables
175 – Figures
350 – Pages
Actuators Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 67.7 billion
|
Estimated Value by
2029
|
$ 94.8 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 7.0%
|
Market Size Available
for
|
2019–2028
|
Forecast
Period
|
2023–2028
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Actuation,
Application, Type, Vertical, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Issues of leakage in
pneumatic and hydraulic actuators
|
Key Market
Opportunities
|
Increased spending on
renewable sources of energy for power generation
|
Key Market
Drivers
|
Rapid industrialization
and utilization of robotics
|
The Electric segment held the largest growth rate in the
Actuators market by actuation.
By actuation, the Actuators market has been segmented into
electric, hydraulic, pneumatic, and others. electric Segment to
hold the highest growth rate during the forecast period. Electrical
actuators use electricity to produce motion. These actuators can be
further classified into solenoid actuators and motor-driven
actuators. A solenoid used in an electric actuator works on the
principle of electromagnetism. Electrical actuators provide control
and acceleration at higher speeds. The force for applying thrust
can be managed without the requirement for compressed air and the
related infrastructure, and hence the total energy consumption in
these actuators is lower. Electrical actuators can be used for
various applications where linear as well as rotary actuation is
required. They can be used for low torque as well as high torque
requirements.
The vehicle equipment segment is expected to account for the
largest share of Actuators by application in 2024.
By application, the Actuators industry is segmented into
industrial automation, robotics, and vehicle equipment. The
vehicles and equipment segment includes actuators used in
automotive, aircraft, ships, and defense vehicles. These can be
either hydraulic, pneumatic, electrical, or mechanical actuators.
Actuators are widely used in various systems and sub-systems of an
automobile, aircraft, ships as well as defense vehicles.
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Asia Pacific accounts for
the largest market share in 2024.
The Actuators market has been studied in North America, Europe, Asia
Pacific, Middle East, and
Rest of the World. The Asia
Pacific region accounts for the largest market share in 2024
as well as throughout the forecast period due to the increasing
demand for actuators in the region to enhance the growth of the
market. India is expected to show
the highest growth rate in Asia Pacific Region for Actuators
market.
Major players operating in the Actuators companies are SMC
Corporation (Japan), Rockwell
Automation (US), Curtiss-wright Corporation (US), ABB Ltd
(Switzerland), and Parker Hennifin
Corporation (US).
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