As per Market Research Future (MRFR)’s analysis, the global actuators market is poised to expand at a CAGR of 5.23% during the forecast period. The growth of the automotive sector is likely to influence the expansion of the market positively through the assessment period. In addition, the shift witnessed towards the electric cars is also expected to expedite the growth of the actuators market over the next couple of Years.
The boosted sales of passenger cars and commercial vehicles is anticipated to augment the market size and valuation in the years to come. The rising investments in technological innovations is prognosticated to unleash new growth opportunities into the actuators market over the next few years.
The growing demand for lightweight components is anticipated to propel the expansion of the actuators market across the assessment period. The standard fuel emission norms are projected to favor the expansion of the actuators market in the upcoming years. However, the pricing policies of the components is anticipated to check the expansion of the actuators market in the foreseeable future.
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By type, the global actuators market has been segmented into market has been segmented as pneumatic, electric, hydraulic, mechanical, and others. Among these, the electric segment presently accounts for the maximum share of the global market and is projected to strike the highest CAGR of 5.61% during the review period. The growth of the segment can be ascribed to the cost effectiveness of the electric actuators.
By End-User, the actuators market has been segmented into automotive, oil & gas, aerospace & defense, pharmaceutical, power, food & beverages, chemicals, water & wastewater and mining & metals. Among these, the automotive segment has the dominant share of the market and is poised to strike a relatively higher CAGR of 6.11% during the forecast period. The rising demand for automobiles is likely to influence the expansion of the segment positively.
Some of the key players operating in the actuators market are Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Schlumberger company (U.S.), Festo AG & Co. KG (Germany), Honeywell International Inc. (U.S.), SAMSON AG (Germany), KITZ Corporation (Japan), Flowserve Corporation (U.S.), Rotork plc. (Japan), and SMC Corporation (Japan).
The global actuators market, by region, has been segmented into Americas, Europe, Asia Pacific and the Middle East & Africa. Asia Pacific exhibits tremendous potential for growth and is poised to expand significantly over the assessment period. The regional market is expected to strike a relatively higher CAGR of 5.93% during the projection period. The growth of the automotive sector in the major country-level markets such as India, China, Japan, etc. are expected to boost the growth trajectory of the actuators market in the region. Furthermore, the consolidation of manufacturing facilities in the region is anticipated to augment the market across the review period. The availability of low-cost labor and comparatively simpler norms are encouraging the establishment of these plants in the region. Meanwhile, Americas is anticipated to register a CAGR of 5.21% over the next couple of years. The rising investments in research & developments is likely to have a favorable impact on the expansion of the market.
In February 2019, Seagate, an American company, has announced its plan for the launch of Dual-Actuator Mach2, and 24 TB HDDs on Track this year.
In January 2019, Eicher Trucks & Buses, part of VE Commercial Vehicles, has announced the launch of 16-tonne truck with Automated Manual Transmission (AMT) technology. The truck is equipped with Intelligent Shift Control Actuator.
In October 2018, Lindal Group, manufacturer of valves, actuators and spray caps for different kinds of aerosol-products, has announced the launch of Cyrano, an innovative new nasal actuator.
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List of Tables
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL ACTUATORS MARKET, BY TYPE, 2017-2023
TABLE 4 GLOBAL ACTUATORS MARKET, BY END-USER, 2017-2023
TABLE 5 GLOBAL ACTUATORS MARKET VALUE ANALYSIS, BY REGION, 2017-2023
List of Figures
FIGURE 1 GLOBAL ACTUATORS MARKET: MARKET STRUCTURE
FIGURE 2 RESEARCH PROCESS OF MRFR
FIGURE 3 TOP DOWN & BOTTOM UP APPROACH
FIGURE 4 DROC ANALYSIS: GLOBAL ACTUATORS MARKET
FIGURE 5 PORTER’S 5 FORCES ANALYSIS OF GLOBAL ACTUATORS MARKET
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