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The global actuators market size was valued at USD 41.62 billion in 2021. The market is projected to grow from USD 44.60 billion in 2022 to USD 98.92 billion by 2029, exhibiting a CAGR of 12.05% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with witnessing a lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -17.0% in 2020 as compared to 2019.
Industries today rely on automated processes & machinery due to their excellent performance and less need for human intervention. Actuators play a vital role in the functioning of such automated equipment. They also help in controlling the motion of the system, thereby ensuring a seamless and easy operation. With the increased demand for automation and increased productivity and efficiency of several industrial processes, there has also been a rise in demand for actuators systems. The actuators market growth is attributed to the rising demand by global oil & gas, commercial, and transportation industries.
COVID-19 Outbreak Negatively Affected Actuator Market Due to Decline in Manufacturing Sector
The COVID-19 pandemic has negatively affected the automation industry. Large companies are suffering major losses due to the country-wide lockdown. Before the pandemic, investments in the automation sector have been slow and now are anticipated to be postponed or on hold for almost a year. Countries across the globe prioritized its aerospace, defense, and automotive industry expenditure to the healthcare industry to build the required infrastructure facilities to tackle the spread of COVID-19. This has largely affected the growth of the market.
This has drastically impacted the implementation of advanced machines and equipment in the manufacturing sector. This has further impacted the demand for the actuators in the manufacturing industry in recent years.
However, the halt imposed on industrial production and manufacturing helped the manufacturing sector realize its dependence on human labor. This, in turn, is anticipated to divert the focus on the usage of robotics and automation in the post-pandemic period. The companies can take advantage of demand slowdown and adapt industry 4.0 capabilities to compete in the upcoming race of production.
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Rapid Adoption of Smart Actuators in Industries to Spur Growth
The introduction of advanced technologies to develop smart actuator is the latest trend in the market. A smart actuator is an integrated of all components such as sensors, motor, communication unit, and controller. The robots used in various industries are linked to a smart actuator that can be easily reconfigured, assembled, or disassembled. The growing use of smart actuators will enhance the automation and control capabilities available in the field.
Smart actuators provide numerous advantages such as increased productivity and efficiency, enhanced controllability and diagnostic capabilities, minimizing complexity and less cabling, reduced software and hardware costs, improved machine functionality, and others.
Growing Industrial Automation Expected to Increase the Demand for Actuators
With developments in robotics, artificial intelligence, and machine learning, the trend of automation has increased. An actuator is an important component used in all actuation systems, and it helps to automate various systems and processes in the automotive, manufacturing, agriculture, food, transportation, and medical industries. The rise in industrial automation is anticipated to drive the market growth through the projection period.
The increasing population is another factor for the rise in industrial automation. The growing population around the world is another factor that creates demand for industrial automation. The need to meet the demands of the increasing population propelled manufacturers to automate the process that helps in the mass-production of products. Moreover, the rising use of industrial robots to speed up production and minimize human errors in mechanical industries is projected to boosts the growth of the market
Increasing Commercial Aircraft Deliveries to Fuel Market Growth
Actuators are used in various aircraft applications such as landing gear, flight controls, seats, doors, and others. Hence, the rise in new aircraft production will propel demand in the coming years. In recent years, the significant economic growth in emerging economies such as India, Africa, and China and other developed countries have increased the demand for air travel. Owing to the rise in air passenger traffic, there is the need for increasing the aircraft fleet by the airliners. This demand has led to an increase in commercial aircraft deliveries, which, in turn, is anticipated to propel the growth of the market.
High Installation & Maintenance Costs of Hydraulic and Pneumatic Actuators to Hamper Growth
The installation of hydraulic actuators is difficult due to the fluids present in them. Thus, it has high installation costs, especially when installing for large manufacturing lines. This is expected to hinder the growth of the market. Moreover, the hydraulic actuation systems use a fluid medium such as oil or water, and the pneumatic actuation systems use air to obtain the desired output. The oil or water leakage damages and decreases the efficiency of this product and increases the maintenance costs, thereby hampering the market.
There are issues related to the different actuators used for a variety of applications. In the case of hydraulic linear actuators, efficiency is hampered due to fluid leakage which leads to cleanliness issues. It also requires regular monitoring and maintenance of pumps, fluid reservoirs, motors, release valves, and others. Furthermore, the pneumatic actuators require proportional-sized valves, compressors, and regulators for different operations raising the complexity and cost.
Thus, the major damage causes such as ongoing seal wear, incorrect assembly or maintenance, risks associated with steam valves, reduced control quality, and others hamper the growth of the actuators market share.
Linear Segment Expected to Lead Market Owing to Rising Demand for Industrial Automation
Based on motion, the market is divided into linear and rotary. The linear actuators market segment is expected to be the largest segment during the forecast period owing to growing industrial automation in the manufacturing units of automotive, aerospace, and other industries. Moreover, the focus of major players in technological advancements of linear actuators is expected to boost the market growth.
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Electric Segment to Grow at Higher CAGR during Forecast Period
Based on type, the market is classified into hydraulic, pneumatic, electric, and others. The pneumatic is anticipated to be the largest segment in 2021. The growth is attributed to the surge in demand for pneumatic actuators in the oil & gas industries.
Electric segment is expected to grow at a high CAGR during the forecast period owing to the rising demand for electric actuators as it provides increased efficiency and low power consumption.
Automotive Segment to Dominate Market Owing to Rising Industrial Automation
Based on end-use industry, the market is segmented into aerospace & defense, automotive, construction, chemicals, food & beverages, healthcare & pharmaceuticals, marine, mining, oil & gas, power generation, and others. The automotive segment is expected to lead the market through the forecast period, followed by the aerospace industry. Introduction of industry 4.0 in manufacturing units of automobiles boosts the growth of the market. The additive manufacturing and robotics includes a high share of actuators for automation of manufacturing processes.
Aerospace & defense segment anticipated to witness remarkable growth owing to the growing aircraft deliveries. Moreover, rising adoption modern warfare technologies, increasing procurement of next generation weapons drive the growth of the market.
North America Actuators Market Size, 2021 (USD billion)
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The market has been divided based on regions such as North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the market in 2021 with market size of USD 12.87 billion. The growth is attributed to the presence of well-established and growing automotive industry and aircraft manufacturing units in the region.
The market in Asia Pacific is projected to grow at the highest growth rate during the forecast period owing to the rapid industrialization and urbanization in the region. Countries such as Japan and China are recognized for their excellence in the manufacturing sector and are focused on enhancing their production and manufacturing capabilities by investing in automation.
The market for automotive actuators in Europe is also anticipated to witness significant growth as this region is the hub of key automobile manufacturers such as BMW, Audi, and others.
The growing oil & gas sector in the Middle Eastern countries such as Saudi Arabia, Kuwait, Iraq and others is expected to support the growth of the market.
This growth is attributed to the growing hydroelectricity power plants. Latin American countries uses fossil fuels such as coal and oil for power generation. The growing demand for power generation owing to increasing manufacturing industries in the region is expected to aid the actuator market growth
Strong Product Portfolio has Driven Rotork PLC, SMC Corporation, and Rockwell Automation to Lead Market.
The market is fragmented owing to the occurrence of a huge number of small scale and medium-scale manufacturers in both developed and emerging countries. Rotork PLC is the U.K based flow control equipment manufacturing company. It is a leading manufacturer and has a strong product portfolio, especially in electric, hydraulic and pneumatic actuators. Other key players in the market include Curtiss-Wright Corporation, Eaton Corporation Inc., Rockwell Automation Inc., and SMC Corporation. The innovation of new technologies to offer enhanced product portfolio to their customers is the key strategy adopted by the players operating in this market. The competitive landscape of actuators system covered in this market research report.
An Infographic Representation of Actuators Market
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The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market, current trends, highlights important actuators industry developments and global actuators market forecast. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.
Value (USD billion)
Motion; Type; End-Use Industry and Geography
By End-Use Industry
Fortune Business Insights says that the global market size was USD 41.62 billion in 2021 and is projected to reach USD 98.92 billion by 2029.
Growing at a CAGR of 12.05%, the market will exhibit a steady growth in the forecast period (2022-2029).
The automotive segment is expected to be the leading segment in this market during the forecast period.
Rising demand for industrial automation is the major factor driving the growth of the market.
Rotork PLC, Rockwell Automation Inc., and SMC Corporation are major players of the global market.
North America dominated the market share in 2021.
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