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The global actuators market size was USD 39.08 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with actuators witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global actuators market will exhibit a huge decline of -17.01% in 2020. The market is projected to grow from USD 41.04 billion in 2021 to USD 91.05 billion in 2028 at a CAGR of 12.06% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
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 seamless and easy operation. With the rising demand for automation and increased productivity and efficiency of several industrial processes, there has also been a rise in demand for actuators. The growth of this market is attributed to the rising demand for actuators by global oil & gas, commercial, and transportation industries.
How has COVID-19 affected the market?
The current COVID-19 outbreak that has majorly impacted several countries has severely affected the automation industry. Large companies are suffering major losses due to the country-wise 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. However, the recent 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. By deploying automated devices and robots, industries can ensure that factories can continue to function at a certain level with minimum human participation and remote monitoring of processes, and this will create growth opportunities for the market in the post-pandemic period.
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Rapid Adoption of Smart Actuators in Industries will Spur Growth
Rising demand for the connected industry has led manufacturers to design smart mechanisms that can operate without human interaction and also can communicate with one another. A smart actuator is integrated with components such as motor, sensors, controllers, and the communication unit. The core of a smart actuator commences with the incorporation of built-in electronics that facilitates improved control functions such as position feedback, switching, and system diagnostics. These are incorporated with microprocessor-based PCBs (printed circuit boards) with additional software that allow communication among remote networks. They increase efficiency, productivity, and improve machine functionality, which has led to an increase in demand. Moreover, other benefits such as a reduction in software & hardware costs, lightweight, and easier installation will also spur growth. The industries once dominated with hydraulic and pneumatic systems are now turning towards the deployment of smart actuators.
Rising Industrial Automation Expected to Increase 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 increasing population is another factor for the rise in industrial automation. The need to meet the demands of the increasing population propelled manufacturers to automate the process which also helps in the mass-production of the products. Moreover, the rising use of industrial robots to speed up production and minimize human errors in mechanical industries is expected to boost the market.
Increasing Commercial Aircraft Deliveries Anticipated 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, China, and other countries has 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 it. Hence, 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.
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 segment is expected to be the largest and fastest-growing segment during the forecast period owing to its application in a wide range of industries. Moreover, linear actuation systems are mainly used in automation applications. Due to increasing industrial automation, the demand for this segment is likely to increase.
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Electric Segment Anticipated to Grow at Higher CAGR during Forecast Period
Based on type, the market is classified into hydraulic, pneumatic, electric, and others. The hydraulic is anticipated to be the largest segment in 2019, owing to the rising adoption of hydraulic actuators in heavy equipment used for construction, agriculture, mining, and other applications due to its robust construction and integrated backup in case of failures.
The electric actuation system is covered under the electric segment, and it is expected to grow at a higher CAGR during the forecast period due to a rise in the replacement of hydraulic and pneumatic actuators with the electrical actuation system. This is further attributed to greater efficiency and less power consumption.
Automotive and Aerospace Industry Likely to Dominate the Market
Based on the 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 industry is expected to lead the market through the forecast period, followed by the aerospace industry. The usage of actuation systems in aircraft and automobiles is more as compared to the other industries. Moreover, manufacturing lines of aircraft and automobiles are equipped with robotic arms and other automated devices. Hence the demand for this in manufacturing end products is increasing and is expected to boost the actuators market growth.
North America Actuators Market Size, 2020 (USD Billion)
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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 size in North America was estimated to be USD 11.73 billion for the year 2020. The research study of North America is also anticipated to arise as a dominant market during the forecast period owing to the rising demand from defense and aerospace applications. An increase in oil exploration activities in the Middle East & Africa is expected to encourage this regional market growth. 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.
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 portfolios to their customers is the key strategy adopted by the players operating in this market. The competitive landscape of these system covered in the 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, and highlights important actuators industry developments. 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 39.08 billion in 2020 and is projected to reach USD 91.05 billion by 2028.
In 2020, the North America market value stood at USD 11.73 billion.
Growing at a CAGR of 12.06%, the market will exhibit steady growth in the forecast period (2021-2028).
The linear 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 2020.
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