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Actuator Market to Cover USD 91.05 Billion by 2028: Deployment of Automated Devices and Robots into Industries to Add Impetus

May 07, 2021 | Aerospace & Defense

The global actuator market size is anticipated to hit USD 91.05 Billion by 2028 owing to its humanless intervention and excellent performance features. The rising demand for automation would result in high productivity with efficient performance. It is also adding a boost to the market. According to a recent report by Fortune Business Insights, titled, “Actuators Market Size, Share & COVID-19 Impact Analysis, By Motion (Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals, and Others), and Regional Forecast, 2021-2028,” the value of this market was USD 41.04 billion in 2021 and is expected to rise at a CAGR of 12.06% within the forecast period, 2021 to 2028.


Dyna-Flo Acquired by Curtiss-Wright Corporation for CAD$81 Million for Petrochemical Markets


The manufacturer and designer of rotary and linear control valves, pressure, and level control systems, Dyna-Flo Control Valve Services Ltd. entered into a joint venture with Curtiss-Wright Corporation in February 2020 for CAD$81 million. This collaboration aims at multiplying the cash flow conversion rate by 100% by increasing the industrial valve portfolio. The CEO and chairman of Curtiss-Wright David C. Adams said, “We aim to combine the mind and matter of both the companies and establish a global channel for sales and improve the marketing strategies for a better tomorrow.” The collaborative effort aims at fulfilling the long term economic objectives by delivering highly engineered products and reliable solutions and services to various sectors such as defense, industrial, energy and commercial markets. Such innovations and collaborative efforts will bode well for the market in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/actuators-market-103531


Rising Delivery of Commercial Aircraft to Aid in Expansion


The increasing population, and rising industrialization and urbanization are the key factors promoting the global actuator market growth. This, coupled with the increasing adoption of actuation systems by various industries such as agriculture, food, manufacturing, automotive, aerospace and defense, and others will also boost the market in the coming years.


On the contrary, the current COVID-19 pandemic has propelled most businesses to come at a temporary halt. This may hamper the market. Additionally, the high cost of installation and maintenance for the deployment of actuators may also cause hindrance to the market growth in the coming years. Nevertheless, the increasing delivery of commercial aircrafts and the rising air passenger traffic are expected to create lucrative growth opportunities for the actuator market in the coming years.


Designing and Manufacturing of Innovative Product Portfolio- Key Objective of Competitors


Major players of the market are emphasizing on the designing, development, and launch of technically advanced actuators for earning the lion’s share in the market. The increasing penetration of both medium and large manufacturers is further intensifying the competition. The other players functioning in this market are engaging in joint ventures, partnerships, and collaborations to gain a competitive edge in the market.


Major Industry Developments include:



  • April 2017 –  The valves and control businesses of Pentair was acquired by Emerson Electric Co. for the production of actuators, regulators, and control valves, thereby strengthening the product portfolio of the company.

  • November 2019 – A $400 contract was awarded to Moog Inc. by Lockheed Martin Corporation for the production of flapdrive F-35 aircraft and wingfold & electro hydrostatic actuators.


List of Significant Players in the Market include:



  • SMC Corporation (Tokyo, Japan)

  • ABB (Zurich, Switzerland)

  • Venture MFG Co. (Ohio, The U.S.)

  • Rockwell Automation, Inc. (Wisconsin, The U.S.)

  • MISUMI (Tokyo, Japan)

  • Eaton Corporation Inc. (Ohio, The U.S.)

  • Rotork PLC (Bath, The U.K.)

  • TAMAGAWA SEIKI Co. Ltd. (Nagano, Japan)

  • Parker Hannifin Corporation (Ohio, The U.S.)

  • Moog Inc. (New York, The U.S.)

  • Emerson Electric Co. (Missouri, The U.S.)

  • Others


Further Report Findings



  • North America generated a revenue of USD 11.43 billion in 2020 and earned the largest actuators market share owing to increasing demand from aerospace and defense applications.

  • Based on segmentation by type, the hydraulic segment earned the largest share on account of the increasing adoption of hydraulic actuators by the agriculture, mining, and construction sector. However, the electrical segment earned 21% of the market share and is likely to showcase notable growth in the coming years.


The Global Market is categorized into:


















































 ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Motion; Type; End-Use Industry and Geography



By Motion


 




  • Linear

  • Rotary



By Type


 




  • Hydraulic

  • Pneumatic

  • Electric

  • Others



By End-Use Industry


 




  • Aerospace & Defense



  • Automotive

  • Construction

  • Chemicals

  • Food & Beverages

  • Healthcare & Pharmaceuticals

  • Marine

  • Mining

  • Oil & Gas

  • Power Generation

  • Others



By Geography


 




  • North America

    • By Motion

    • By Type

    • By End-Use Industry

    • By Country

      • The U.S.

      • Canada





  • Europe

    • By Motion

    • By Type

    • By End-Use Industry

    • By Country

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Russia

      • Rest of Europe







  • Asia Pacific

    • By Motion

    • By Type

    • By End-Use Industry

    • By Country

      • Japan

      • China

      • India

      • Australia

      • Rest of Asia Pacific





  • Rest of the World

    • By Motion

    • By Type

    • By End-Use Industry

    • By Country

      • The Middle East & Africa

      • Latin America






Global Actuator Market
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  • 2017-2019
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