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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.
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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:
List of Significant Players in the Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD Billion)
Motion; Type; End-Use Industry and Geography
By End-Use Industry