The report "Actuators Market by
Actuation (Electrical, Pneumatic, Hydraulic), Type (Linear, Rotary),
Application (Industrial Automation, Robotics, Vehicles & Equipment),
Vertical (Automotive, Electronics, Healthcare), and Region - Global Forecast to
2024",
The actuators market is estimated to be USD 49.2 billion in 2019
and is projected to reach USD 74.5 billion, at a Compound Annual Growth Rate
(CAGR) of 8.6% from 2019 to 2024. This market is driven by factors, such as the
increasing investments in process automation of numerous industry verticals,
rising demand for robots, and technological advancements in actuators.
Browse 137 market data Tables and 49 Figures spread
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The Pneumatic actuator segment to grow at a higher CAGR in the
actuators market, among all actuation segments during the forecast period.
Based
on actuation, the Pneumatic actuators segment is projected to grow at the
highest CAGR in the actuators market during the forecast period. The increasing
demand for highly efficient actuators which consume less energy has fueled the
growth of the actuators market. Technological advancements in pneumatic actuators
are enabling availability at lower prices as compared to other actuator types,
which are also more efficient, thus leading to the increasing demand for
pneumatic actuators.
Linear actuators expected to lead the actuators market.
Based
on type, the linear actuator segment is expected to lead the actuators market
during the forecast period. The use of linear actuators in a wide range of
industries, such as manufacturing, packaging machines, medical equipment,
production machinery, transportation, aerospace, and defense, among others is
expected to drive the market for actuators. Increasing demand for industrial
automation is contributing to higher demand for actuators.
Asia Pacific has the highest potential for implementation of
actuators.
Asia
Pacific is estimated to account for the actuators market in 2019. Asia Pacific
has witnessed rapid economic development over the past few years, increasing
maritime trade. Electronics and electrical industries, especially in countries,
such as China and Japan, have led to an increase in the demand for robotics and
automation, which, in turn, is leading to rising demand for actuators. Majority
of the industrial robot manufacturing facilities of leading players are based
in the Asia Pacific region and increasing demand for these industrial robots is
leading to a higher demand for actuators in this region.
The
major players in the actuators market include Rockwell Automation (US), Moog
(US), Curtiss Wright (US), ABB (Switzerland), Altra Industrial Motion (US), and
SMC (Japan), among others.
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