Actuators - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Actuators market accounted for $44.48 billion in 2018 and is expected to reach $110.15 billion by 2027 growing at a CAGR of 10.6% during the forecast period. Some of the key factors such as rising investments to carry out process automation in end-use industries of emerging economies and the rising number of air passengers and new aircraft deliveries are driving the market growth. However, continuous upheavals in the oil & gas industry and volatility in the price of crude oil act as the restraining factors for the market growth.
An actuator is a component of a machine that is in charge of moving and controlling a component or system, for instance by opening a valve. In basic terms, it is a "mover". It is the mechanism by which a control system acts upon an environment. The control system can be straightforward (a fixed mechanical or electronic system), software-based (for example a printer driver, robot control system), a human, or any other input. An actuator requires a control signal and a source of energy that is generally low energy and might be electric voltage or current, pneumatic or hydraulic pressure, or even human power.
By Application, robotics segment is going to have a lucrative growth during the forecast period. Industries like automotive and electrical & electronics have indicated higher adoption of robots. Other Different sectors such as pharmaceutical, pulp & paper, and food & beverages are expected to incline more towards the utilization of robots by expanding the adoption of robots by small- and medium-sized enterprises. By geography, Asia-Pacific is going to have a lucrative growth during the forecast period. Rising demand for industrial robots and automation in various industrial verticals are a portion of opportunities impacting the growth of the market. This factor is a great opportunity for manufacturers to strengthen their organizations in this region.
Some of the key players in Actuators market include ABB, Rockwell Automation, Altra Industrial Motion, SKF, Curtis Wright (Exlar), Nook Industries, Inc., IMI PLC, Misumi Group Inc., Tolomatic, Macron Dynamics, IAI, Cedrat Technologies, Harmonic Drive LLC, Kollmorgen, DVG Automation, Rotomation, Moog, SMC and Venture Mfg. Co.
• Rotary Actuators
• Linear Actuators
• Other Actuations
• Vehicles and Equipment
• Industrial Automation
End Users Covered:
• Electronics & Electrical
• Metals, Mining, and Machinery
• Food & Beverages
• Chemicals, Paper, and Plastics
• Oil & Gas
• Household & Entertainment
• Power Generation
• Pharmaceutical & Healthcare
• Water & Wastewater
• Aerospace & Defense
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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