The global actuator market is likely to showcase notable growth in the coming years and reach USD 91.05 billion by the end of 2028 on account of the advent of technological advancement and the increasing need for the latest automated equipment by various end-user industries. As per a recent report by Fortune Business Insights, titled, “Actuator Market Size, Share & Industry 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 39.08 billion in 2020. The forecast period is set between 2021 to 2028 and the market is likely to exhibit a CAGR of 12.06%.

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Objectives of the Report:

The report is based on a comprehensive analysis of the market for actuators keeping in mind the prime boosting, repelling, and challenging factors. It also throws light on the notable industry developments, major trends, and other interesting insights into the market. The report also highlights the table of segmentation in detail and lists the names of the segment in the leading position with market figures. For more information on the report, log on to the company website.

Drivers & Restraints-

Development of Machine Learning and Artificial Intelligence Sectors to Aid in Expansion

An actuator comprises the key component of all the machines used by various industries such as food, manufacturing, automotive and transportation, agriculture, healthcare industry, and others. This stands as a key factor driving the global actuator market growth. This, coupled with the rising population, growing urbanization, and the increasing use of industrial robots for minimizing the chances of human errors are also expected to aid in the expansion of the market. Additionally, the increasing demand from aerospace and automotive industries is further expected to add impetus to the market in the coming years.

On the contrary, installing and maintaining pneumatic and hydraulic actuators is expensive, which may pose a major challenge to the market in the coming years. This, coupled with the current coronavirus pandemic that forced most of the international businesses to stay at a temporary halt may also hamper the market. Additionally, the possibility of oil or water leakage and other damages to the actuator is likely to cause a hindrance to the market in the coming years.

Nevertheless, the rising demand for commercial aircraft is expected to promote the growth of the market for actuators in the forecast period.

Segment

Hydraulic Segment to Emerge Dominant Owing to Growing Demand from Mining and Construction Sector

Based on segmentation by type, the hydraulic segment earned the dominant actuator market share in 2020. This is owing to the increasing adoption of hydraulic actuators in heavy equipment used by various application sectors such as mining, construction, agriculture, and others. This is further attributed to the integrated failure backup features and less power consumption. However, the electrical segment earned a 22% share and is likely to exhibit significant growth in the forecast period.

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Regional Analysis-

North America Emerged Dominant Owing to Growing Demand from Aerospace Industry

Regionally, North America earned USD 11.73 billion in 2020 and gained the largest actuator market share. The growth of this region is attributed to the increasing demand from the aerospace and defense sectors. Besides this, the market in Asia Pacific is likely to show rapid growth in the coming years with China and Japan in the leading position. This is accountable to the rapid industrialization and growing urbanization. Furthermore, the market in Europe and the Middle East and Africa will exhibit notable growth in the coming years on account of the increasing manufacturing units for automobile production of brands such as Audi, BMW, and others.

Competitive Landscape-

Players Focusing on Innovative Technologies to Earn Lion’s Share

The global market for actuators is fragmented in nature attributable to the presence of many large and medium-scale vendors. Companies such as Rotork PLC., Rockwell Automation, and others are focusing on strengthening their product portfolio and specializing in pneumatic and hydraulic actuators to gain competitive edge. The other players are engaging in the development of innovative technologies for gaining a competitive edge in the market.

Major Industry Developments of the Market for Actuators Include:

April 2019 – The Boeing Company awarded a contract to Moog Inc., for the delivery of wing fold actuation and wing flight systems for an unmanned refueling program of the U.S. Navy called MQ-25. This will help to build a strong foundation for the future of the company.

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

Some of the Key Players of the Actuator Market include:

  • Rockwell Automation, Inc. (Wisconsin, The U.S.)
  • Venture MFG Co. (Ohio, The U.S.)
  • ABB (Zurich, Switzerland)
  • Rotork PLC (Bath, The U.K.)
  • MISUMI (Tokyo, Japan)
  • Curtiss-Wright Corporation (North Carolina, The U.S.)
  • TAMAGAWA SEIKI Co. Ltd. (Nagano, Japan)
  • Parker Hannifin Corporation (Ohio, The U.S.)
  • Moog Inc. (New York, The U.S.)
  • Eaton Corporation Inc. (Ohio, The U.S.)
  • SMC Corporation (Tokyo, Japan)
  • Emerson Electric Co. (Missouri, The U.S.)

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By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.