Actuators Market to be Driven by Surging Demand From Automotive Sector
Increased demand for advanced systems in
automobiles to enhance comfort and safety is expected to drive the Global
Actuators Market in the forecast period, 2024-2028.
According to
TechSci Research report, “Actuators Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018–2028F,” the Global Actuators
Market is anticipated to register a robust growth during the forecast period
owing to the increase in demand for comfortable and safe vehicles. Global
demand for actuators is increasing as people become more concerned with auto
safety. The global actuator market is being driven by governments' increased
spending on the on-road vehicle safety as well as the enforcement of tight laws
on vehicle safety. Market participants in the global actuators market are
focusing on boosting production capacity in order to take advantage of business
possibilities worldwide.
Moreover, the
actuator is a crucial part of the electrically operated vehicle systems. The
primary purpose of an actuator is to translate various types of signals into
mechanical action. Different types of input signals are possible, including
electrical, pneumatic, hydraulic, and mechanical actuators. Sales in the global
actuators market have been fueled by electronic manufacturing's importance
across key industries. Actuator usage is expanding in the automotive sector,
which has further fueled market expansion. Actuators are increasingly using
electric and hydraulic technologies, which has increased demand for these
components. The market's sales have increased as a result of this factor. The
study of mechanical technology in relation to smart gadgets is driving up
demand for actuators globally.
Actuators are
used in many different aspects of an airplane, including the landing gear, the
flight controls, the seats, the doors, and more. Thus, increased production of
new aircraft will increase demand in the upcoming years. The demand for air
travel has risen recently as a result of the tremendous economic growth
experienced in wealthy nations as well as rising economies like China, Africa,
and India. Airlines must expand their fleet of aircraft as a result of the
increase in air passenger volume. This demand has caused a rise in commercial
aircraft deliveries, which is expected to fuel the global actuators market's
expansion.
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Global Actuators
Market is segmented into motion, type, end-use industry, region and competitive
landscape. Based on motion, the market is segmented into linear and rotary.
Based on type, the market is divided into hydraulic, pneumatic, electric, and
others. Based on end-use industry, it is categorized into aerospace &
defense, automotive, construction, chemicals, food & beverages, healthcare
& pharmaceuticals, marine, mining, oil & gas, power generation and
others.
Due
to increasing levels of industrial automation in the production facilities of
the automotive, aerospace, and other industries, the linear actuators market
segment is anticipated to be the largest throughout the projected period.
Additionally, the market expansion is anticipated to be boosted by the key
players' focus on linear actuator technological advances.
Due
to increasing levels of industrial automation in the production facilities of
the automotive, aerospace, and other industries, the linear actuators market
segment is anticipated to be the largest throughout the projected period.
Additionally, the market expansion is anticipated to be boosted by the key
players' focus on linear actuator technological advances. For the South Korean
LNG Terminal, Rotork PLC's GP family of heavy-duty scotch yoke pneumatic
actuators was chosen in November 2020. Due to the rising demand for electric
actuators, which offer higher efficiency and lower power consumption, the
electric segment is predicted to develop at a high CAGR over the forecast
period.
Throughout
the forecast period, the market is anticipated to be driven by the automotive
sector, and then the aerospace sector. The introduction of industry 4.0 in
automobile production facilities spurs the market's expansion. A significant
portion of actuators are used in additive manufacturing and robotics to
automate industrial operations.
Key players in
the Global
Actuators market are:
- Eaton Corporation plc
- The Emerson Electric Company,
- Festo AG & Co. KG
- Flowserve Corporation
- Honeywell International Inc.
- KITZ Corporation, Rotork plc.
- SAMSON AG
- Tamagawa Seiki Co. Ltd.
- SMC Corporation
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“North America held the
largest market share in the global actuators market in 2022. The presence of
well-established and expanding automobile and aircraft production facilities in
the area is credited with the rise. Due to the region's increasing
industrialization and urbanization, the market in Asia Pacific is anticipated
to expand at the highest growth rate over the forecast period. Japan and China,
two nations known for their expertise in the manufacturing industry, are
concentrating on increasing their production and manufacturing capacities
through investments in automation, hence contributing to the global actuators
market’s growth.” said, Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Segmented By Motion
(Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By
End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals,
Food & Beverages, Healthcare & Pharmaceuticals, Marine, Mining, Oil
& Gas, Power Generation and Others), By Region, Competition Forecast &
Opportunities, 2018-2028F,” has evaluated the future growth
potential of Global Actuators Market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Actuators Market.
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