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%.
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 the 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.
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.)
Information Source-
