Global Actuators Market to Grow at 6.4% During 2024-2032, Fostered by Rising Trend of Automation

April 22, 2021 | Automotive Industry

According to the latest report by IMARC Group, titled “Actuators Market Report by Product (Linear Actuators, Rotary Actuators), Type (Electric, Pneumatic, Hydraulic, Mechanical, and Others), End Use Industry (Oil and Gas, Power Generation, Chemicals, Food and Beverages, Metals and Mining, Automotive, Aerospace and Defense, and Others), and Region 2024-2032,” the global actuators market reached a value of US$ 44.4 Billion in 2023. An actuator is an electro-mechanical device that can be operated electrically, manually or via a software program. It assists in the movement and controlling machinery equipment and systems. It is commonly utilized in the form of solenoids, comb drivers, electric motors, and hard drive stepper motors. As a result, it finds applications in the oil and gas, chemicals, power generation, metals and mining, food and beverages (F&B), automotive, and aerospace sectors across the globe.

Global Actuators Market Trends:

Technological advancements like the introduction of advanced driver assistance systems (ADAS) have positively influenced the demand for actuators worldwide. Moreover, the rising penetration of the Internet of Things (IoT) has facilitated the automation of actuators to reduce downtime and increase productivity in industrial and manufacturing units. Besides this, a rising number of aircraft carriers are being equipped with actuators on each wing for maintaining efficient flight at low airspeeds. They are also employed in several industries to automate operations and improve accuracy in the overall production. Furthermore, rapid industrialization, product innovations like the introduction of actuators with low carbon emissions and increasing research and development (R&D) activities are contributing to the growth of the market. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.4% during 2024-2032.

Market Summary:

  • Based on the product, the market has been categorized into linear (rod, screw, and belt type), and rotary actuators (motors, bladder and vane, and piston type).
  • On the basis of the type, the market has been segmented into electric, pneumatic, hydraulic, mechanical, and other actuators.
  • Based on the end use industry, the market has been classified into oil and gas, power generation, chemicals, food and beverages, metals and mining, automotive, aerospace and defense, and others.
  • Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been examined, with some of the key players being Rockwell Automation, Inc., Moog Inc., Emerson Electric Co., ABB Ltd., SMC Corporation, IMI plc, Flowserve Corporation, Altra Industrial Motion Corporation, Cedrat Technologies, DVG Automation S.p.A., Festo Corporation, MISUMI Group Inc., Harmonic Drive, LLC, Kinitics Automation Limited, and Venture MFG. Co.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Type, End Use Industry, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Rockwell Automation, Moog Inc., Emerson Electric, ABB, SMC Corporation, IMI PLC, Flowserve, Altra Industrial Motion, Cedrat Technologies, DVG Automation, Festo, MISUMI Group Inc., Harmonic Drive LLC, Kinitics Automation and Venture Mfg. Co.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Actuators Market to Grow at 6.4% During 2024-2032, Fostered by Rising Trend of Automation
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