According to the latest report by IMARC Group, titled “Actuators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global actuators market witnessed moderate growth during 2015-2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 around 8% during the next five years.
- 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.
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