According to a study published by Insure Insights, the global actuators market is estimated to grow at a CAGR of 9.1% during the forecast period. An actuator is a device that initiates a movement in a system and also converts one form of energy into mechanical energy. It converts a control signal into a mechanic action like an electric motor. These devices may be thermal, electric, hydraulic, pneumatic, and others but are mostly propelled by some software. Actuators typically have two types of motion that are linear and rotary. The linear actuators are accountable for changing the energy into straight-line motions and mostly have a pull and push function. Rotary actuators convert the energy for providing a rotary motion.
Top Driver: Rpaid Urbanization and Extended Application
The significant factors that are driving the actuators market are industrialization and urbanization. There is a considerable investment made in the infrastructure and renewal of the plants, which is positively impacting the growth of the actuators market. Other factors such as automation of the manufacturing plants, technological developments, increasing population, and natural resources extraction from difficult locations are likely to drive the market in the coming years. Many industries are shifting focus on automating the operations for greater efficiency, increased accuracy, and improved production safety. In recent years, there was a surge in demand for remote monitoring, fueling the actuators market growth.
Moreover, extended applications in various sectors such as oil and gas, aerospace and defense, automotive, mining, and marine are likely to stimulate the market. On the other hand, the competitive standards of pricing and the ability of the suppliers to meet the requirements of the consumer is estimated to hamper the market.
Linear Actuators Segment is Estimated to Witness Significant Growth During the Forecast Period
The global actuators market is segmented into linear and rotary based on the type. A linear actuator is expected to witness a significant growth rate during the forecast period due to its easy installation, cost-effectiveness, less space requirement, and highly reliable. Other advantages such as higher design efficiency, shorter production time, and supreme quality are resulting in increased adoption in several sectors such as transportation, production machinery, manufacturing, and others. On the basis of actuation, the market is segmented into pneumatic, hydraulic, electrical, and others. On the basis of application, industrial automation, robotics, and vehicles & equipment.
Rising Investment and Technological Advancements to Benefit Asia Pacific Market
Asia-Pacific is expected to grow at the highest compound annual growth rate during the forecast period owing to rising expenditure for implementing automation by several emerging countries such as China, Japan, coupled with the evolution of technologically advanced actuators leading to an escalation in the adoption of these devices in several sectors. The presence of industrial robot manufacturers in the region and surging demand for industrial robots is fueling the demand for actuators in this region.
Players to Focus on Expanding Applications in Complex Computing, Healthcare, Finance
The major market players operating in the global actuators market include Moog, Curtiss Wright, Rockwell Automation, SMC, IMI PLC, ABB, Tolomatic, Altra Industrial Motion, IAI, Venture Mfg. Co., SKF, Kollmorgen, Nook Industries Inc., Harmonic Drive LLC, and Misumi Group Inc., among others.
Rockwell Automation: – In 2018, Rockwell automation received a contract from Codelco, a well-known producer of copper in the world. The contract was aimed at providing various necessary systems for Chuquicamata underground mine. It included the change of a century-old open-pit mine into a technologically advanced super cave mine needed to extend the mine’s lifecycle by a minimum of 40 years. The contract also included configuration, supply, engineering, and assembly of four systems, which encompasses mines’ control system.
ABB: – In 2019, ABB introduced its new i-bus Combi Switch Actuators to fulfill the surging demand for such solutions due to increasing the market of smart homes. These actuators are equipped with selectable shading and switching functions in a device.
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