Actuators Market Segments 2021: COVID-19 Impact Analysis, Cost, Production Valu
Posted by Komal Boudhh on January 22nd, 2021
An actuator is a device which converts energy into variable motions it is basically implies a force on an entity to perform various mechanical operations. It is basically a mechanical equipment that intakes energy, created by compressed air, liquid or electricity and converts it into linear and rotary motion. Actuators usually are used in industrial or manufacturing applications and are used in devices such as pumps, valves and motors.
The actuators market is majorly driven by the factors such as a rise in the number of aircraft carriers, continuous growth in the global automotive industry, and the technological advancements in actuators is propelling the market growth. Also, the growing industrial base in Asia Pacific region has a positive influence on the growth of the market. The actuators market may witness hinderances in growth due to costing of the actuators. Also power consumption, noise, and leaks are the major challenges faced by the actuators in the current market.
Global Actuators Market is expected to grow with the CAGR of approximately 5.23% during the forecast period.
Electric Actuators, by type segment and automotive industry, by end-user segment are expected to hold the largest market size in forecast period.
Global Actuators Market is segmented, by type as Pneumatic actuators, Hydraulic actuator, Electric actuator and Mechanical actuators. Electric actuator type segment accounted for the largest market share of about 32.2% in 2016, with a market value of more than USD 4,300 million in 2016 and is projected to grow at the highest CAGR during the forecast period. Electric actuators benefit from cleaner, simpler, and more energy-efficient power transmission. Its integration is easier with programmable controls, and maintenance is minimized with no parts replacement or lubrication needed except in extreme conditions. Based on end-user, the market is segmented as Automotive, Oil & Gas, Chemicals, Aerospace & Defense, Pharmaceutical, Power, Food & Beverages, Water & Wastewater, and Mining & Metals. Automotive accounted for the largest market share of about 18.13%, in 2016, with a market value of more than USD 2,450 million; projected to grow at the highest CAGR of 6.11% during the forecast period. The increase in demand from the upper middle class for automotive vehicles is driving the actuators market in the Asia-Pacific region. The growing automotive vehicles market has increased the demand for actuators as the latter is an essential component used in vehicles.
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Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Festo AG & Co. KG (Germany), Flowserve Corporation (U.S.), Honeywell International Inc. (U.S.), KITZ Corporation (Japan), Rotork plc. (Japan), SAMSON AG (Germany), and SMC Corporation (Japan).
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About the AuthorKomal Boudhh
Joined: July 17th, 2020
Articles Posted: 121
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