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(Transportation-News.com, October 17, 2022 ) According to Precision Business Insights (PBI), latest report, the global actuators market size was valued at USD 54,200.2 million in 2021, growing at a CAGR of 8.5% over the forecast period 2022-28. An actuator is a tool or machine that regulates a system's motion and workings. Actuators are utilized to achieve the highest precision, regulate system motion, provide customized speed, as well as reduce worker hazards. An actuator is a tool that efficiently converts electrical energy into mechanical energy.
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The Actuators Market Growth Factors
The trend toward automation has accelerated due to developments in robotics, artificial intelligence (AI), and machine learning (ML). The automation of many systems and processes in the automobile, food, transport, manufacturing, agricultural, and healthcare industries is made possible by the actuator, a key component used in all actuation systems. Through the anticipated time, a spike in industrial automation is anticipated to drive actuators market expansion.
The Actuators Market Restraining Factors
There are some limitations and difficulties that will prevent the market from expanding. It is projected that strict regulations to reduce air pollution in different industries, primarily the oil and gas industry, will impede market expansion. Additionally, it is anticipated that the global Industrial Actuators Market would soon be hampered by the volatility in crude oil prices.
The Actuators Market Trends
• Actuators are most commonly used in the manufacturing as well as medical device industries. In the same vein, Emerson, the market leader in the world for pneumatic actuators, has created dependable and effective pneumatic actuators for harsh environments and essential applications.
• The weight and size of the actuators are the most crucial factors under consideration. The development of several innovative and sophisticated actuators by businesses is boosting their market positions and driving the growth of the worldwide actuators market.
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The Actuators Market Segmentation
The global Actuators Market on the basis of Valve Type, the market is categorized into Axial Valve, Ball Valve, Bottom Drain Ball Valve, Butterfly Valve, Check Valve, Diaphragm Valve, Gate Valve, Globe Valve, Plug Valve, and Rotary Plug Valve. On the basis of Actuation, the market is fragmented into Electrical, Pneumatic, Piezoelectric, and Others (Shape Memory Alloys, Thermal, Hybrid, and Magnetic) Based on Type, the market is bifurcated into Linear, Rotary. Based on Application, the market is categorized into Industrial Automation, Robotics, Vehicles, and Equipment. Based on Vertical, the market is segmented into Food & Beverages, Oil & Gas, Metals, Mining, & Machinery, Power Generation, Chemicals, Paper, and Plastics, Pharmaceutical & Healthcare, Automotive, Aerospace & Defense, and Others.
The Actuators Market Regional Analysis
In 2021, North America held the greatest market share for actuators, with a value of USD 12.57 billion. The region’s established and expanding automobile and aviation manufacturing industries are credited with the expansion. Due to the rapid industrialization and urbanization of the region, the market in the Asia Pacific is anticipated to expand at the highest growth rate over the forecast period.
The major players operating in the Actuators Market are ABB, Rockwell Automation, Altra Industrial Motion, Moog, Inc., Rotork, KEMET Corporation, Dover Chemical Corporation
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