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The global actuators market is likely to hit a valuation of US$ 85.11 BN by 2030, growing at a 6.20% CAGR between years 2022-2030. The market dynamics are a system of factors that drive trends and evolution in an industry. An important force that is driving the market for actuators is growing automation in manufacturing processes. The need for actuators increases as industries seek greater efficiency and accuracy.
Specifically, the automotive industry applies actuators to tasks such as valve control, throttle control and fuel injection. As electric vehicles and autonomous driving technologies become more common in auto industry, so is the need for advanced actuators. In addition, the incorporation of IoT technologies and smart solutions plays a significant role in defining market dynamics.
Actuators are also being developed with connectivity capabilities, which makes them a part of the larger environment of interconnected devices. This not only improves the efficiency of whole system but also enables remote monitoring and control. However, the need for smart actuators is increasing as industries strive to find more intelligent and networked systems that can address their automation requirements.
The global economic conditions and industrial activities also play a major role in the actuators market growth. While industrial production is a direct result of economic growth, it leads to the need for automation and actuators. On the contrary, recessions can cause an industrial stagnation and a short-term decrease of actuator requirements. The market, therefore, is vulnerable to the changes based on macroeconomic factors.
Environmental legislation and sustainability issues have increasingly become the driving force behind actuator market dynamics. Industries are making efforts to reduce their environmental footprint and compliance with strict regulations is a move toward greener actuators that have the energy efficiency. Manufacturers strive to design actuators that require less energy and have a smaller carbon footprint, which aligns with the global movement towards sustainability.
However, the competition in actuators is very high as various players seek to grab a share of this market. The industry is known for regular innovations and technological advancements as companies strive to control the competitive space. This gives rise to a vicious circle of product development and refinement, resulting in an active market where customers enjoy the advantages of diversity and technological solutions.
Actuators Market Highlights:
Global Actuators Market Research
Global Actuators Market Size was valued at USD 52,106.0 Billion in 2023. The Actuators Market industry is projected to grow from USD 54,954.5 Billion in 2024 to USD 82,643.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.23% during the forecast period (2024 - 2032). The urbanization trend is reaching its peak. The rapid rate of urbanization and the proliferation of new smart cities are two major drivers paving the way for the actuator industry to explode.
Smart buildings, smart mobility, smart healthcare, smart transportation, and smart security are expected to give various opportunities for the actuator market's emerging companies to capitalize on. Technological advancement and production plant automation are also important factors driving the global market growth. An actuator is a mechanical component that aids in the conversion of energy into motion as well as the control of machinery, equipment, and systems. The equipment is often powered by hydraulic and pneumatic forces and can be manipulated manually, electronically, or via software.
For instance, in April 2021, Arkamys and Continental teamed up to research automotive audio solutions, with Continental sound actuators put in a test vehicle originally outfitted with ordinary commodity speakers. Arkamys used its sound enhancement software with various loudspeakers and actuator designs. The demonstration vehicle has a variety of sound reproduction technologies as well as manufacturer-friendly characteristics such as scalability, space and weight reductions, reduced components, and concealed integration.
COVID-19 Impact Analysis
The rapid spread of the pandemic resulted in the shutdown of design and manufacturing facilities and hampered car production. Furthermore, the interruption of transportation networks and the supply chain resulted in a shortage of raw materials required for manufacturing automobiles and incorporating technology. As a result, the actuator industry is expected to face challenges.
Global Actuators Market Dynamics
Actuators' technological advancements have had the greatest market influence. Furthermore, rising air passenger numbers and new aircraft deliveries have driven industry growth. The global development of smart cities and the growing need for unique and cutting-edge actuators across numerous sectors have aided market growth. The increased desire to boost efficiency and eliminate downtime in industrial facilities and manufacturing operations has benefited the overall sector. The expanding use of actuators in heavy machinery across various automotive and vehicle sectors has increased actuator demand. Mechanical advancement in automotive and electrical production is gaining popularity globally.
The concept of remote monitoring is gaining traction, and it is expected to be a driving force in the actuator market's revenue growth. Several industries, including automotive, oil & gas, aerospace & defense, maritime, and mining, forecast a high need for actuators. In the aftermath of increasing demand from gas storage and gas & liquid pipelines, the oil and gas industry records for a diverse set of applications utilizing actuators. As a result, several lucrative prospects for actuators continue to emerge.
Global Actuators Market Drivers
- Automotive industry technological advancements drive growth opportunities in the glucose market
The introduction of Advanced Driver Assistance Systems (ADAS) and other technological breakthroughs in the car industry has considerably increased the employment of actuators. Another key growth-inducing aspect is the increasing tendency of automation across numerous industries. The Internet of Things (IoT) installation has permitted actuator automation for increased productivity and reduced downtime in industrial and manufacturing facilities. For instance, Arkamys and Continental teamed in April 2021 to research automotive audio solutions, with Continental sound actuators put in a test vehicle originally outfitted with ordinary commodity speakers. Arkamys used its sound enhancement software with various loudspeakers and actuator designs. The demonstration vehicle has a variety of sound reproduction technologies as well as manufacturer-friendly characteristics such as scalability, space and weight reductions, reduced components, and concealed integration.
Restraints:
- Overheating issues to curb the market growth
Electric actuators frequently overheat due to continuous use and abrupt changes in the operating cycle; however, this is infrequent and may ruin the actuators' electric components. Environmental conditions can have an impact on the performance of electric actuators. This means that, unlike pneumatic actuators, they cannot be used in hazardous environments.
Opportunities:
- A rise in opportunities in the construction industry
Smart buildings, smart mobility, smart healthcare, smart transportation, and smart security are expected to give various opportunities for the actuator market's emerging companies to capitalize on. Technological advancement and production plant automation are also important factors driving the global market growth.
Segment Overview
By Type
The global actuators market segmentation, based on type, is pneumatic actuators, hydraulic actuators, electric actuators, and mechanical actuators. The global actuators market growth was prominently high under the electrical actuators category in 2021, and the electrical actuators category is also expected to grow at the fastest rate during the forecast period. The replacement of hydraulic and pneumatic actuators with electrical actuators due to their superior efficiency and greater degrees of control can be linked to the expansion of the electrical actuation industry. Electric actuators have a high speed and are thus widely used in automobile applications. The hydraulic actuator and pneumatic actuator sectors also retained significant market share and are considerably boosting actuator demand. The energy consumed by hydraulic and pneumatic actuators is greater than that consumed by electrical actuators.
By End User
The global actuators market segmentation, by end user, is automotive, oil & gas, aerospace & defense, pharmaceutical, power, food & beverages, chemicals, water & wastewater, and mining & metals. The oil & gas sector generated the most market revenue in 2021 and is expected to have the greatest CAGR during the forecast period. The variables are due to the extensive use of industrial actuators among various end users.
Global Actuators Market Share by Region, 2021 (%)
Global Actuators Market Overview, by Region
By Region, the global actuators market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America
North America dominated the market share in 2021. The increased usage of actuators is stimulated by an increase in oil exploration operations and the revival of existing facilities, particularly in emerging markets such as Africa and Latin America. North America is also likely to rise at the second highest rate in the market during the forecast period, owing to a growing requirement for process automation and rising demand in aerospace and defense applications. Rotork, Eaton, Honeywell, Emerson, and Rockwell Collins are among the major industry participants.
Asia-Pacific
The Asia-Pacific market is anticipated to exhibit the highest CAGR in the forecast period, with India, Japan, and China establishing automotive component manufacturing hubs and supplying countries such as the US and Germany. The market is being driven by rising sales of both passenger cars and commercial vehicles.
Global Actuators Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), and The Emerson Electric Company (U.S.) dominate the global market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
For instance, in January 2022, Altra Industrial Motion Corp., a prominent global manufacturer and provider of motion control, power transmission, and automation equipment, announced that it had acquired Nook Industries LLC, Cleveland, an Ohio-based pioneer in the U.S. linear motion business. In 2021, Nook's revenue was roughly USD 42 million, excluding any one-time or acquisition-related costs. The combination of the Nook business and Altra's Thomson operating company in its Automation & Specialty sector broadens Altra's linear product offering.
Prominent players in the global actuators market research include Cameron, a Schlumberger company (U.S.), Eaton Corporation plc (Ireland), The Emerson Electric Company (U.S.), Festo AG & Co. K.G. (Germany), Flowserve Corporation (U.S.), Honeywell International Inc (U.S.), KITZ Corporation (Japan), Rotork plc. (Japan), SAMSON AG (Germany) and SMC Corporation (Japan), among others.
Scope of the Global Actuators Market Report
Insights By Type
- Pneumatic Actuators
- Hydraulic Actuators
- Electric Actuators
- Mechanical Actuators
Insights By End User
- Automotive
- Oil & Gas
- Aerospace & Defense
- Pharmaceutical
- Power
- Food & Beverages
- Chemicals
- Water & Wastewater
- Mining & Metals
Insights By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
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Global Actuators Market Forecast & Size:
To identify and estimate the market size for the global actuators market report segmented by type and end-user by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers in the global actuators market forecast between 2022 and 2030.
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Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the global actuators market growth
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Market Influencing Factors:
To find out the factors which are affecting the global actuators market size among consumers
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Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
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Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
- Producers
- Raw material suppliers
- Retailers, wholesalers, and distributors
- Governments, associations, and industrial bodies
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