The significant investments incurred in the development of different types of actuators is a major factor restraining the growth of the actuators market across the globe.
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[173 Pages Report] The actuators market was valued at USD 37.23 Billion in 2016 and projected to reach USD 49.28 Billion by 2022, at a CAGR of 4.90% during the forecast period. The objectives of this study are to analyze the actuators market, along with the provision of its statistics.
It also aims to define, describe, and forecast the actuators market on the basis of the type, system, application, and region. The year 2016 has been considered the base year for this study, whereas 2017 to 2022 is considered the forecast period.
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The actuators market is projected to grow from an estimated USD 38.80 Billion in 2017 to USD 49.28 Billion by 2022, at a CAGR of 4.90% from 2017 to 2022. The major factor expected to act as a major driver is the increased investment in process automation across end-use verticals.
This, in turn, is expected to drive the growth of the actuators market during the forecast period from 2017 to 2022. The actuators market has been segmented based on type, system, application, and region.
Based on type, the actuators market has been segmented into linear and rotary. The linear segment is expected to lead the actuators market in 2017.
The rising need by manufacturing industries to improve combustion control, increase reliability, and reduce production costs, along with increased demand for fuel-efficient vehicles, implementation of stringent environmental regulations, and increasing automation in emerging economies are some of the factors expected to drive the growth of the linear actuators market during the forecast period.
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Based on system, the actuators market has been segmented into electrical, pneumatic, hydraulic, mechanical and others. The electrical segment is expected to lead the actuators market in 2017.
In the aviation industry, electrical actuators control a wide range of operations. These are used to control and limit velocity and engine speed by adjusting levers and valves.
Electrical actuators convert electrical signals to mechanical movement and thus, play a vital role in controlling systems. In aviation, it is important that electrical actuators achieve very high dynamic forces even with low weight, and fit into small spaces.
Therefore, the demand for electrical actuation solutions has been increasing and is a major driver for the actuators industry.
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Based on application, the actuators market has been segmented into end use and industrial. The end use segment of the actuators market is projected to witness the highest growth during the forecast period.
In the end use application, it caters to various industry verticals, such as automotive, aerospace, defense, and marine. Hydraulic actuators are majorly used in ships and submarines due to the high load systems of ships.
This factor is expected to drive the growth of this market.
Major companies profiled in the actuators market report are Emerson (US), Rotork (UK), Pentair (US), and Honeywell (US), among others.
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