Global NEWS: The robotics and automation actuators market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 30.9 billion by 2024, at a CAGR of 14.37% from 2019 to 2024

[140 Pages Report] The robotics and automation actuators market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 30.9 billion by 2024, at a CAGR of 14.37% from 2019 to 2024. The need to increase productivity and reduce downtime in industrial facilities and manufacturing activities worldwide are the major factors expected to drive the market for actuators globally. The development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators market.

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By type, the rotary actuator segment is expected to grow at the highest CAGR during the forecast period
The robotics segment is expected to grow at the highest CAGR in the robotics and automation actuators market from 2019 to 2024 and to account for the largest share in 2019

The electric actuation segment to account for the largest market share in robotics and automation actuators market in 2019

Based on actuation, the robotics and automation actuators market has been segmented into pneumatic, hydraulic, and electric. The growth of the electric actuation segment can be attributed to the replacement of hydraulic and pneumatic actuators by electric actuators due to their higher efficiency and greater levels of control. The amount of energy consumed in hydraulic and pneumatic actuators is higher than that by electric actuators

Key Market Players

The major players in the robotics and automation actuators market include ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtiss Wright (US), and MISUMI (Japan), among others. ABB is one of the leading players in the robotics and automation actuators market.

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