The report "Actuators Market by Actuation (Electrical, Pneumatic, Hydraulic), Type (Linear, Rotary), Application (Industrial Automation, Robotics, Vehicles & Equipment), Vertical (Automotive, Electronics, Healthcare), and Region - Global Forecast to 2024", The actuators market is estimated to be USD 49.2 billion in 2019 and is projected to reach USD 74.5 billion, at a Compound Annual Growth Rate (CAGR) of 8.6% from 2019 to 2024. This market is driven by factors, such as the increasing investments in process automation of numerous industry verticals, rising demand for robots, and technological advancements in actuators.
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Based on actuation, the Pneumatic actuators segment is projected to grow at the highest CAGR in the actuators market during the forecast period. The increasing demand for highly efficient actuators which consume less energy has fueled the growth of the actuators market. Technological advancements in pneumatic actuators are enabling availability at lower prices as compared to other actuator types, which are also more efficient, thus leading to the increasing demand for pneumatic actuators.
Based on type, the linear actuator segment is expected to lead the actuators market during the forecast period. The use of linear actuators in a wide range of industries, such as manufacturing, packaging machines, medical equipment, production machinery, transportation, aerospace, and defense, among others is expected to drive the market for actuators. Increasing demand for industrial automation is contributing to higher demand for actuators.
Asia Pacific is estimated to account for the actuators market in 2019. Asia Pacific has witnessed rapid economic development over the past few years, increasing maritime trade. Electronics and electrical industries, especially in countries, such as China and Japan, have led to an increase in the demand for robotics and automation, which, in turn, is leading to rising demand for actuators. Majority of the industrial robot manufacturing facilities of leading players are based in the Asia Pacific region and increasing demand for these industrial robots is leading to a higher demand for actuators in this region.
The major players in the actuators market include Rockwell Automation (US), Moog (US), Curtiss Wright (US), ABB (Switzerland), Altra Industrial Motion (US), and SMC (Japan), among others.
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