Actuators Market will exhibit a CAGR of 10.65% during the forecast period, and reach USD 79.35 billion by 2027, and the Market value as per 2019 was USD 47.09 billion .
Fortune Business Insights™ in a new report, titled, “Actuators Market Size, Share & COVID-19 Impact Analysis, By Motion (Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals, and Others), and Regional Forecast, 2020-2027.”
Actuators Market Drivers and Restraint:
Rising Industrial Automation Expected to Increase Demand for Actuators
With developments in robotics, artificial intelligence, and machine learning, the trend of automation has increased. An actuator is an important component used in all actuation systems, and it helps to automate various systems and processes in the automotive, manufacturing, agriculture, food, transportation, and medical industries. The increasing population is another factor for the rise in industrial automation. The need to meet the demands of the increasing population propelled manufacturers to automate the process which also helps in the mass-production of the products. Moreover, the rising use of industrial robots to speed up production and minimize human errors in mechanical industries is expected to boost the market.
Increasing Commercial Aircraft Deliveries Anticipated to Fuel Market Growth
Actuators are used in various aircraft applications such as landing gear, flight controls, seats, doors, and others. Hence, the rise in new aircraft production will propel demand in the coming years. In recent years, the significant economic growth in emerging economies such as India, China, and other countries has increased the demand for air travel. . Owing to the rise in air passenger traffic, there is the need for increasing the aircraft fleet by the airliners. This demand has led to an increase in commercial aircraft deliveries, which, in turn, is anticipated to propel the growth of the market.
List of Key Players Covered in the Actuators Market Report:
• ABB (Zurich, Switzerland)
• MISUMI (Tokyo, Japan)
• TAMAGAWA SEIKI Co. Ltd. (Nagano, Japan)
• Moog Inc. (New York, The U.S.)
• Eaton Corporation Inc. (Ohio, The U.S.)
• Rockwell Automation, Inc. (Wisconsin, The U.S.)
• SMC Corporation (Tokyo, Japan)
• Emerson Electric Co. (Missouri, The U.S.)
• Parker Hannifin Corporation (Ohio, The U.S.)
• Curtiss-Wright Corporation (North Carolina, The U.S.)
• Rotork PLC (Bath, The U.K.)
• Venture MFG Co. (Ohio, The U.S.)
To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/actuators-market-103531
Some of the key industry developments in the Actuators Market Include:
• November 2019 – Moog Inc. was awarded a contract worth USD 400 million by Lockheed Martin Corporation to manufacture wingfold & electro hydrostatic actuators and flap drive systems for F-35 aircraft.
• February 2020 – Curtiss-Wright Corporation signed an agreement to acquire Dyna-Flo Control Valve Services Ltd., which specializes in actuators, control valves, and control systems for oil & gas, petrochemical, and chemical markets. This acquisition is anticipated to enhance the product range of Curtiss-Wright Corporation.