Global Electric Actuator Market Predicted to Achieve Remarkable 6.1% CAGR from 2023 to 2031

The global electric actuator market has witnessed substantial growth and is projected to continue its upward trajectory, with an estimated CAGR of 6.1% from 2023 to 2031. The market's value was valued at US$ 12.3 billion in 2022 and is expected to reach US$ 20.9 billion by the end of 2031. This growth can be attributed to the expansion of various industries such as oil & gas, automotive, and power generation, where electric actuators play a vital role in enhancing efficiency and precision.

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Market Overview

Electric actuators are devices that convert electrical energy into mechanical motion, enabling precise control and movement of various systems and mechanisms. They find applications across a wide range of industries, including manufacturing, automotive, aerospace, and robotics. Their popularity is driven by their controllability, precision, and seamless integration into automated systems.

The market is primarily driven by the rise in power generation activities and the expansion of the oil & gas sector. Electric actuators are extensively used in power plants to control steam flow and water flow, ensuring optimal power output and safe operations. In the oil & gas sector, these actuators play a crucial role in pipeline infrastructure and safety, controlling the flow of oil and gas and ensuring emergency shutdowns when necessary.

Regional Outlook

Asia Pacific is anticipated to hold the largest share of the electric actuator market from 2023 to 2031. This is attributed to increased investment in the power generation sector and the growing adoption of industrial automation in countries like China, Japan, and South Korea. Additionally, the region is witnessing rapid growth in the adoption of electric vehicles, further driving market progress.

Key Players and Market Trends

The global electric actuator market is highly competitive, with several global and regional players vying for market share. Key players such as ABB, Actuonix Motion Devices Inc., Regal Rexnord, AUMA Riester GmbH & Co. KG, Curtiss-Wright Corporation, Kollmorgen, Emerson Electric Co., General Electric, MecVel Srl, and Moog Inc. are focusing on R&D activities and adopting collaboration, partnership, and M&A strategies to expand their customer base.

Notably, AUMA introduced the SRAV-UW actuator for underwater use, offering high positioning accuracy with continuous feedback to the higher-level PLC.

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