Electric Actuator Market Strategic Insights and Key Business Influencing Factors

The global electric actuator market size was valued at $15.54 billion in 2018, and is projected to reach $28.73 billion by 2026, growing at a CAGR of 6.6% from 2019 to 2026.

Ongoing technological advancements in actuators and growing investments to carry out process automation in end-use industries of emerging economies is likely to boost the electric actuators market. Also, increasing number of air passengers and new aircraft deliveries is likely to boost the electric actuators market. Need for new and advanced actuators in different verticals and development of smart cities across the globe might provide new opportunities for the electric actuator market.

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Electric actuators are widely used in the oil and gas sector for tasks including pipeline automation and valve control. The need for electric actuators in this industry is growing along with the world's energy consumption.

The oil & gas sector is tremendously growing over the past few years with the discovery of oil & gas reserves worldwide. The electric actuators are needed in the oil & gas sector from the upstream exploration and production to midstream transmission and downstream refining. The demand for linear actuators in the oil & gas sector is much higher according to the forecast.

The Middle East nations that are major oil producing countries are driving the electric actuator market for oil & gas segment. Furthermore, new oil and gas exploration activities coupled with heavy investments in pipelines and refineries in the Americas, the Middle East, Africa, and APAC are the major factors that influence the market growth. Moreover, rise in exploration and production of oil and gas is expected to create lucrative opportunity for the electric actuator market.

As the demand for electric actuator is growing, global players such as Flowserve, Emerson, and others have established facilities for manufacturing, engineering, sourcing, and marketing of electric actuator in developing economies such as India and others. These actuator suppliers are competing with domestic suppliers such as Bawana Engines & Machines Private Limited and MIL Controls.

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Domestic manufacturers in India now produce a range of electric actuators to the global standards. Thus, India can emerge as a leading manufacturer and exporter for electric actuator. Because India's economy is driven by domestic consumer demand, recession is less likely, and suppliers of actuator should maintain steady growth.

Geographically, the electric actuator market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. China, India, and Japan are the major economies, which are contributing to the electric actuator market during the forecast period, due to increase in adoption of pipeline transportation and power projects. Emerging economy like China is facing the need to diversify its energy sources.

In addition, increase in discoveries of oil & gas reserves in India and rise in adoption of pipeline transportation drive the growth of the Asia-pacific electric actuator industry during the forecast period. Furthermore, rapid industrialization and urbanization has surged construction activities in region, which in turn increase the consumption of electric actuator in the chemicals industry.

In Japan, the automotive industry is one of the largest industries due to presence of largest manufacturing companies such as Toyota, Honda, Nissan, and Mitsubishi. In addition, high demand for passenger cars and commercial vehicles in Japan is expected to provide growth for the electric actuator in Japan. Furthermore, high demand for advance technologies in the automotive industries is also expected to create lucrative opportunities for the electric actuator market during the forecast period.

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In addition, rise in demand for electric actuator in China due to presence of largest manufacturing companies and wide use in the vehicle industry to convert the electrical signals from the control unit into an action. For instance, China continue to dominate the largest vehicle market and will reach 30 million units by 2020 and 35 million by 2025. According to the China Association of Automobile Manufacturers, more than 27 million vehicles are sold in 2018, and this includes 23.79 million passenger vehicles and 4.38 million commercial vehicles. In addition, actuators are the essential part of electronic control systems in passenger cars and commercial vehicles.

The key players operating in the market include Emerson Electric Co., Flowserve Corporation, Curtiss-Wright Corporation, ABB, Rotork, General Electric, AUMA Riester GmbH & Co. KG, Moog Inc, Ewellix, and Actuonix Motion Devices. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration, and business expansion to increase the global electric actuator market share during the forecast period.

The Report Provides:
⦁ Assessment of market share at both regional and country levels.
⦁ Analysis of market share for key industry players.
⦁ Strategic recommendations tailored for new entrants.
⦁ Forecasts for all mentioned segments and regional markets over the next decade.
⦁ Exploration of market trends, including drivers, challenges, opportunities, threats, investment opportunities, and recommendations.
⦁ Strategic recommendations specifically focused on the primary business segment within the market forecast.
⦁ Overview of major general trends through competitive landscaping.
⦁ Company profiling with detailed insights into strategy, financials, and recent developments.

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