Global Actuators Market Projected to Reach $86.6 billion by 2027: Key Growth Insights

The Actuators market is projected to grow from USD 67.7 Billion in 2024 to USD 94.8 Billion by 2029, at a CAGR of 7.0% during the forecast period. The development of Actuators market is growing rapidly to keep pace with the rising demand for by the robotic applications. Robots rely on actuators to perform movements and execute tasks. Similar to how muscles enable movement in humans and animals, actuators function as the "muscles" of robots. The rise of robotics in various sectors like manufacturing, logistics, and healthcare is significantly increasing the demand for actuators.

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Based on vertical, the electronics & electrical segment is projected to grow at a highest CAGR during the forecast period. There has been a significant rise in the adoption of automation and robotics systems in the electronics & electrical industry due to the miniaturization of electronics and electrical equipment and increased complexity in the manufacturing processes of these equipment. Frequent introduction of new electronic products in the market at affordable prices is possible only through efficient automation and systematic manufacturing processes of electronics and electrical equipment carried out by industrial robots.

Based on the Type, The Linear Actuator segment is projected to lead the market for Actuators. Linear actuators are designed in such a way that they generate linear motion by converting different forms of energy into mechanical energy. These actuators plays an integral part of the motion control systems in automated assembly processes. Linear actuators are powered by either hydraulic, pneumatic, mechanical, electromechanical, or piezoelectric force. These actuators are used primarily in automation applications to automate machine components or tools.

Based on Region, North America is expected to show the highest growth rate in the Actuators market in 2024, owing to an increased demand for safety and loss control management. There are various weather services providers to lead the Actuators market for the region. The countries in the region have experienced an increased demand for Actuators for various applications.

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Major players operating in the Actuators market include Parker Hennifin Corporation (US), Rockwell Automation (US), Emerson Electric Co (US), ABB Ltd (Switzerland), and SMC Corporation (Japan). These companies are renowned for not only their reliable services but also for their strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have a well established portfolio of products and services, a stronghold on the global markets, and strong business strategies. Furthermore, these companies have a notable market share, products suitable for wide range of applications, broad geographical use cases, and a large product footprint.

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This release was published on openPR.