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Hydraulic And Electric Linear Actuators Market 2024 - Business Revenue, Trends, Top Key Players, Future Opportunities, Industry Share And Forecast To 2033
Hydraulic And Electric Linear Actuators Market
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According to The Business Research Company's, The hydraulic and electric linear actuators market size has grown rapidly in recent years. It will grow from $61.73 billion in 2023 to $68.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to growth in industrial automation, increasing adoption of linear actuators, increasing demand for precise and controlled linear motion, increasing utilization of hydraulic linear actuators, and growth in demand for automated production.
The hydraulic and electric linear actuators market size is expected to see rapid growth in the next few years. It will grow to $103.60 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to continued growth in industrial automation and robotics, an increasing focus on energy efficiency and sustainability, ongoing developments in linear actuator technology, rising demand for customizable and versatile linear actuator solutions, and expanding usage of linear actuators in emerging markets. Major trends in the forecast period include automation in manufacturing, integration of IoT technologies, customizable linear actuator solutions tailored to specific industry needs, continuous advancements in actuator technology, and adoption of automation technologies.
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Market Drivers and Trends:
The increase in demand for automation is expected to propel the growth of the hydraulic and electric linear actuators market going forward. Automation involves the utilization of technology to execute processes or tasks autonomously, reducing reliance on human intervention while enhancing productivity and consistency. The demand for automation is rising due to the need for increased efficiency, productivity, and cost reduction in manufacturing and business processes. Hydraulic and electric linear actuators are used in automation to provide precise, controlled movement and force in machinery, enhancing efficiency and accuracy in industrial processes. For instance, in September 2023, according to a report published by the International Federation of Robotics, a Germany-based organization for robotics research, factories worldwide installed 553,052 industrial robots in 2022, a 5% increase from the previous year. Therefore, the increase in demand for automation is driving the hydraulic and electric linear actuators market.
Major companies operating in the hydraulic and electric linear actuators market are focusing on innovative products, such as industrial positioning actuators, to provide a reliable, versatile, and user-friendly motion control solution for various industrial applications. Industrial positioning actuators are devices used to precisely control the position of machinery or components in automated systems, enhancing accuracy and efficiency in manufacturing and assembly processes. For instance, in May 2023, Motion Plus LLC, a US-based precision motion and control solutions company, launched the Motus1 (M1) industrial positioning actuator. This industrial linear positioner uses belt and screw drives, making it suitable for various applications such as assembly lines, gantries, material handling, packaging, and palletizing. Compliant with ingress protection (IP) 54 standards, thanks to its stainless-steel strip sealing and optional seal kit, the m1 actuator offers reliable motion control. Its advanced belt and screw drive technology delivers precise and high-quality alignment for industrial uses.
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Major Key Players of the Market:
Eaton Corporation plc, Parker Hannifin Corporation, Emerson Electric Co., SKF Group AB, Bosch Rexroth AG, Thomson Industries Inc., Ametek Inc., SMC Corporation, Flowserve Corp., Moog Inc., KYB Corporation, Curtiss-Wright Corporation, Rotork plc, SCHUNK SE & Co. KG., Timotion Technology Co Ltd, Bimba Manufacturing Co, Power-Packer inc., Tolomatic Inc, LINAK AKTIESELSKAB, Kyntronics Inc., Römheld GmbH Friedrichshütte, Actuonix Motion Devices Inc.
Hydraulic And Electric Linear Actuators Market 2024 Key Insights:
• The hydraulic and electric linear actuators market size is expected to see rapid growth in the next few years. It will grow to $103.60 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Automation Drives Hydraulic And Electric Linear Actuators Market Growth
• Innovative Industrial Positioning Actuators Enhance Precision And Versatility In Automation
• Asia-Pacific was the largest region in the hydraulic and electric linear actuators market in 2023
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