Press release
Actuator Market Insights, Demand, and Forecast to 2033
Actuator Market Insights
According to The Business Research Company's, The actuator market size has grown strongly in recent years. It will grow from $54.79 billion in 2023 to $59.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to automation in manufacturing, industrialization, energy sector expansion, healthcare equipment demand, smart buildings and infrastructure.
The actuator market size is expected to see strong growth in the next few years. It will grow to $85.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to renewable energy expansion, electrification of vehicles, precision medicine and biotechnology, urbanization and infrastructure developmen, focus on energy efficiency, rise of robotics and automation. Major trends in the forecast period include rise of electric actuators, advancements in smart actuators, expansion of industrial internet of things (iiot) integration, growth in robotics and automation, miniaturization and high-precision actuatorsadoption of pneumatic and hydraulic actuators in industrial applications.
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Market Drivers and Trends:
The growing popularity of electric vehicles is significantly contributing to the growth of the actuator market. Electric vehicles refer to those vehicles that have been partially or completely powered by electricity. Actuators are widely used in electric mobility to regulate component movement and serve a variety of functions in electric vehicles. For instance, in May 2022, according to the Global EV Outlook 2022 report shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles had soared in 2021 and had continued to grow in 2022. In 2021, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) increased to reach 6.6 million, a new high. Sales continued to grow rapidly into 2022 despite supply chain challenges, with 2 million electric cars sold globally in the first quarter, up by 75% from the same period a year earlier. By the end of 2021, there were around 16.5 million electric vehicles on the road worldwide, which was quadruple the number in 2018. Therefore, the growing popularity of electric vehicles is driving the growth of the actuator market going forward.
Product innovations have emerged as a key trend gaining popularity in the actuator market. Major companies operating in the actuator market are focused on developing and launching innovative products to strengthen their position in the market. For instance, in October 2021, Curtiss-Wright Corporation, a US-based aviation company and developer of edge sensors, controls, sub-systems, and mission-critical components, introduced the Exlar SA-R080 rotary and SA-L080 linear actuators with integral controls, the newest sense and control actuator model. The SA-080 is the first frame size (80 mm) in Curtiss-Harsh Wright's environment control and sense family of industrial electromechanical actuators. The SA series actuators provide force, precision, energy efficiency, and control while requiring less cabling, external servo controls, and integration than more traditional actuation solutions. The SA-080 series' features include a high-pressure seal and rod scrape*r for ingress protection, a standard rear manual drive for emergency operation, integrated power and control electronics tuned for high performance, and many others.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
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Major Key Players of the Market:
Emerson Electric Co.; ABB Ltd.; Rockwell Automation Inc.; Moog Inc.; SMC Corporation; Curtis Wright Corporation; Eaton Corporation Plc; Honeywell International Inc.; Rotork Plc; Misumi Group Inc.; Cameron International Corporation; Samson AG; Parker Hannifin Corporation; Venture MFG Co.; Altra Industrial Motion; Actuonix Motion Devices Inc.; Aptiv PLC; AUMA Riester Gmbh & Co. KG; BorgWarner Inc.; Continental AG; Denso Corporation; Festo AG & Co. K.G.; Flowserve Corporation; GEA Group AG; General Electric Company; Hitachi Ltd.; IAV Automotive Engineering; Johnson Controls International PLC; KITZ Corporation; Mecvel Technologies Private Limited; Nidec Corporation; Regal Rexnord Corporation; Robert Bosch GmbH
Actuator Market 2024 Key Insights:
• The actuator market will grow to $85.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Growing Popularity Of Electric Vehicle Sales Propelling Actuator Market Growth
• Innovations For Redefining Industrial Electromechanical Solutions
• Asia-Pacific was the largest region in the actuator market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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