Research delivers insight into the Actuators Market forecast to 2024

Global Actuators Market: Overview

New technologies are being used in the mining industry, which in turn has increased the mining activities both onshore and on the ultra-deep seabed. Motors that can be used to control the movements of heavy machinery are required for mining activities in the mining industry. The actuator is the device that is used to convert the energy from a source into mechanical movements. The source of energy can be hydraulic fluid pressure, electric current or the pneumatic pressure. The scope of the actuators is not limited to the mining industry. They are also used in other industries such as healthcare, defense, and automobiles.

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Global Actuators Market: Segmentation

The global actuators market is segmented into its type, end-use, applications, and regions. On the basis of the type of the actuators, the global market is categorized into hydraulic actuators, mechanical actuators, pneumatic actuators and electrical actuators. Based on the end use, the actuators market is segregated into marine, aerospace, automotive and defense. Various industrial applications where the actuators are used are power, water, and wastewater, pulp and paper, food and beverages, oil and gas, chemical, iron and steel, mining and others. The actuators market is diversified into regions such as Asia-Pacific, Europe, North America, the Middle East and Rest of the World.

Global Actuators Market: Growth Factors

The key factors that are driving the actuators market are industrialization and urbanization. There is the huge investment made in the infrastructure and renewal of the plants, which is positively contributing in the growth of the actuators market. The factors such as technological developments, increasing population, automation of the manufacturing plants, and extraction of natural resources from difficult locations will act as drivers for the market growth in the coming years. Many industries are compelling on automating the operations for greater efficiency, improved safety and increased accuracy in the production. In recent times, there was a rise in demand for remote monitoring, which also acted as added factor to the actuators market growth. Various sectors where the actuators are used include oil and gas, aerospace and defense, automotive, mining and marine. There is a great demand for the oil and gas industry owing to the growing demand of applications from the sectors such as gas and liquid pipelines, gas storage and liquefied natural gas. The factor that hampers the market growth is the competitive standards of pricing and the ability of the suppliers to meet the requirements of the consumer.

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Global Actuators Market: Regional Analysis

The Asia Pacific region is dominated by the countries such as India and China, which are developing in the automotive industry at the rapid pace. The requirement to manufacture vehicles that are fuel-efficient and the rise in the number of passenger cars are driving the automotive actuators market. The European region is famous for its OEMs that deliver high-performance vehicles. Eastern Europe is having a sluggish growth while Western Europe which comprises of countries such as Germany, Italy, France and the U.K. is growing in terms of both market and technology.

Global Actuators Market: Competitive Players

Some of the key market players operating in the actuators market include Festo AG & Co. KG, Elger Controls India Private Ltd., Honeywell International Inc., Auma Riester GmbH & Co., Cameron International Corporation, Cair Euromatic Automation Pvt Ltd., Rotork Plc, Timotion Technology Co. Ltd., Pentair Plc., Motion Systems Corp, Harmonic Drive LLC, Micromatic LLC, Indelac Controls Inc., Top Line Process Equipment Co., and Emerson Electric.

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