Actuator Market on Track for Strong Growth, Estimated to Grow at 8.7% CAGR Through 2029

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What Is the Expected CAGR for the Actuator Market Through 2025?
In recent years, the actuator market has experienced robust growth. Its size is projected to increase from $58.91 billion in 2024 to $62.93 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. Factors contributing to the growth during the historic period include automation in manufacturing, industrialization, the expansion of the energy sector, demand for healare equipment, and the development of smart buildings and infrastructure.

What's the Projected Size of the Global Actuator Market by 2029?
In the coming years, substantial growth is predicted for the actuator market, with projections indicating an increase to $87.71 billion by 2029 at a compound annual growth rate (CAGR) of 8.7%. This substantial growth during the forecast period can be linked to various factors such as the expansion of renewable energy, vehicle electrification, advancements in biotechnology and precision medicine, urban development and infrastructure, emphasis on energy efficiency and the surge in robotics and automation. The forecast period will also likely witness prominent trends such as the emergence of electric actuators, development in intelligent actuators, the broadening of industrial internet of things (IIoT) integration, an increase in robotics and automation, adoption of miniature and high-precision actuators including pneumatic and hydraulic actuators for industrial uses.

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Top Growth Drivers in the Actuator Industry: What's Accelerating the Market?
The rise in the use of electric vehicles has significantly boosted the actuator market. Electric vehicles, whether partially or fully powered by electricity, employ actuators extensively to control component motion and accomplish diverse functions. For instance, the International Energy Agency, a French self-governing intergovernmental organization, shared the Global EV Outlook 2022 report in May 2022. The report illustrated the mushrooming sales of electric vehicles in 2021 and their continuing rise in 2022. Total sales of electric vehicles, which include fully electric and plug-in hybrid vehicles, hiked to 6.6 million in 2021, setting a new sales record. Despite supply chain obstacles, sales further accelerated in 2022, with 2 million electric cars selling worldwide in Q1, an uptick of 75% compared to the same period in 2021. In late 2021, the global count of electric vehicles in use was about 16.5 million, four times the figure in 2018. Consequently, the heightened interest in electric vehicles propels the growth of the actuator market in the future.

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Which Emerging Trends Are Transforming the Actuator Market in 2025?
Prominent enterprises within the actuator market are concentrating their efforts on the establishment and advancement of technology, specifically smart actuators for transmission and thermal management in Electric Vehicles (EVs). For instance, in September 2023, Marelli, an automotive parts producer from Japan, unveiled a collection of multipurpose smart actuators. These new smart actuators from Marelli simplify the actuation of complex vehicle functions, responding to the increasing demand for over 100 actuators in future vehicles. The actuators come with an inbuilt electronic module that controls the device independently and connects it to the vehicle's electronic network. Boasting a flexible, modular, and scalable mechanical design, they can be adjusted to suit different vehicle electronics and transmission configurations. The software management ensures they integrate flawlessly into the vehicle's systems.

What Are the Main Segments in the Actuator Market?
The actuator market covered in this report is segmented -

1) By Type: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators
2) By Motion: Linear Actuator, Rotary Actuator
3) By End User: Automotive, Aerospace, Oil And Gas, Pharmaceutical, Power Generation, Food And Beverages, Chemicals, Mining, Other End Users

Subsegments:
1) By Pneumatic Actuators: Single-Acting Pneumatic Actuators, Double-Acting Pneumatic Actuators
2) By Hydraulic Actuators: Linear Hydraulic Actuators, Rotary Hydraulic Actuators
3) By Electric Actuators: Servo Electric Actuators, Stepper Electric Actuators
4) By Mechanical Actuators: Gear-Based Actuators, Cam-Based Actuators

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Which Top Companies are Driving Growth in the Actuator Market?
Major companies operating in the actuator market include 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

Which Regions Will Dominate the Actuator Market Through 2029?
Asia-Pacific was the largest region in the actuator market in 2024. North America was the second-largest region in the actuator market. The regions covered in the actuator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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