Actuator Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global actuator market size was estimated at USD 58.19 billion in 2023 and is projected to reach USD 99.47 billion in 2030 at a CAGR of 7.96% during the forecast period 2023-2030.

Actuators are devices or components that convert an input signal into a physical action or movement. They are commonly used to control or manipulate systems, machinery, or mechanisms. Actuators play a crucial role in various applications, such as robotics, automotive systems, aerospace, industrial machinery, and more. Examples or actuators include motors, solenoids, pneumatic cylinders, hydraulic pistons, and piezoelectric devices. These devices are essential for translating control signals into motion, force, or displacement in mechanical systems.

The growth of the actuator market is being driven by factors such as rising demand for automation in various end-use industries, growing focus on energy efficiency and advancements in actuator technology. Moreover, the growth of the market can also be attributed to the increasing investments in automation by various countries. In addition to this, contracts, agreements, and product launches will be offering lucrative opportunities for the growth of the market during the forecast period.

However, high cost of actuators, lack of skilled labour and competition from substitutes might hamper the growth of the market during forecast period.

The COVID-19 Pandemic had a considerable impact on the actuator market. Most industries utilizing actuators such as agriculture, healthcare, automotive, aerospace & defense and food & beverages were negatively affected by the pandemic. Moreover, the COVID-19 outbreak caused disruptions in the global supply chains and business processes. In addition to that, imposition of lockdowns and quarantine regulations in various countries affected the normal flow of business, demand for sale or new projects in the aviation, automotive and oil & gas industries. All these factors collectively impacted the actuator market.

Delvens Industry Expert's Standpoint

The actuator market is expected to grow significantly during the forecast period. This growth can be attributed to rising demand for automation in industries such as automotive, industrial and aerospace & defense. Moreover, actuators can help to improve energy efficiency in various applications controlling the movement of machines and equipment more precisely. This is driving the demand for actuators in various industries, such as building automation and HVAC. In addition to this, there have been significant advancements in actuator technology in recent years, leading to the development of more efficient, reliable, and cost-effective actuators. However, the short product life cycles of these actuators might hamper the growth of the market during the forecast period.

Market Portfolio

Key Findings

• Based on actuation, the market is bifurcated into pneumatic actuators, hydraulic actuators, electric actuators and mechanical actuators. The electrical actuators dominated the market in this segment. Electrical actuators provide increased control and acceleration at high speeds. The overall energy consumption of these actuators is comparatively low.

• Based on type, the market is segmented into linear & rotary. Linear Actuator dominated the market in this segment. This growth can be attributed to their increased use in packaging machines, medical equipment, production machinery, transportation and aerospace & defense industries,

• Based on application, the market is segmented into industrial automation, robotics, vehicles & equipment. The vehicles and equipment segment dominated the market in this segment. Vehicles and equipment include actuators used in automotive, aircraft, ships and defense vehicles for motion control. These actuators are widely used for various applications in these industries.
   
• Based on end user, the market is bifurcated into automotive, oil &gas, aerospace & defense, pharmaceuticals, power, food & beverages, chemicals, water & wastewater, and mining & metals. Automotive sector dominated the market in this segment. This growth can be attributed to the introduction of industry 4.0 in manufacturing units of automobiles and the extensive use of actuators in additive manufacturing and robotics.
   
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This growth can be attributed to the presence of well-established and growing automotive industry and aircraft manufacturing units in the region.

Regional Analysis

North America to Dominate the Market

• North America is estimated to account for the largest market share during the forecast period. In North America, the increased usage of actuators in the oil and gas operations and revival of existing facilities is driving the growth of the market.
   
• Moreover, the presence of well-established and growing automotive industry and aircraft manufacturing units within the region is further expected to drive the growth of the market during the forecast period.

Competitive Landscape

• ABB
• Altra Industrial Motion
• Curtis Wright Corporation
• Eaton Corporation Inc.
• Emerson Electric
• Festo AG & Co. KG
• Flowserve Corporation
• IMI plc
• KSB SE & Co. KGaA
• Linak A/S
• MISUMI
• Mitsubishi Electric Corporation
• Moog
• Parker Hannifin
• Rockwell Automation
• Rotork plc
• Schneider Electric SE
• SMC Corporation
• TAMAGAWA SEIKI Co. Ltd.
• Venture MFG Co.

Recent Developments

• In August 2023, Automation Technology, Inc., a leading provider of customised and comprehensive valve automation solutions, launched Zero Emission Electro-Hydraulic actuator solution to eliminate the carbon footprint of pipeline operations.
   
• In August 2023, Rollon, a global manufacturer of linear motion and gantry systems, introduced its TLS Series telescoping linear actuators for space-constrained applications. The new series is designed to maximize productivity for applications where space is limited — especially for applications with minimal vertical clearance, such as between the machine and ceiling, or horizontally between machines.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
   
• Gain authentic and granular data access for the Actuator Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope