HOME › Research Insight › Partnership, collaborations, agreements, and contracts are among the key strategies adopted by leading players to catalyze their growth in the actuators market
Partnership, collaborations, agreements, and contracts are among the key strategies adopted by leading players to catalyze their growth in the actuators market
The actuators market is projected to grow from USD36.63 Billion in 2016 to USD 47.72 Billion by 2021, at a CAGR of 5.43% by 2021. The market has been categorized into four key segments, namely, by type, by industry application, by end-use, and by region. According to end use segment, the market is further categorized into marine, automotive, aerospace and defense. With respect to type, the market is classified into pneumatic actuators, hydraulic actuators, electrical actuators, and mechanical actuators. On the basis of industry application, the market is divided into oil and gas, power, chemical, water and waste water, iron and steel, pulp and paper, mining, food and beverage, and others.
In 2015, the actuators market was dominated by Rotork plc (U.K.), Festo AG & Co. KG (Germany), Pentair plc (U.K.), Cameron International Corporation (U.S.), and Honeywell International Inc. (U.S.). These companies are expected to continue their dominance till 2021.
Rotork plc (U.K.) is one of the leading providers of actuators in the world. The company’s products are categorized into three segments, namely, electric actuators, fluid actuators, and process control actuators products. For instance, in the electric actuators range, it provides IQ3 range 3rd generation actuators. In the fluid actuators range, it provides K-TORK actuators and controls. In the process control actuators range, it provides GPSA actuators.
Festo AG & Co. KG (Germany) is one of the global leaders in automation technology, and industrial training and educational programs. The company operates through seven business segments, namely pneumatic cylinders and actuators, semi-rotary actuators with rotary vane, semi-rotary actuators with rack and pinion, swivel-linear actuators, grippers and handling systems and accessories for electric actuators.
Partnership, collaborations, agreements, and contracts are among the key strategies adopted by leading players to strengthen and sustain their positions in the actuators market. Rotork plc (U.K.) received a contract from the China National Petroleum Corporation to supply electro-hydraulic valve actuators for two new oil pipelines in China. Festo AG & Co. KG (Germany) partnered with Bosch – world’s largest supplier of automotive component, to supply pneumatics actuators for the Bosch Group.
Other key players such as Pentair plc (U.K.) and Honeywell International Inc. (U.S.) have also contributed significantly to the actuators market. These companies are also focusing on strategies such as partnerships and new product launches to strengthen their competitive positions and enhance their product offerings.
Actuators Market by Type (Pneumatic, Hydraulic, Electric, Mechanical), by Industry Application (Oil & Gas, Power, Chemical, Water & Waste Water, Iron & Steel, Pulp & Paper, Mining, Food & Beverage, Others), by End-Use (Aerospace, Automotive, Defense, Marine) Region (North America, Asia-Pacific, Europe, Middle East, Row) - Global Forecast to 2021
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