According to industry reports, the Actuators Market Size is projected to grow from USD 67.7 billion in 2024 to USD 94.8 billion by 2029, at a compound annual growth rate (CAGR) of 7.0%. This substantial growth is attributed to the increasing demand for automation and the adoption of actuators across industries such as manufacturing, aerospace, automotive, and healthcare.
Actuators Market Size and Key Drivers of Market Growth
Rise in Industrial Automation: The growing trend towards automation in industries such as manufacturing, oil and gas, and chemicals is driving the demand for actuators. Actuators are integral components of automated systems, enabling precise control and movement of machinery and equipment.
Expansion of the Aerospace Sector: The aerospace industry relies heavily on actuators for flight control systems, landing gear, and other critical components. With the increasing demand for commercial aircraft and the development of next-generation aircraft models, the demand for actuators in the aerospace sector is expected to grow significantly.
Advancements in Robotics and IoT: The proliferation of robotics and the Internet of Things (IoT) is driving the adoption of actuators in various applications, including robotic arms, automated assembly lines, and smart home devices. Actuators enable precise and responsive movement in these systems, enhancing efficiency and functionality.
Growing Healthcare Sector: Actuators are used in medical devices such as infusion pumps, ventilators, and surgical robots, contributing to the growth of the healthcare sector. With increasing healthcare expenditure and the demand for advanced medical equipment, the market for actuators in the healthcare sector is expanding.a
Related Reports:
Actuators Market by Actuation (Electric, Hydraulic, Pneumatic), Application (Industrial Automation, Robotics, Vehicle Equipment), Type (Linear Actuator, Rotary Actuator), Vertical (FnB, Oil & Gas, Mining) and Region - Global Forecast to 2029
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